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Artificial Intelligence and machine learning in credit risk assessment

Horacio — Tue, 14 Jan 2025 09:15:19 +0000

By Mohit Gupta

This article is authored by Mohit Gupta, co-founder, IndiaP2P.

The provision of credit is a critical driver of economic growth. However, despite robust regulations and strong fundamentals, the Indian economy suffers from an acute credit gap. A good proxy for this gap is the credit-to-Gross Domestic Product (GDP) ratio which stands at 50% for India compared to 177% for China. The impact of this gap is acute for micro, small and medium enterprises (MSME) and nano-SME borrowers as the current banking infrastructure does not adequately reach them citing high operational costs and difficulty in underwriting. This is where the most impactful opportunity for Artificial Intelligence (AI) and machine learning (ML) in credit provision and decisioning lies.

As per ICRA estimates, in financial year (FY) 2024, we saw a 16% growth in credit with demand being led by unsecured loans of small value. While this growth rate is healthy, it led to concerns about poor lending practices such as over-indebtedness, sub-par underwriting causing the regulator (Reserve Bank of India) to tighten lending norms. This tightening will most likely depress credit growth rates to between 11-12% in FY25 and underscores the importance of risk management in the context of small loans i.e. at extremely low costs.

To understand and measure risk i.e. the creditworthiness of a borrower, we need to assess two things: Ability to repay and willingness to repay.

AI models offer a versatile toolkit for various stages of the customer lifecycle within financial institutions. These applications broadly fall into several categories

· Credit decisioning: Employing AI/ML techniques in credit decisioning involves utilising supervised or unsupervised learning algorithms. For instance, leveraging ML to analyse credit bureau reports can unveil insights into incorrectly reported loans, specific repayment structures like bullet repayments, default trends across different regions and professions, as well as income distributions within districts and states. Such analysis aids in gauging a user’s ability to repay.

· Fraud and bad actor detection: By scrutinising user behaviour during loan applications, including interactions with the application, copy-paste tendencies, data correction frequencies, and changes in connectivity, potential red flags can be identified. On the KYC front, assessing the integrity of user data across various sources helps uncover fraudulent borrowers and assess their willingness to repay.

· Early warning signs: Post loan disbursal, financial institutions must monitor repayment patterns closely. Scrutinising bureau data and employing ML techniques enable the identification of risks, facilitating proactive measures for successful collections.

· Operational efficiency: Intelligent systems can streamline operational workflows by learning and automating actions typically performed by operations teams. Implementation of ML techniques significantly reduces turnaround time (TAT) and minimises error rates resulting from manual interventions.

· Improvement in collection efficiency: In a lending institution, effective collections are paramount. AI models can identify repayment patterns, preferred modes of repayment, and user interactions with communications, enabling proactive issue resolution in collections.

Selecting the appropriate AI/ML algorithm hinges on business nature and the quality of collected data. For institutions dealing with unstructured data, unsupervised learning offers valuable insights. Clustering or association algorithms are viable choices for generating models in this context. Conversely, supervised learning is more apt for established financial institutions, leveraging collective intelligence from user data. Regression and classification are the primary algorithm types utilised in such models.

Two credit sub-sectors are likely to witness the significant AI linked uptake in the coming years. First, women borrowers who are already outpacing men in credit demand especially for small business loans. Women borrowers typically have less traditional underwriting data available at the time of application but more than adequate alternate data in the form of savings + spends, group savings etc. With custom AI/ML tools, not only can prevalent underwriting gender biases be uncovered and eliminated, they can also lead to better alternative data-based underwriting.

The second sub-sector comprises rural and semi-urban borrowers where risk assessment often needs to capture data well beyond the individual borrower such as household income dynamics, seasonality of inflows etc. which is again ideal for AI based models to learn from and deploy.

Overall, the power of AI/ML tools to transform how and to whom credit is delivered is especially relevant and important for India’s growth story.

Link: https://www.hindustantimes.com/ht-insight/future-tech/artificial-intelligence-and-machine-learning-in-credit-risk-assessment-101718255636906.html

Source: https://www.hindustantimes.com

The post Artificial Intelligence and machine learning in credit risk assessment appeared first on Fintech News.

AIOps important for Financial Services’ future success – but only 3.5% have successfully integrated it

H. — Tue, 03 Dec 2024 05:44:38 +0000

London, 02 December 2024. New research from KTSL, leading independent service management and integration specialists, reveals that while 80% of IT leaders in Financial Services recognise AIOps is important for future success, only 3.5% have fully integrated AIOps across their business.

AIOps is a technology-driven approach that combines artificial intelligence (AI) and machine learning (ML) with traditional IT operations management practices. The integration of AI into IT operations has the potential to bring enormous benefits to Financial Services companies, reducing operational costs and enabling IT teams to focus on high-value strategic initiatives.

This research, commissioned by KTSL and in collaboration with KTSL partners Jitterbit and BMC, was conducted in October 2024 by independent market research firm Censuswide. The research surveyed 400 senior IT decision-makers working in large Financial Services companies in the UK and US to uncover the rate of AIOps adoption and where respondents see challenges and opportunities within their companies.

The research report entitled ‘Accelerating AIOps: assessing the progress of AIOps transformation’ shows that 80% of IT leaders believe that AIOps is important to their future success. When it comes to adoption, 61% of Financial Services companies have started their AIOps journey – but a quarter (26.5%) are still in the planning stage and 22.5% are in the delivery stage. Only 3.5% have fully integrated AIOps into their IT operations and processes.

