That is a point the article makes, though. The algorithmic approach is effectively equivalent to particular group of people doing the approval (or rejection). What group that is manifests itself via the way the algorithms are coded and the data that are fed into it.
Edit: This is similar to the conclusion people are coming to regarding algorithms for court sentencing[0] and other areas where algorithms are becoming increasingly used. It's dangerous to conclude that an algorithm is better just by virtue of it being code. That code (and/or its training data) may be reinforcing existing stereotypes and biases.
[0] https://www.engadget.com/2016/06/26/wisconsin-sentencing-alg...