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Breaking down the barriers to AI and Machine Learning

A new world of opportunity has opened up for the finance sector.

Jonas Brännvall / April 23, 2021

For far too long the barriers to AI and machine learning have seemed impossible for many established players in the financial sector. It’s been left to the fintechs to explore and exploit the possibilities. But that’s changed now. Jonas Brännvall, Head of Products in Credit Solutions, explains why.

Growth through automation

Here at Credit Solution and Services, we develop software platforms that automate credit processes throughout the entire credit lifecycle. Our goal is to create services and features that help our customers grow their existing businesses and generate new business revenues. But that’s just one side of the coin – the other is simplifying and improving efficiencies, whether it’s in lending, factoring, collection or accounts.

AI, the next level

AI and machine learning are a natural step in this progression – as they bring next level automation to the market and provide new exciting opportunities for growth.

Of course, central to this is data – without it, machines can’t learn or analyse in order to deliver game-changing results. And this has been a stumbling block for the financial sector. But we’re now at the point where we can meet the security and regulatory concerns of the market. We can now deliver value-adding AI services based on our customers’ data.

Utilising machine learning

So, how do we utilise machine learning to create real business value?

Firstly, we aggregate your data in order to make sense of it. Then, we use our structured AI models, and tailor them to meet your specific market and customer offering – and the more data we receive, the smarter they become. The output we receive is then visualized in intuitive dashboards, which allows us to monitor and optimise operations and put value-adding information in the hands of your decision-makers. All this is exposed in APIs to ensure smooth integrations between systems.

Proven solution

The majority of banks trying to attempt this in-house will face a steep learning curve. Resources will have to be taken from core operations and new IT skill sets will have to be sourced. The alternative is to use our service. We’ve done the legwork; you can now take advantage of a proven solution that’s up and running.

Out-of-the-box AI

So what can you expect at the end of the day? Basically, we can now offer out-of-the-box AI support for lending, leasing and collection systems. And, since the data is stored in Microsoft Azure data lakes, we can bring other data sources into the data set to boost smart decision making and create new business opportunities. For instance, we are now helping our lending customers to predict loan repayments and defaults as well as their profit and loss analysis. Based on this they can take proactive action at an early stage.

Essentially, with this solution, we are lowering the barriers to AI and machine learning and opening up new data-driven opportunities. Contact us to learn more.

 

Jonas Brännvall
Head of Products, Credit Solutions, TietoEVRY

Jonas leads the development of our digital end-to-end platform for the complete credit process. He has more than 20 years of experience in software product development, focusing on providing highly innovative solutions within process automation that delivers high business value to customers.

Author

Jonas Brännvall

Head of Products, Credit Solutions, TietoEVRY

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