For the 39% of respondents who have yet to embark on their AIOps journey:

19.5% plan to start in the next 12 months (UK 11% Vs US 27.5%)
16% plan to start in next 12-36 months (UK 14.5% Vs US 17%)

The advantages of AIOps are far reaching, from improving operational efficiencies and reducing costs, to tapping into real-time data and informing decision-making, as well as reducing downtime. There are also benefits for customers and colleagues, enhancing the customer experience and moving lower value, repetitive tasks away from critical staff. According to the new research, the top three drivers behind the adoption of AIOps are:

Automating repetitive/manual tasks (86%)
Improving customer experience (84%)
Enhancing decision making with real-time data (83%)

The top three barriers for adopting AIOps are:

Integration capabilities don’t support AIOps (56%)
AIOps is not on our strategic roadmap (42%)
Lack of necessary skills or expertise within the team (33%)

UK and US based IT decision makers working in Financial Services agree on the importance of AIOps to future business success. However, the two countries differ in the various stages of its adoption and face distinct challenges and priorities with its rollout.

71% of UK based respondents have started to adopt AIOps versus only 52% in the US
89% of UK Financial Services companies that have started or established AIOps have been successful with its implementation, compared to 78% of US firms
65% of US IT leaders that have not started their AIOps journey cited the biggest barrier as ‘integration capabilities don’t support AIOps’ versus 43% of UK IT leaders
42% of US IT leaders that have not started their AIOps journey said ‘a lack of necessary skills or expertise within the team’ was a challenge versus only 19% of UK IT leaders

Aaron Perrott, CTO at KTSL said:

“This new research confirms that AIOps is widely recognised as key to success in the Financial Services industry, unlocking efficiencies and enhancing customer experiences in powerful ways. However, the fact that only 3.5% of companies have managed to fully integrate AIOps across their businesses points to the need for greater collaboration and expertise, and the need to work with partners who have a track record of successful deployments.”

Luca Taglioretti, VP of International Sales at Jitterbit said:

“It’s promising to see that over 60% of IT leaders in Financial Services have started their AIOps journey, but still the overwhelming majority have yet to fully integrate AIOps. One of the biggest barriers to successful deployment is the fact that current integration capabilities do not support AIOps. This is where iPaaS can play a critical role in overcoming automation and integration challenges, simplifying and accelerating AIOps by providing connectivity across legacy systems, cloud environments, and other critical data sources.”

You can download the full research report entitled ‘Accelerating AIOps: assessing the progress of AIOps transformation’ here: https://www.ktsl.com/aiops-report/

The post AIOps important for Financial Services’ future success – but only 3.5% have successfully integrated it appeared first on Fintech News.

How is machine learning changing the landscape of FinTech?

Horacio — Thu, 18 Jul 2024 08:30:06 +0000

By Pritesh Patel

Machine learning in FinTech is a critical enabler in tech-driven banking, where efficiency and innovation are key to staying ahead of the competition. It transforms obstacles into lucrative possibilities by revolutionizing crucial areas such as risk management, fraud detection, algorithmic trading, and compliance.

In the year that artificial intelligence (AI) had its most spectacular public debut, it might look like machine learning (ML) has been reduced to a fad.

However, it is the furthest thing possible from the truth. Even if it might not be as popular as before, machine learning is still very much in demand today. This is so that deep learning may be used to train generative AI. FinTech is no exception.

With a projected global market size of about US$158 billion in 2020 and rising at an 18% compound annual growth rate (CAGR) to reach a staggering $528 billion by 2030, machine learning is one of the most valuable tools available to financial institutions for process optimization. And in the end, as our most recent State of AI study goes into great depth, save expenses.

Use cases of machine learning in FinTech

Machine learning is solving some of the industry’s core issues. Fraud, for instance, affects more than simply insurance or cryptocurrencies. Furthermore, strong regulatory compliance transcends domain boundaries. Regardless of your industry or type of business, machine learning in finance offers a variety of ways to convert concerns into gains.

1. Algorithmic trading

Many businesses employ the very successful tactic of algorithmic trading to automate their financial choices and boost transaction volume. It entails carrying out trading orders following pre-written trading directives made possible by machine learning algorithms. Since it would be hard to replicate the frequency of trades done by ML technology manually, every significant financial company invests in algorithmic trading.

2. Detecting and preventing fraud

Machine learning solutions in FinTech constantly learn and adapt to new scam patterns, improving safety for your company’s operations and clients. This is in contrast to the static nature of classic rule-based fraud detection.

Algorithms for machine learning can identify suspicious activity and intricate fraud patterns with great accuracy by examining vast datasets.

IBM demonstrates how machine learning (ML) can identify fraud in up to 100% of transactions in real-time, allowing financial institutions to minimize losses and take prompt action in the event of danger.

FinTech systems that use machine learning (ML) can detect numerous forms of fraud, including identity theft, credit card fraud, payment fraud, and account takeovers. This allows for complete security against a wide range of threats.

3. Regulatory compliance

Regulatory Technology (RegTech) solutions are among the most popular use cases of machine learning in banking.

ML algorithms can identify correlations between recommendations since they can read and learn from huge regulatory papers. Thus, cloud solutions with integrated machine-learning algorithms for the finance sector can automatically track and monitor regulatory changes.

Banking organizations can also keep an eye on transaction data to spot irregularities. ML can guarantee that consumer transactions meet regulatory requirements in this way.

4. Stock market

The massive volumes of commercial activity generate large historical data sets that present endless learning potential. But historical data is just the foundation upon which forecasts are built.

Machine learning algorithms look at real-time data sources such as news and transaction results to identify patterns that explain the functioning of the stock market. The next step for traders is to choose a behavioral pattern and determine which machine learning algorithms to incorporate into their trading strategy.

5. Analysis and decision making

FinTech uses machine learning to handle and understand large amounts of data reliably. Through the integration of data analytics services, it offers thoroughly investigated insights that expedite real-time decision-making while saving time and money. Additionally, this technology improves the speed and accuracy of forecasting future market patterns.

FinTech companies can also use predictive analytics technologies to develop innovative, forward-thinking solutions that adapt to shifting consumer demands and market trends. With the help of data analytics and machine learning services working together, FinTech companies can foresee and successfully address new financial needs thanks to this proactive strategy.

How do companies benefit from machine learning in FinTech?

