AI in Consumer Credit

Opportunities and challenges of using AI in consumer credit

The dream of creating intelligent machines has captivated humanity for centuries. From myths of Pygmalion’s animated statue to the fantastical robots of science fiction, the concept of artificial intelligence (AI) has fired our imaginations.

But the history of AI is more than just make-believe, it’s a fascinating journey through philosophy, mathematics, computer science and our ongoing quest to understand intelligence itself.

The Australian lending market is undergoing a significant transformation fuelled by Artificial Intelligence. While big data and analytics offer immense opportunities, it’s crucial to acknowledge the accompanying challenges to ensure responsible and ethical implementation.

About our course

Our course, AI in Consumer Credit, covers the key differences between Artificial Intelligence (AI) and Machine Learning (ML), as well as the role of Explainable AI (XAI) in ensuring transparency and trust in consumer credit decisions. We explore the technologies driving AI advancements, how AI is applied in consumer credit, and the risks and challenges of integrating AI into financial services. Additionally, we highlight how AI is transforming credit assessment, enhancing risk management, and enabling tailored leasing offerings in the Australian market.

The future of lending lies in responsible AI innovation, and those who embrace this shift will be well-positioned to lead the way in a rapidly evolving financial landscape.

Program Content

  • AI megatrends
  • Key concepts in AI
  • Overview of AI underpinning technologies
  • Suppliers of AI solutions to the finance industry
  • AI in leasing finance
  • AI in personal lending
  • AI in mortgage lending
  • Risks and challenges of AI in Finance

Learning Outcomes

  • Differentiate between Artificial Intelligence and Machine Learning
  • Explain AI (XAI) and its importance in consumer credit decisions
  • Identify some of the key technologies driving the advancement of AI
  • Discuss how AI is applied in consumer credit
  • Outline the risks and challenges of AI in Finance
  • Discuss how AI is transforming credit assessment, enhanced risk management, and the tailoring of leasing offerings in the Australian market.

What you will learn

Who is this course for?

  • Compliance managers
  • Lenders and Mortgage Brokers
  • Representatives
  • Responsible managers
  • Senior managers

Units of Competency

Pre-requisite

Recognition of Prior Learning

Certification

You will be awarded a Certificate of Completion. It will be available online for you to download and print immediately.

Explore our Credit CPD for Responsible Managers

AI in Consumer Credit is an informative topic in our annual Credit Licence CPD.

Download Brochure

Frequently Asked Questions

Our CPD short courses are self-paced with online learning resources & on-going support.
  • You have up to 8 weeks to complete the learning and assessment requirements for your CPD short course.
  • Experienced professionals can complete in less time.

Our CPD short courses are assessed by a short open book multiple-choice exam.

To get started, either
  • Purchase your course online. (If checking out for your team, you can add multiple courses to the cart.) OR
  • Contact Us to arrange an invoice
Please note: Online orders may take up to 1 business day to be processed and for you to receive your course login details.  

To get started, either:
  • Purchase course/s online. (You can add multiple courses to the cart.) Please note: Online orders may take up to 1 business day to be processed and for your team to receive their course login details.
OR
Contact us for your Corporate Solution.
What is RG206?2023-04-21T07:53:53+10:00

Regulatory Guide 206 Credit licensing: Competence and training (RG 206)

Credit licensees must comply with the organisational competence obligation in s47(1)(f) of the National Consumer Credit protection Act 2009 (National Credit Act). Regulatory Guide 206 Credit licensing: Competence and training (RG 206) sets out the minimum expectations for demonstrating organisational competence.

What you need to do to comply will depend on the nature, scale and complexity of your business. However, Regulatory Guide 206 Credit licensing: Competence and training (RG 206) sets out our minimum expectations for demonstrating organisational competence.

You must also ensure that your representatives are adequately trained and competent to engage in the credit activities authorised by your licence: s47(1)(g).

ASIC generally expects you to determine what is appropriate initial and ongoing training for your representatives and to embed this in your recruitment and training systems.

Updated annually, our CPD is designed to enable Responsible Managers and Representatives of Australian Credit Licensees to meet their mandatory RG206 continuing training requirement. Our CPD that is structured, properly assessed and recorded.

Financial Education Professionals acknowledges the Traditional Owners of Country throughout Australia. We pay our respects to Elders past, present and emerging.