Artificial intelligence based technologies have come a long way over the past few years. While we’ve all seen our share of internet videos showing robots complete increasingly complicated tasks, not all AI is made the same. Instead of finding ways for machines to navigate the physical realm with ease, much of the research focuses on teaching them to make sense of data more efficiently than ever before. And if you assume it’s all just talk of futurology, think again – you won’t need to look any further than your bank to find them already in use.
“If data is the oil that powers the digital economy, artificial intelligence is the refinery,” says Ajay Bhalla, chief security solutions officer at Mastercard. The financial sector has adapted AI-based solutions into a number of roles: from strengthening cybersecurity, to anti-money laundering and fraud risk measures, these innovations continuously raise the efficiency and safety standards of our institutions by stepping over the limitations of our brains.
Key players of the financial world have already caught up to the fact that AI is the way to go. Back in 2017, Mastercard made a similar move by taking over Brighterion – an American software developer whose AI solutions could not only increase consumer convenience, but also noticeably improve security measures during transaction assistance. According to Dr. Akli Adjaoute, founder and CEO of Brighterion, “it all comes down to intelligent decisioning at the time of the transaction.” Rather than putting together every possible scenario, the technology is able to continuously perform behavioral analysis in order to build a full profile an user.
Still, AI’s role in the world of fintech does not stop at client assistance and security measures: soon, it may inherit the role of a decision-maker as well, especially in the realm of loan management. “With limited data, making an informed credit score assessment by a bank may turn out to be impossible, but employing the use of additional tech data to build behavioral profiles will surely decrease the risks of social exclusion regarding loan offers.” – explains Mikołaj Tokarczuk of ING Bank Śląski. Implementing behavioral profiles in credit score assessment could adjust the offer to a specific client, and propose a deal which would be beneficial to both sides.
To find out more about the role of artificial intelligence in the world of fintech, make sure to join us in Łódź later this week (November 28-29th) for Impact fintech’18! Register now, and see you there!