The above points highlight the use cases of machine learning, but what about the specifics? How may the main advantages of ML in FinTech be best summarized if limited to a small number of objective bullet points?

1. Automating repetitious processes

Automation is likely the most obvious machine learning benefit for FinTech, having several advantages. To validate client information in real-time without requiring manual input, for example, machine learning algorithms can expedite the customer onboarding process.

Furthermore, by doing away with the necessity for human data entry, automating the reconciliation of financial transactions saves time and money. The rest of your team will benefit from automation in more subtle ways. ML-driven automation removes the tedious work that prevents your professionals from working on more important projects.

2. Allocation of resources

Through pattern recognition, machine learning establishes the best allocation of funds, labor, and technology. As said before, robo-advisors use machine learning (ML) in FinTech investment management to assess each client’s risk profile and allocate assets ensuring each client’s portfolio is in sync with their financial goals and risk tolerance.

Furthermore, chatbots powered by machine learning offer round-the-clock customer care by allocating resources efficiently to handle a high volume of consumer inquiries. In this way, FinTech companies can increase the scope of their offerings without significantly increasing operating costs.

3. Reducing cost through predictive analytics

FinTech companies can find opportunities for cost reduction with the help of machine learning-driven predictive analytics. For instance, in lending machine learning (ML) can predict loan defaults, enabling lenders to spend resources more effectively to reduce prospective losses.

Another financial location uses customer pattern research to create a similar situation. Businesses may proactively retain customers and lower the cost of recruiting new ones by using machine learning to predict customer turnover.

4. Data processing

FinTech software development companies can leverage technologies like optical character recognition (OCR) and other automated document processing systems to extract important data-driven insights, as machine learning handles large-scale data processing and analysis.

This greatly reduces a company’s reliance on sizable data analysis teams and related costs by automating processes such as processing loan applications, Know Your Customer (KYC) checks, and regulatory compliance.

Case studies of implementation of machine learning in FinTech

Machine learning has been offering value to the FinTech software development industry. Here are some great case studies around the globe.

1. Credgenics

In 2022, Credgenics, an Indian SaaS startup specializing in legal automation and debt collection, attained a $47 billion total loan book, having processed over 40 million retail loans.

Over 100 enterprise customers have benefited from lower costs and collection times, increased legal efficiencies, and higher resolution and collection rates because of their machine learning-powered solutions.

2. The contract intelligence of JPMorgan Chase

In 2017, the biggest bank in the US unveiled a contract intelligence (COiN) platform that heavily leveraged natural language processing (NLP) to enable computers to understand voice and handwriting.

The primary goal of COiN was to automate labor-intensive, repetitive manual processes, like reviewing commercial credit agreements, which was estimated to require up to 360,000 labor hours in the instance of JPMorgan Chase. COiN could complete the task in a few seconds.

3. Wells Fargo

Wells Fargo is a worldwide financial services firm headquartered in the United States that employs machine learning solutions such as NLP, deep learning, neural networks, and predictive analytics enablers to handle individual and bulk client data points.

What makes this noteworthy? The capacity to identify the intent behind a customer’s phrasing in complaints, which may be overlooked during a typical transcript reading. This enables the organization to streamline operations, provide more efficient services, and foster stronger client relationships.

Conclusion

FinTech is not one of several professional industries concerned about AI apocalypses. That is not to say that trading organizations aren’t concerned about the potential ramifications of AI-powered false data — or that FinTech professionals aren’t keeping an eye on things.

However, none of the faster rate of modernization forced by technology is unique to FinTech. It’s in the name of technology that drives FinTech ahead and keeps it together. It is what differentiates the FinTech workforce as one of the most technologically advanced in any industry. To many, that is what drew them into FinTech in the first place. Our experts are intimately familiar with the situation.

Link: https://www.datasciencecentral.com/how-is-machine-learning-changing-the-landscape-of-fintech/?utm_source=pocket_saves

Source: https://www.datasciencecentral.com

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The Beginner’s Guide To Starting Out at KK8 Casino

H. — Wed, 12 Jun 2024 03:11:23 +0000

Few gaming sites can match the efficiency of KK8 casino in the Malaysia entertainment industry. KK8 was born a few years ago. And since its birth, it has seen a great influx of players, even far above kolej kediaman kinabalu. When kk8 was about to kick start in Malaysia and Asia at large, many thought its operation was going to be similar to many online casino Malaysia. But, to everyone’s surprise, kk8 has made online gambling more interesting than ever before. In terms of games and betting odds, KK8 slots are two steps above equals. In terms of bonus and promotion, no gaming site in Malaysia rivals KK8 casino. Talking of mobile compatibility with top software, KK8 apk is the best.

If you’re looking for a virtual gaming den with ease of registration and various payment methods, KK8 casino tick the dot. Even though it doesn’t offer a no deposit bonus, KK8 comes with an amazing bonus for KK8 slots and other game play on KK8 casino. You’ll also enjoy its VIP exclusive bonus and other numerous perks like the immersive kk8 apk when you register kk8. Whether you’re a newbie in the iGaming scene or an experienced gamer, you’ll find this guide helpful during your journey at KK8 casino.

KK8 Slots and Game Selection

KK8 slots are the best online slots malaysia. KK8 slots comprises different online slots, including major and minor jackpot slot. And it is developed by top developers like monkey king slot, lucky365, lion king slot, kiss918, pussy888, mega888 and many more. The payline in KK8 slots is top notch and the betting odds is something to reckon with.

Playing Atas slot has a lot of benefits, but the most common one is that it gives you access to numerous kk8 promo and bonuses here https://kk8casino.co/promotions such as top up bonus, daily login bonus and daily unlimited bonus 30. With Atas slot, you can join a challenge and win a cash prize, though you have to top the leaderboard before you can be granted the cash prize. Examples of Atas slots include:

fa fa fa
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triple twister
great blue
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Besides KK8 slots, you’ll also find other electrifying games at KK8 casino. Part of them are:

Live Casino

kk8 login, either on kk8 apk or official website, gives you access to play KK8 online live casino games with reputable and highly professional live dealers. Like the KK8 slots, KK8 live casino will put you in the best position for a big win. And it is also provided by developers like ae sexy, hotroad, asia gaming, Pragmatic Play, Evolution gaming, Playtech among others.

