AI Recreates Concept Of LATAM Creditworthiness

It's been a while since cash was king here in the U.S., but in other parts of the world, such as South America, paper money has managed to retain its grip, albeit slightly diminished as a result of the pandemic's many lifestyle changes that exposed cash transactions as cumbersome and risky. It's a reality that Brighterion's Sudhir Jha told PYMNTS has resulted in a pan-regional progression that is moving more Latin American consumers into digital payment solutions, even though credit penetrations remain low. "There's not a lot of historical data about consumers who are new to digital ecosystem -- that's why there is a desire to go directly to an AI-based solution in many cases, because you want a solution that works today, but also scales really well and attracts more and more customers to your system," Jha explained. That growing regional need for artificial intelligence (AI)-based solutions is what motivated Brazilian insurer Porto Seguro to team with Brighterion. Announced recently, the engagement leveraged Porto Seguro's analytical expertise in combination with Brighterion's AI technology to build high-performance models custom-created to identify risks better.