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Artificial Intelligence as a Catalyst to Accelerate Financial Inclusion - Fintech Singapore

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The use of Artificial Intelligence (AI) in financial services is all over the news, with some reports estimating it to be a US$450 billion opportunity. But what's the real story around what AI can do? Beyond just automating certain processes, AI has the potential to improve accuracy in credit or risk decisioning workflows, encouraging financial inclusion and allowing the underbanked and unbanked access to financial services in ways that were previously unreachable. Over 3 billion people in Asia have no access to formal credit and three of the top ten'most unbanked' countries in the world happen to be located in APAC (Vietnam, the Philippines and Indonesia). Finding innovative ways to enable more access to financial services is critical.


'AI could trigger fintech revolution'

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With the emergence of financial technology (fintech), companies are expected to offer more financial services to personalize their customer journey, enhance the overall user experience and generate alternative revenue streams. Provenir, an artificial intelligence-powered decision-making platform, believes that integrating start-up business operations with artificial intelligence (AI) and efficient data management could trigger "a fintech revolution" that will transform industries in the country. This holds true with the growth of the local fintech market, which has seen a significant valuation increase by 224 percent from $3.4 billion to $11 billion in 2016 to 2021, indicating that Filipinos use at least one fintech service every second. As mobility restrictions amid the ensuing pandemic constantly result in strong demand for digital services, businesses need to "adapt themselves at a very high speed," according to Provenir General Manager for Asia-Pacific Bharath Vellore. "AI in fintech opens the doors for the digitalization of credit-rich verticals and diversifies products and capabilities. Agility and speed in personalization play critical roles in providing personalized offers to customers, aiding in hypergrowth," he said during a recent forum.


How AI-Powered tech is transforming the credit risk process

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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.


Fraud prevention is the biggest driver for investments in AI

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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.


A Geek's Guide to Machine Learning and Risk analytics and Decisioning Provenir

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The greatest challenge when talking about artificial intelligence/machine learning is actually in understanding what data sets we are looking at, and what model/combination of models to apply. Amazon's Machine Learning offering is one example of an automated process which analyses the data and automatically selects the best model to use in the scenario. Other big players who have similar offerings are IBM Watson, Google and Microsoft. Provenir's clients are continually looking at new and innovative ways to improve their risk decisioning. Traditional banks offering consumer, SME and commercial loans and credit, auto lenders, payment providers and fintech companies are using Provenir technology to help them make faster and better decisions about potential fraud. Integrating artificial intelligence/machine learning capabilities into the risk decisioning process can increase the organization's ability to accurately assess the level of risk in order to detect and prevent fraud. Provenir provides model integration adaptors for machine learning models, including Amazon Machine Learning (AML) that can automatically listen for and label business-defined events, calculate attributes and update machine learning models. By combining Provenir technology with machine learning, organizations can increase both the efficiency and predictive accuracy of their risk decisioning.