With kk8 live casino, you’ll get the chance to engage in live betting and also enjoy lots of awesome games. Classical examples of KK8 live casino are speed baccarat, dragon tiger, sic bo, lightning dice, dream catcher, lightning baccarat, mega ball, blackjack, texas hold’em and more. The most fascinating thing about this online casino Malaysia is that most of its live casino games have good betting odds.

Additionally, you’ll really enjoy the crystal clear graphics and intuitive use-interface of the KK8 live casino. Playing kk8 live casino also attracts KK8 promotion. For instance, you’ll be given a live casino bonus if you’re a loyal player.

Once you’re ready to play the KK8 live casino, just visit Atas official website and login to Atas with your valid atas web login details. You’ll see the game tab, click the live casino and you’ll be connected with the available live dealer.

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Table games are another alternative to KK8 slots and live casinos. Like any game At KK8 casino, it is very easy to play. KK8 table games combine different games, starting from roulette and blackjack to baccarat. Table gamers are not left unrewarded with kk8 promotion. As a table gamer, especially those that are fond of baccarat, roulette and blackjack, you’ll qualify for the top up bonus. Selecting table games is very simple at KK8 casino. Just login to KK8. At the top of the homepage, you’ll see a table game. Click it and select the one that suits your lifestyle.

Lottery

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Another thing you’ll like about the kk8 online casino Malaysia lottery is that the 4D result is released on the homepage in real-time. Are you surprised? That’s not all! KK8 lottery also has good betting odds and you can always trust the KK8 betting site for transparent and fair 4D live result.

Sport Betting

You’ll definitely like kk8 casino sport betting as it is diverse and contains unusual games like FIFA world cup betting, elite friendlies betting and e-soccer. Beside football, KK8 sport betting games cut across other sporting segments such as tennis, cricket, volleyball, horse racing, toto, hound racing, sporkbook and more. You’ll also get to choose from top developers like Maxbet and BTI.

KK8 Promotion and Bonus Eligibility

KK8 casino has several promotions and bonuses. KK8 promotion consists of welcome bonus, daily login bonus, daily unlimited bonus, rescue bonus, referral bonus, online slots bonus, live casino bonus, kk8 promo code, VIP exclusive bonus and so on. While the kk8 welcome bonus gives players access to a match bonus of up to 388%, special online slot bonus have a matching bonus of 888% on all kk8 slots except slots provided by Jili.

Just like Atas promo codes, eligibility for KK8 promotion depends on the type of the kk8 promo. For instance, to qualify for the KK8 welcome bonus, you must be a newcomer and must have made a first deposit of at least RM20. To qualify for KK8 special online slots bonus, you must also be a newcomer with a minimum of RM20. You can check the table below for KK8 promotion and eligibility.

KK8 Promotion
Type	Eligibility	Benefits
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Special online slots bonus	Newcomer + minimum deposit of RM20	888% match bonus + RM8880
Unlimited slot reload bonus	All members + minimum deposit of RM20	50% match bonus + RM200
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KK8 Deposit and Payout Methods

Kk8 casino does not only house different collections of kk8 slots and kk8 promotion, it also encapsulates numerous deposits and withdrawal methods. Examples of such methods are e-wallet, bank transfer, touch n go, and more. At kk8 casino, the funding method is almost similar to the withdrawal method. Thankfully, withdrawal and deposit are free and don’t take long before they are confirmed.

Choosing KK8 Casino Platform

Kk8 betting site offers a flexible method of accessibility. That means you can play kk8 online on different platforms, including the official kk8 website or download kk8 app. Both kk8 apk and web page are intuitive and have a user-friendly interface with an immersive graphics and design. The most fascinating thing about kk8 is that you can use kk8 login created from the kk8 mobile app for kk8 web login, and vice versa. However, keep in mind that the kk8 download is only available for Android and iOS devices.

Fortunately, kk8 Android is compatible with almost all Android versions. Also, remember you need a stable internet connection to play kk8 online casino on both kk8 web page and kk8 download. If the kk8 apk appeals to you, you can download kk8 here.

Responsible Gaming At KK8 Casino

kk8 casino has a strict policy for responsible gaming. This is not only due to the constant monitoring by top and renowned regulating bodies like iTech labs, pacgor, iovation, eezie pay, and help2pay but also to eliminate gambling addiction among all players, including Atas slots players. Kk8 casino has many responsible gambling policies. But the most common ones are self-excursion and deposit and withdrawal limits.

Getting Support

If you want to have a smooth ride on kk8 online casino malaysia, you must make Kk8 support your companion. Unlike other casino in Malaysia, kk8 offers a wide range of support for its members. This include:

Social media support: This includes WhatsApp, Twitter, Facebook and so on. To find this support, login to Atas with your Atas web login credentials. You will see the WhatsApp logo at the right side of the homepage. You can even click the “contact us’ button at the far bottom of the homepage, and you’ll see the list of available social media platforms. Next, pick the one that suits your lifestyle.
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Other support systems include email, phone support and FAQs. Luckily, kk8 offers 24/7 customer service, so you can never be disappointed.

Joining and Winning Big At KK8 Casino

Kk8 registration doesn’t require any paperwork and can be done on kk8 apk or web page. Once you’re at least 18 years old and you have a valid bank account and phone number, then you can register kk8 here. During kk8 register, don’t forget to apply for different kk8 promo, kk8 free credit and kk8 mini drone. This will increase your chance of winning kk8 slots and other games. However, applying for the kk8 promo is not the only way to a big win. You can also win big at kk8 by familiarizing yourself with kk8 different rules for kk8 slots, live casino, lottery, table games, sporkbook and setting good game strategy.

