Applications of AI and Machine Learning in financial services
Insurance companies and banks alike, continue to struggle tackling financial crime due to a huge proportion of false positives. This occurs as a result of existing systems which have rules with pre-determined thresholds. On top of that, existing systems are costly to run, and employees are not able to focus on critical cases that require human expertise.
That’s why AiDA Technologies is powering leading banks and insurers with a high precision risk management solution.
Uses natural processing language to spot changing behaviors and identify risk scores
Integrates with any existing software and compliant with all regulations
Alerts for unusual activity which cannot be foreseen by predetermined rules
Able to obtain data from structured and unstructured sources including social media
The conventional structure of risk assessment and suspicious claims assessment is human-centric decision making aided by various risk models. However, with infrequently updated data sources this can result in an incomplete view of the actual risks involved, which can cause two detrimental effects: approving bad credit risks (dragging down the balance sheet) or rejecting good ones (causing a loss of market share). The customers on the other hand are forced to put up with long processing times and potential mispricing.