Artificial Intelligence (AI) is advancing by leaps and bounds, becoming a key player in the development of technological advances and changing the way we live and work. From the predictive keyboard of our cell phone, to its presence in virtual agents to improve customer service, this technology has managed to enter our lives.
Like all technological solutions that use Machine Learning tools and thanks to the continuous improvement of algorithms, AI has managed to evolve and is used to have a better understanding of customer consumption habits, as well as help them with their problems to through chatbots, among other solutions. AI has been developed so much that it has been implemented in decision-making processes and risk measurement in the financial sector.
This technology is capable of predicting the behavior of stocks on the Stock Exchange, carrying out financial and customer risk assessments, in order to mitigate risk factors that exist for companies in this industry.
In Mexico, 80% of banks already use AI to increase efficiency through chatbots and fraud detection software, 50% of companies are in the process of digital transformation and another 30% are implementing it, according to the company. CloudCo. As proof of this, we have the Cognitive Risk tools, a platform developed by NDS Cognitive Labs. This tool was developed for those organizations that need to manage the inherent risk of people and companies.
"The platform consists of the automation of risk analysis and evaluation, which allows investors and risk assessors to make decisions based on structured and unstructured information to add to their own methodologies," says Gustavo Parés, CEO of the company. specialized in cognitive computing, NDS Cognitive Labs. "Over time we have improved the ability to integrate more media and social networks, in order to analyze a greater amount of data and improve the efficiency of the platform," he explains. .
The Cognitive Risk solution was developed for four years in Mexico, this solution has improved the information analysis processes and thus allows for greater assertiveness in certain parameters. According to NDS Cognitive Labs, the platform has reached efficiency levels of up to 98%.
In this sense, up to 30% of financial decisions could be made with this type of technology and create predictions of up to 5 days, according to various indicators of a business, such as the value of shares.
Automated risk assessment is also useful to create credit profiles from the information provided by the applicant and the data obtained automatically on the internet and social networks, in addition to data obtained from different public bodies such as INEGI. This allows banks and various financial organizations to assess the risks of granting a loan without having to resort to other intermediates, achieving significant savings in time and money.
On the other hand, the implementation of AI in the insurance market will make obtaining policies much more viable for clients. A PwC report predicts that Artificial Intelligence will automate most insurance subscriptions before 2020, such as automotive, residential, commercial, life and group, as the use of analysis software determines the risk of customers, coverage and premium cost.
Likewise, there are an infinity of areas in which Artificial Intelligence can be exploited and exploited, which is why more and more platforms are emerging within Cloud services, which promises a democratization of AI by making it available to all kinds of industries.