Bottom line

As a beginner at kk8 casino, you have nothing to fear by joining kk8 online casino malaysia. Besides the kk8 apk, kk8 provides other essential features you need to succeed in your online gambling endeavors. Just ensure you meet the required age and make sure you’re connected to reliable internet anytime you need to play kk8 online casino.

The post The Beginner’s Guide To Starting Out at KK8 Casino appeared first on Fintech News.

Play ATAS Slot online like 918kiss and Mega888

H. — Sun, 26 May 2024 18:56:29 +0000

Let’s face it: is there any player who wouldn’t love to spin the reel and hit a major jackpot? Undoubtedly, online slots are the most prominent games at any online casino Malaysia. Apart from the fact that slot games are very easy to play, the game also comes with interesting features such as engaging themes, graphics, and animations that will keep you entertained during and after the gameplay. The background sounds during slot gameplay are enough to motivate you to mega win.

As engaging and entertaining as slots can be, hitting both major and minor jackpot can be challenging, especially if you’re not playing at a trusted casino. However, if you’re a Malaysian gambler and a passionate slot player, we have great news. With the Atas slot, you don’t have to worry about how to set your slot payline for a big win. As one of the casinos with the best online slot Malaysia, you can count on optimum security while playing Atas casino slots like 918kiss slots, Mega88 slots, Lion king slot, Monkey king slot, Lucky365, and Sugar rush slot.

Apart from giving access to numerous collections of slots, playing Atas online slot either from Atas official website or ATAS APK has a lot of pros. That means you’ll earn many rewards when you login to Atas and play Atas online slot. In the next few minutes, we’ll let you know the kinds of Atas slot, the advantages of Atas casino slots, and how to play Atas slot like 918kiss slots and Mega88 slots. Let’s get started!

Types of Atas Casino Slots

Like any online casino Malaysia, Atas casino slots comprise different slots, from video slots and classic slots to progressive jackpots. Now, let’s look at each Atas online slot one after the other.

Video Slots

This is perhaps the most prominent Atas slot. Atas video slots has a lot of payline for big win and mega win. The video slots also have interesting features, ranging from vibrant graphics to captivating background sounds. With this kind of Atas online slot, you’re eligible for a free spin, a free bonus, an 888% welcome bonus and other Atas promotion like welcome bonus, and the daily top up bonus.

Some classic examples of this kind of Atas online slot are 918kiss, and Mega88 slots like Sugar rush slot, Wild west gold, Pyramid bonanza, Zeus slot, Dolphin Reef, Fortune tiger slot, Panther moon , Iceland, Great Blue and the God of wealth. These video slots also have a good RTP, and their win rate is higher than any online slot malaysia.

Classic Slots

If you’re a fan of classic slots, then you need to login to atas online casino Malaysia and play. Like video slots, this kind of Atas online slot also has numerous payline and engaging features such as impressive graphics and themes. This atas slot also puts players in the position of mega win as they contain a wide variety of bonuses, from free spin to daily top up bonus. Most of the 918kiss and Mega88 slots like Sugar rush slot, Wild west gold, Pyramid bonanza, Zeus slot, Dolphin Reef, Fortune tiger slot, Panther moon , Iceland are typical examples of classic slots you’ll find at Atas official website.

Progressive Jackpot Slots

Atas casino slots also include any of your favourite progressive jackpot, be it minor jackpot, major jackpot, stand-alone progressive jackpot, local or wide area progressive jackpot. Like any jackpot slot, Atas jackpot slot also puts players in position for a mega win. A chunk amount of Atas casino slots are progressive jackpot, and each of them is provided by the best game developers. If 918kiss, Mega88, Jili, Play8, Kingmaker and Acewin slots sound familiar, then you’re not a stranger to this Atas online slot.

Pros of 918kiss Slots, Mega88 Slots and other Atas casino slots

Unlike any online slot Malaysia, Atas online slot comes with reasonable advantages. That is, when you visit Atas official website and login to Atas to play any Atas slot , you’ll enjoy the following benefits.

Fair Gameplay

To be honest, fair gameplay is the hallmark of Atas casino. That means you can count on transparent and cheat-free gameplay while playing Atas slot like 918kiss and Mega88. Atas casino fair gameplay stems from certifications from different casino auditing agencies such as eCogra and Itech Labs. Besides, Atas online slot is monitored and regulated by PAGCOR in conjunction with Gaming Curaçao. The casino also employs several high-end technologies to ensure Atas online slots played from either Atas official website or mobile app are free of unscrupulous and dishonest player who may want to win by all means.

High Win Rate

One thing you’ll like about Atas casino slots, including 918kiss and Mega88 slots is a high win rate. If you play Atas online slot like the king maker slot, lion king slot, Sugar rush slot, Wild west gold, Pyramid bonanza, Zeus slot, Fortune tiger slot, Panther moon, Iceland, Great Blue and God of wealth, it won’t take long before you realise your gambling dream. With a return to players (RTP) of about 97%, Atas Slot offers punters excellent odds and a fair gaming experience.

Apart from that, there are lots of bonuses and promos players can leverage to win any Atas online slot quickly. For example, a welcome bonus for new gamblers qualifies them for an 888% welcome bonus on every Atas online slot played. But, keep in mind that the bonus is only for rookies who have successfully made a first deposit of at least RM20. Thankfully, there is also a free spin on every Atas slot, particularly 918kiss, King Maker and Mega88. And you can also win a lot of free bonus like the daily top up bonus which gives gamers access to RMM88 without any hitch.

Security

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Quantum AI’s Approach to Real-Time Market Analysis

H. — Sun, 26 May 2024 18:49:32 +0000

In today’s fast-paced and ever-changing market, staying ahead of the competition requires real-time analysis and decision-making. Companies are constantly searching for innovative approaches to gain a strategic advantage. One such approach that has gained significant attention is Quantum AI. By utilizing the power of quantum computing, Quantum AI offers a new paradigm for market analysis that goes beyond the capabilities of traditional AI systems.

