Solutions

AiDA SMART RISK

Applications of AI and Machine Learning in financial services

An end-to-end risk management solution from detection to prevention

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.

The Smart Risk advantage

Detects behavioral connections

Uses natural processing language to spot changing behaviors and identify risk scores

Easy to implement quickly

Integrates with any existing software and compliant with all regulations

Unparalleled outlier detection

Alerts for unusual activity which cannot be foreseen by predetermined rules

Unstructured data sources

Able to obtain data from structured and unstructured sources including social media

The average risk-cost provision for the Asia–Pacific market was approximately 0.30 percent in 2018.

 

This is the highest level of loan losses for the region since 2002.

– McKinsey

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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. 

With AiDA Smart Risk banks and insurers can:

More applications of AI and ML in financial services