AI APPLICATIONS
“ One of the most important use cases for AI in banking is to improve personalisation for customers ”
BABAK HODJAT VP EVOLUTIONARY AI , COGNIZANT
“ Companies have always had to choose between protecting and growing their business . With Sift Science , they no longer need to make this trade-off – they can reduce risk while also improving customer experiences ,” said Sift Science CEO and Co-founder Jason Tan . “ Our Digital Trust Platform already protects world-leading digital brands from fraud .”
Zest AI Zest AI turns the power of AI onto the problem of credit underwriting , using machine learning to transform the business of accessing credit . The Los Angeles , California-based Zest AI has raised $ 232mn since its foundation , with its latest round last October seeing the company receive $ 15mn .
Its software allows banks to identify borrowers who are overlooked by traditional techniques , allowing lenders to tackle unfair biases in their approaches . Mike de Vere , CEO of Zest AI , said : " Our customers want to spread economic opportunity more widely , but they ' ve lacked the tools to make it easy to do the right thing . [...] We have the resources and commitment to bring the power of ML and new standards in fairness to every financial institution in the world ."
The financial industry is certainly far from alone when it comes to embracing the disruptive power of AI . Thanks to the scale of the industry and the volume of money flowing through , however , it is one place where the beneficial effects of AI can be most keenly felt - whether in customer experience , digital banking or risk detection .
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