Tuesday Team Talks №20
Technology Trends in Fintech
Dear Community,
Financial technology (FinTech) companies are constantly required to innovate and adopt new technologies, and the latest powerful trend is applying artificial intelligence with big data. This powerful combination enables organizations to make huge advances in predictive modelling, improving business processes, and generating insights that were previously unknown.
AI in Credit Adjudication
While applying for a loan, credit adjudication is a long-drawn, onerous process, with multiple credit risk analysts spending a great deal of time and effort analysing the risk of lending to a potential borrower. Credit adjudication today weighs five characteristics of the borrower — character, capacity, capital, collateral and conditions. AI has the ability to automate most of the manual adjudication process, reducing the human resources and time needed to analyze creditworthiness.
AI and machine learning are used to crunch varied, diverse and deep datasets to deliver personalized financial services at a scope and scale never possible before. Financial institutions collect detailed information about their customers as part of their onboarding processes which remain largely unused.
Using AI, a potential borrower’s entire digital footprint can be analyzed to determine their creditworthiness. This is referred to as “alternative data” on potential borrowers. This data could include payment transactional data, social media, Google analytics and other non-traditional sources. These extra datasets provides more insight into people with established credit bureau scores, and is extremely useful for determining the creditworthiness of a person without traditional credit history.
FintruX Network is currently working with the world’s leading AI providers and external data providers during our pilot to improve the models generated from our real world testing to become a global AI-driven enterprise. Stay tuned for our upcoming partnership announcements to know more.
AI in Customer Support
Contrary to popular belief, AI is not meant to replace humans, but rather augment their capabilities. Customer support is an area where AI is being strategically used to improve on offerings. AI enabled text-based conversational chatbots are being adopted by many online organizations to deliver a personal customer care experience to users. The goal of the chatbot is to provide users with relevant information within minutes thereby increasing overall efficiency and customer satisfaction.
Over the last year, we at FintruX Network observed a pattern of commonly asked queries from our users and recently improved customer retention and experience by enabling an AI based chatbot to respond to queries on our website. The more questions that are asked of the bot, the more intelligent it will get over time. This has been a great learning experience for us and we are happy with the success of the application till date.
Artificial intelligence and Machine Learning holds the promise of efficiency, improved decision making, stronger customer retention and streamlining business processes. Focusing on the end user in mind, we can utilize such technologies to provide innovative financial services to people across the globe.
Yours Truly,
The FintruX Team
About us: FintruX Network is the true P2P lending ecosystem built on the blockchain, powered by credit enhancements and no-code generation. The platform makes it easy for borrowers to connect with reputable lenders and servicing agencies, save money with competitive interest rates, and get an affordable loan within minutes in a fair and transparent process without collateral.
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