It was the week of Christmas in 1989 in Amsterdam, 48* F and cloudy, when Guido van Rossum started tinkering on a small project to busy himself while his employer's office closed for the holiday. He placed a high emphasis on readability and uniformity in an era that praised languages like C and Perl (PHP's high-maintenance personality would crash the party later). The result was a gorgeously elegant open source language named after Monty Python's Flying Circus.
Provenir, a global leader in AI-powered risk decisioning software for the fintech industry, has found in its latest study that fraud prevention is the biggest driver for investments in AI-enabled risk decisions this year. The survey, which offers the views of 100 decision-makers from fintechs and financial services firms across Europe, found that other major drivers for investments in AI-enabled risk decisioning include automating decisions across the credit lifecycle (68%), competitive pricing (65%) and cost savings and operational efficiency (61%). The survey highlighted the role that alternative data can play in the fight against fraud, with 68% of those surveyed choosing to incorporate alternative data for the purpose of improving fraud detection. It also found that access to data is the biggest challenge to an organisation's risk strategy (88%), closely followed by a lack of a centralised view of data across the customer lifecycle (74%). "The risk of fraud has heightened across the entire financial services landscape, and with attacks only becoming more sophisticated and widespread, it is positive to see that more firms are turning to AI-enabled technologies to minimise these threats," said Carol Hamilton, SVP, Global Solutions at Provenir.
The global data and intelligence solutions provider, Provenir, is leading the marketplace through its data insights innovation and technologies. The US-based software technology company which supports the international fintech industry, ensures the marketplace is a global data and intelligence ecosystem that makes accessing data fast and easy. Now, Provenir has invited industry professionals to join them in their latest webinar that outline how can AI-powered risk decisioning can play a part in transforming the entire credit risk decisioning process. The session, which is presented by key industry leaders, explores how technology continues to evolve and advances in big data, digital transformation, and AI/ML are creating new opportunities for financial services and fintechs to improve their credit decisioning processes. The webinar panel discussion is being moderated by FinTech Magazine and will provide a spectrum of topics for discussion that outline the importance of using AI/ML to transform credit risk decisioning.