Today, financial services industry is leading in the adoption of technology to enhance the products and services offered to their customers. Understanding customer behavior allows financial institutions to gain a competitive advantage in forecasting, planning and introducing tailored products and services.
Financial institutions have collected large amount of data about their customers and their transactions over the last decade. Unfortunately, many of these institutions are not using this data to innovate new products and services.
Processware has used the large amount of transaction data in financial institutions to build predictive models in credit assessment using Artificial Intelligence (AI). AI algorithms provide banks with an upper hand in gauging the creditworthiness of potential customers. This will help financial institutions curb potential defaults.