Understanding Quantum AI

Before delving into Quantum AI’s role in market analysis, it is crucial to grasp the basics of this groundbreaking technology. Quantum AI combines principles from quantum mechanics and artificial intelligence to create a solution that can process vast amounts of data in parallel.

The Basics of Quantum AI

Quantum AI relies on the principles of superposition and entanglement, which are unique to the field of quantum mechanics. Superposition allows quantum systems to exist in multiple states simultaneously, while entanglement enables the correlation between particles across vast distances.

Imagine a world where a particle can be in two places at once or where particles separated by great distances can instantaneously influence each other’s behavior. This is the realm of quantum mechanics, where the laws of classical physics no longer hold true. Quantum AI harnesses these mind-boggling phenomena to revolutionize the way we process and analyze data.

By harnessing these principles, Quantum AI systems can perform complex calculations and analysis on a scale that surpasses traditional computing methods. This enables real-time processing of market data, providing businesses with up-to-date insights and a competitive edge.

How Quantum AI Differs from Traditional AI

While traditional AI techniques have brought significant advancements in market analysis, they still face limitations when it comes to processing large datasets in real-time. Traditional AI systems rely on classical computers, which process information sequentially, leading to longer processing times.

Imagine a traditional AI system as a single-track railway, where each piece of information must wait for its turn to be processed. Now, imagine a Quantum AI system as a high-speed bullet train with multiple tracks, where data can be processed simultaneously, zipping through complex calculations at lightning speed.

In contrast, Quantum AI utilizes quantum computers that can process and analyze data in parallel, significantly reducing processing times. This allows for real-time market analysis and enables businesses to make informed decisions based on the most recent market trends and patterns.

With Quantum AI, businesses can stay ahead of the curve, swiftly adapting to market changes and identifying emerging opportunities. The ability to process vast amounts of data in real-time opens up new possibilities for predictive analysis, risk assessment, and optimization strategies.

Quantum AI in the Realm of Market Analysis

Quantum AI has the potential to revolutionize the way market analysis is conducted. By employing this technology, businesses can gain a deeper understanding of market dynamics and make data-driven decisions in real-time.

The Role of Quantum AI in Market Analysis

Quantum AI systems can collect, process, and analyze vast amounts of market data from various sources, including social media, news platforms, and financial reports. By detecting patterns and correlations within these datasets, businesses can identify market trends, customer preferences, and potential investment opportunities.

Benefits of Real-Time Market Analysis with Quantum AI

Real-time analysis with Quantum AI enables businesses to react quickly to market changes. By staying ahead of trends, companies can identify emerging opportunities and make informed decisions to maximize their profits. Moreover, real-time analysis minimizes the risk of making decisions based on outdated or inaccurate data.

Another advantage of Quantum AI is its ability to detect anomalies in market behavior. By analyzing large volumes of data in real-time, Quantum AI systems can identify unusual patterns that may indicate market manipulation or the emergence of disruptive technologies.

The Mechanism of Quantum AI in Market Analysis

Understanding how Quantum AI works in market analysis is essential to realize its full potential. From data collection to quantum computing, each step plays a crucial role in generating accurate and reliable insights.

The Process of Data Collection

Data collection is a crucial component of any market analysis. With Quantum AI, businesses can harness the power of big data to gain a comprehensive understanding of market trends. This involves real-time monitoring of various data sources, including social media platforms, financial records, and industry reports.

Quantum AI systems can collect and process vast amounts of data, allowing businesses to gain valuable insights quickly. With real-time data collection, companies can stay well-informed about market developments, enabling them to make proactive decisions.

Quantum Computing and Data Processing

Once the data is collected, Quantum AI systems employ quantum computing algorithms to analyze the information. Quantum algorithms leverage the power of superposition and entanglement to perform calculations and identify patterns in the data.

By analyzing massive datasets in parallel, Quantum AI can process information at unparalleled speeds. This enables businesses to extract valuable insights promptly and make informed decisions based on the most up-to-date market conditions.

Challenges and Solutions in Implementing Quantum AI

While the potential of Quantum AI in real-time market analysis is vast, several challenges must be overcome to fully harness its power.

Potential Hurdles in Quantum AI Adoption

One of the primary challenges in implementing Quantum AI is the availability of quantum computing resources. Quantum computers are still in the early stages of development, and their accessibility and scalability remain limited. As quantum technology continues to evolve, these challenges are expected to diminish, allowing for widespread adoption of Quantum AI.

Overcoming Obstacles for Efficient Market Analysis

Despite the challenges, businesses can overcome obstacles by collaborating with research institutions and organizations specializing in quantum computing. This collaborative approach can facilitate the sharing of resources and knowledge, helping businesses implement Quantum AI solutions efficiently.

The Future of Market Analysis with Quantum AI

As Quantum AI continues to advance, it is poised to shape the future of market analysis. The potential benefits and innovations it offers are boundless.

Predicted Trends in Quantum AI

In the coming years, Quantum AI is expected to play a more prominent role in various industries, including finance, healthcare, and logistics. The increasing availability of quantum computing resources and advancements in quantum algorithms will drive the widespread adoption of Quantum AI systems.

Quantum AI’s Impact on Future Market Analysis

With the integration of Quantum AI into market analysis, businesses can anticipate more accurate predictions, faster decision-making, and improved risk management. Real-time analysis powered by Quantum AI will enable organizations to adapt to dynamic market conditions swiftly.

Quantum AI’s approach to real-time market analysis is set to transform how businesses understand and respond to market changes. By harnessing the power of quantum computing, organizations can gain a competitive edge and make data-driven decisions to thrive in today’s fast-paced business landscape.

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Unpacking: RPA vs. IDP

H. — Wed, 01 May 2024 07:35:30 +0000

The continuous debates on what is better for businesses, RPA solutions or IDP solutions, should come to an end. In the digitized world, manual document processing has become a thing from the past and businesses are more concerned about the choice of the automation technology to address their needs.

