AI is beneficial for the financial industry. Now that we’re aware of this, let’s see how some businesses are using AI in their financial market.
- Enova
Enova has created the platform Colossus which uses AI and ML to provide advanced analytics to its non-prime customers, enterprises, and banks. This is done to support responsible lending. This platform aids the customers in solving their real-world issues like emergency costs and bank loans for SMEs.
- ZestFinance
The Zest Automated Machine Learning (ZAML) platform was created by ZestFinance. It is an underwriting system powered by AI that can assist businesses in evaluating borrowers who have little or no credit information/history.
This technology works on multiple data points and provides transparency that many current underwriting systems need to improve. This allows the lenders to assess the at-risk groups.
- Kasisto
KAI created by Kasisto is a conversational AI platform that is used in the financial industry in order to improve customer experiences.
This platform is known to assist banks in lowering the call center volume by providing self-services. It has chatbots powered by the technology of AI which can give daily assistance to its customers.