Credit Risk Measurement and Management: Disruption and Evolution
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Homo Ex Machina: Finance Rebooted
Leo Jacobo and Ilyssa Weinstein
Homo Ex Machina: Finance Rebooted
Foreword
Introduction
An Exploration of the Evolution of Risk: Past, Present and Future
Risk Trading, Risky Debt and Financial Stability
Skating on Thinner Ice: A Macroeconomic Outlook at the End of the Credit Cycle
Climate Change: Managing a New Financial Risk
The Quest to Save Risk-Weighted Assets
The Evolution of the CLO Market since the Global Financial Crisis and a Valuation Approach for CLO Tranches
Homo Ex Machina: Finance Rebooted
Innovation and Digitisation in Credit: A Global Perspective
The Lending Revolution: How Digital Credit Is Changing Banks from the Inside
Digital Lending in Asia: Disruption and Continuity
Digitisation and Automation in Commercial Lending: Disruption without Distraction
Credit Risk Management in the Era of Big Data: From Measurement to Insight
Artificial Intelligence and Machine Learning in Credit Risk Analytics: Present, Past and Future
Integrated Loan Portfolio Modelling and Risk Management
The Role of Banks in Illiquid Credit Markets, and the Disruption and Evolution of Credit Portfolio Management
Epilogue
When the great innovation appears, it will almost certainly be in muddled, incomplete and confusing form.
Freeman Dyson (2003)
The disruption of banking started with the fast-moving, thunderous power of the cloud. Internet transactions transformed all customer experiences, from ticket purchases to purchases of music, clothing and electronics. The 75 million consumers comprising the millennial generation came of age just after the 2008 recession (Fry 2018). The buying preferences of these digital natives defined the customer experience. Social media targeted them by their tastes and their locations and gathered their personal data. The new customer experience went beyond the sale and included reviews in a multi-vendor marketplace. User ratings, driven by customer content, including stars, “likes” and photos, were adopted by most commercial websites. Social media, in particular, mastered a form of continued member participation and, in some cases, created whole user communities, such as Instagram and Etsy. These compelling models reflected a lasting, even lifetime, commitment to the customer, and the customer gave a big thumbs up to this new personalised approach. Similarly
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