AI: Rise of the machines

AI: Rise of the machines

Digital & Technology

Chesca Garcia

Chesca Garcia

1 Oct 2019, 13:30 — 4 min read

 

You’ve probably heard of or seen the movie, Terminator 3: Rise of the Machines, since it first premiered in 2003. More than a decade later, artificial intelligence (AI) is still trending. As much as the excitement that this technology evokes, the fear of AI replacing human jobs in the workforce and in other areas of our lives has also emerged. But more than treating it as a threat, AI can help improve our lives.


Let’s take a look at the banking industry; it’s one of the sectors that has been greatly affected by AI and machine learning. Credit scoring is an important bank process disrupted by AI which usually done by a credit analyst who gathers and analyzes financial data about clients. After the data has been gathered, the credit analyst evaluates the data and recommends a course of action for the customer.


Also read: Streamline your business without emptying your pocket

The traditional way of credit scoring systems make assumptions and test based on historical data to predict future credit-worthiness. Whereas a self-learning AI analyzes data, learns from it, improves itself and provides predictions at a scale and depth of detail impossible for a standard credit scoring model. And what usually takes days to process, can now be done in less than an hour.

 

Rather than a threat to society, AI is a tool that can improve business processes.


But with all the hype AI is getting, how does one simply get their hands on it and implement? Is it better to build your own technology or replace your old systems and buy new ones from huge companies like Dell, IBM or SAP? So if you cannot build your own technology and would like to avoid the complexities in working with huge corporations, then there’s always an alternative.


Like Kiu, a system that is powered by AI but can be easily implemented and integrated with existing tools. Integrated with Kiu, BMP is Kiu’s proprietary Credit Scoring Engine utilizing AI technology referencing Kiu’s extensive database of loans for over 14 years. Credit risk is managed by assessing businesses via several data sources or can be connected to one of Kiu’s partners accounting software in real-time. Kiu analyzes hundreds of different data fields providing accurate and up to date scoring reports developed by our partners at the IFC.

Also read: Why does your business need digital transformation now?

Lenders such as banks, MFIs and other financial institutions can easily access these reports in real time for an enhanced risk assessment, faster loan decisions and disbursements. Benefitting from an AI empowered tool like Kiu BMP helps with timely approval, checks cost, and minimizes the scale of any unpredicted losses. It increases the quality of the loan portfolio and delivers customer satisfaction. Rather than a threat to society, AI is a tool that can improve business processes.


To explore business opportunities, link with me by clicking on the 'Connect' button on my eBiz Card.


Disclaimer: This article is based solely on the inputs shared by the featured members. GlobalLinker does not necessarily endorse the views, opinions & facts stated by the members.

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