“Financial tech companies such as ZestFinance, Lenddo, SAS, Equifax, and Kreditech feed “alternative data” into their algorithms to generate credit scores, then sell their AI-powered systems to banks and other companies that use it for creditworthiness assessment.” https://www.google.com/amp/s/reclaimthenet.org/credit-score-social-media/amp/
Tag: Financial Services
How to become an AI-First financial institution
“The most successful AI strategies are driven by four pillars: improving data assets, scaling infrastructure to allow widespread experimentation, enlisting employees so that they scout for new AI use cases, and looking for ways AI can solve customers’ problems beyond providing banking services. 1. Improve Data Assets American Express is harnessing the power of its…
Increase bank/credit union revenue by 30%
“According to estimates from Oliver Wyman, if properly deployed, AI has the potential to increase banks’ revenues by as much as 30% in the next five to seven years, and to reduce their costs by 25% or more.” https://www.google.com/amp/s/www.verdict.co.uk/ai-in-banking/amp/
Increased Net Promoter Score by 45% – Yellow Messenger
“Yellow Messenger claims to have handled over a billion conversations and claims to have driven incremental revenue growth in tens of millions of dollars, reduction in support costs by 300%, and increased NPS (Net Promoter Score) by 45% for its clients. Further, Yellow Messenger claims to have recorded a revenue growth of ARR (Annual recurring…
AI in an Open Banking World
“What is Open Banking? It basically is creating a Data Architecture where a network of institutions can share the data through APIs (Application Programming Interfaces). The data architecture is used to create guidelines on how customer data can be created, structurally stored and securely accessed.” Judo Bank Alex Twigg, Co-founder and CIO “Twigg is considered…