Varo to leverage AI, machine learning in profitability push

Varo Bank is pursuing faster growth by integrating machine learning models into various aspects of the customer life cycle, said incoming CEO Gavin Michael.

Varo’s strategy includes leveraging artificial intelligence and ML in underwriting for the neobank’s low-dollar loan offerings, fraud prevention and detection, and in data-driven customer experiences with enhanced personalization. He also sees the bank using it in app curation to…