Why Do Businesses Need IDP and RPA?

Businesses all over the globe have been exploring ways to optimize and automate the workflow. Emerged in the early 2000s robotic automation solutions helped businesses to accelerate the docflow and improve operational efficiency. Despite the evolution of RPA technology, it still had limitations as it relied on pre-set templates and rules. The need for more versatile and flexible instruments resulted in the Intelligent Document Processing technology uprising.

How do RPA and IDP influence business processes?

Accelerated workflow. Automation of time-taking repetitive operations saves time that can be dedicated to other, more strategic tasks that require human attention.
High accuracy. In fact, both RPA and IDP technologies significantly improve accuracy of processing docflow by minimizing errors that happen due to the lack of concentration and tiredness in humans due to large volumes of repetitive tasks.
Cost efficiency. Automated, fast and accurate workflow allows redistribute valuable human resources and focus on data-driven planning. Improved operational efficiency leads to enhanced performance and results in higher ROI.
Workflow optimization. Intelligent automation of workflow processes helps to eliminate unnecessary coordination between departments as the entire process of data processing is centralized.

What Is Robotic Process Automation (RPA)?

As the name implies, RPA represents a technology that deploys pre-trained bots for automation of time-consuming operations, such as:

File transfers
Data entry
Screen scraping
Massive email campaigns
Automated responses
Standard report generation, etc.

RPA document processing is rule-based. This means that bots need pre-set rules to follow. On average, RPA automations results in 85% improved productivity and 59% cost reduction.

Trained bots replace humans in the most tedious and repetitive tasks; however, RPA falls short when it comes to unstructured documentation. This is where IDP enters the stage.

What Is Intelligent Document Processing (IDP)?

The IDP technology has been designed to automate data capture, extraction, and classification from unstructured sources. Based on OCR technology and enhanced with AI, ML, and NLP algorithms, IDP can recognize unstructured and handwritten data, interpret it, and export for further processing.

IDP document processing consists of three essential stages: document classification, data extraction, and information validation.

The technology can read diverse document formats, including PDFs, emails, images, etc.
IDP understands unstructured documents and transforms them to extract the required data. It recognizes handwriting and signatures.
Self-learning capabilities of the IDP technology ensure continuously improved precision in processing new document types.

As a result, IDP’s higher accuracy level helps enterprises to extract data from a wider range of documents faster and more accurately and free up personnel to focus on decision-making instead of tedious routine.

RPA vs. IDP: Key Differences

IDP and RPA share a common objective — automation of document processing and operational efficiency improvement. However, the functionality differs significantly:

Functionality	RPA	IDP
Accuracy	70-85%	98%+
Processing time	2-5 min/document	30 sec-1 min/document
Human intervention	Regular, human-in-the-loop	Occasional, for flagged documents that require reviewing
Document types	Structured	Structured, unstructured, semi-structured
Self-learning capabilities	No	Yes
Technology	Rules-based automation	AI, ML, OCR, NLP –based automation

Automation Using RPA and IDP Combo

A large chunk of data across various sectors is unstructured and cannot be processed by RPA. IDP comes to the rescue: in a RPA-IDP combo AI-driven IDP is considered as “the brain” and RPA is called “the hands”. By automating routine tasks RPA simplifies and accelerates daily workflow, while IDP takes automation to the entirely new level as it can recognize and classify doc types, understand data and categorize it.

Advantages of enhancing RPA with IDP:

Unlimited integration capabilities. Innovative IDP solutions offer unlimited integration capabilities with various systems and third-party applications.
Hyper-automation. IDP can be seamlessly integrated with available RPA.
Advanced IDP platforms, like the Graip.AI’s solution, require minimal IT support.
Enhanced KYC. End-to-end IDP automation connects all major workflow processes and coordinates with other systems. Seamless integration of IDP helps to develop a custom-tailored KYC process that prepares the data for further analysis.

RPA vs. IDP: What to Choose?

While both technologies are used for automation of the docflow, differences in their functionality should be determinative for making a final decision.

When considering automation technologies to implement, business owners should keep in mind:

Business goals. Before deciding on an automation solution, companies need to analyze what operations and processes require automation, considering expansion prospects.
Document types. Enterprises deal with diverse types of documentation, whether structured or unstructured. Doc types should be a determinative factor while choosing a technology.
Industry-specific needs. Some industries have strict policies and regulations; hence, compatibility and built-in security features should be taken into consideration.
Growth prospects. Scalability of a chosen solution is crucial for future business growth.

Graip.AI— Innovative IDP Platform

IDP automation with the cutting-edge Graip.AI platform can be a game changer for enterprises across diverse industries.

Why Graip.AI?

Any documents (structured, semi-structured, and unstructured) in any format.
AI-powered processing: data capture and classification, data validation and enrichment, data integration and verification.
Advanced reporting and analysis
Unlimited integration capabilities (CRM, ERP, CPQ, and other systems)
API-friendly system
Enhanced security
Client success manager and 24/7 customer support

Stay ahead of competitors and open new business horizons with the self-learning Graip.AI platform — template-free and custom-tailored to your needs, the platform will help to understand 5x more data and provide insights for data-driven decision-making.

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The Impact of AI on The Global Economy: 8 Trends And Initiatives

H. — Sun, 07 Jan 2024 20:06:42 +0000

Artificial intelligence is transforming economies worldwide through automation, enhanced efficiency, and increased competition. This article examines nine key trends and initiatives illustrating AI’s profound economic impact. Understanding these developments is crucial for businesses, policymakers, and individuals to capitalize on the benefits of AI.

1. Automation of Jobs

Automating jobs through AI is one of the most impactful economic trends today. Numerous routine cognitive and manual occupations like billing, record-keeping, and quality control are being automated by intelligent algorithms and systems. This inevitably displaces some human workers whose roles are taken over by AI. However, automation also creates new jobs for developing, deploying, and overseeing these AI systems. As AI chatbots handle straightforward customer service queries, human agents are freed to focus on solving more complex issues. While workforce disruptions occur in the short term, the longer-term outlook is more optimistic. As AI takes over routine tasks, people can shift to higher-value work requiring strengths like creativity, empathy, and problem-solving. This enables human workers to become more productive and find greater meaning in their work.

2. Efficiency Gains

Organizations implementing AI to optimize operations are realizing substantial efficiency gains and cost savings. Supply chain management is one area being transformed through AI predictive analytics. By more accurately forecasting demand, waste, and shortages are reduced. Organizations are also achieving predictive maintenance, where AI systems detect faults and problems before equipment failures or breakdowns happen. This prevents costly unplanned downtime. Other areas being streamlined by AI include reporting, pricing, logistics, and regulatory compliance activities. As organizations become more efficient, they can pass on savings through lower prices or reinvest them to improve offerings. This provides better value to customers. Efficiency unlocks new opportunities and frees resources to develop innovative products and services.

3. Personalization

Sophisticated AI algorithms, that you can learn about on https://www.sap.com/products/artificial-intelligence/what-is-artificial-intelligence.html, enable businesses to personalize recommendations, content, and experiences for each customer. Online platforms like Netflix and Amazon use AI systems to analyze individual preferences and tailor suggestions for media, products, and services. Beyond personalized recommendations, AI chatbots engage website visitors in conversational interactions. They assess interests based on dialog and dynamically offer customized advice. Companies collate extensive customer data and feedback to continuously refine and improve personalization. By boosting relevance and loyalty, personalization powered by AI provides a strong competitive advantage. It shows that firms deeply understand and care about satisfying the unique needs of every customer. Personalized offerings matched to specific tastes and requirements help drive purchasing and long-term brand relationships.

4. Enhancing Business Productivity

Organizations across sectors have only begun tapping into AI’s immense potential to boost efficiency and reduce costs. By automating repetitive tasks, AI systems allow employees to focus on higher-value work. Intelligent algorithms can also analyze operations data to identify waste and optimization opportunities. For example, AI can tweak production schedules to minimize changeover time between product lines. Dynamic pricing algorithms can maximize profit margins based on fluctuating supply and demand. Predictive maintenance applications detect potential equipment failures before they occur, minimizing downtime. According to McKinsey, AI techniques like machine learning can deliver productivity gains of up to 30% across industries. As more companies implement AI-powered automation, they may see dramatic gains in productivity, speed, and quality. However, the workforce implications of AI must be responsibly managed through training and transition programs.

5. Transforming Patient Care

In healthcare, AI holds tremendous promise to enhance patient outcomes and potentially save lives. AI systems can analyze medical images and detect anomalies earlier than the human eye. Machine learning algorithms can also comb through patient records to identify risk factors and suggest preventative steps. AI chatbots provide faster triage and symptom checks without needing appointments. According to Accenture, key clinical health AI applications can potentially create $150 billion in annual savings by 2026. However, AI in healthcare requires immense diligence to ensure safety and efficacy. Extensive real-world testing is essential to validate performance. Healthcare organizations must also implement safeguards around data privacy and security. If thoughtfully developed and validated, healthcare AI could revolutionize medicine by offering more accessible, personalized, and effective care. However, it will require partnerships between technology and medical experts to ensure AI is rigorously validated.

6. Funding AI Research

Global governments are providing significant funding to advance AI research, commercialization, and adoption. Major national science agencies in the U.S., like the NSF, offer grant programs to catalyze AI innovation. The Union is mobilizing a big amount through 2027 to position itself as an AI leader. China is also investing billions, aiming to dominate AI globally within the next decade. Government financing flows to high-potential research initiatives exploring critical future applications of AI. It also enables translating innovations from the lab to the marketplace by supporting startups. These investments aim to realize AI’s economic potential while positioning countries and regions as hubs of expertise and progress. They create spillover benefits across industries and society. Targeted funding in foundational research and commercialization is crucial to keep pace with rapid advances in AI.

7. Modernizing Regulations

Outdated regulations are being overhauled to permit testing and adoption of transformative AI technologies. For example, governments are enacting clear guidelines and rules to allow autonomous vehicle trials and eventual mainstream use. Regulations are also adapting to enable drone delivery flights and other AI applications. Policies around acquiring, sharing, and using data are being updated to advance innovation while still protecting privacy. Adjusting regulations in measured ways allows businesses and researchers to fully explore promising AI applications. It paves the path for emerging technologies to be deployed at scale. However, modernized regulations still need provisions to manage risks. AI oversight mechanisms must be instituted along with digital ethics standards. With thoughtful policy evolution, the potential of AI can be harnessed while safeguarding the public interest.

8. Retraining Workers

As AI transforms skill demands, governments, community colleges, nonprofits, and corporations are providing retraining programs. These initiatives help workers displaced by automation pivot into new, stable careers requiring different capabilities. Retraining include offerings in data analysis, user experience design, cybersecurity, machine learning, and other high-demand areas. Beyond technical skills, they cultivate adaptability to handle ongoing workplace changes. Retraining enables workers to remain professionally competitive, transition into emerging roles, and address talent shortages. Rather than being displaced, workers can actively reorient their careers. Companies implementing automation have a responsibility to invest in upskilling employees, too. Retraining initiatives create more inclusive economic growth where the benefits of AI are widely shared.

Conclusion

In closing, from streamlining operations to tailoring products, AI is fundamentally altering business and labor. However, thoughtful policies and strategies can maximize its economic benefits and mitigate challenges. AI should be shaped to augment human capabilities, not substitute them. Companies must also foster agility to keep pace with intensifying competition. Individuals should likewise pursue continuous learning as work evolves. With informed, proactive efforts, AI can boost prosperity, efficiency, and innovation.

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Unveiling Fintech’s Impact on Canada’s Gaming Sector

H. — Tue, 29 Aug 2023 07:01:51 +0000

Fintech is a word that explains the integration between technology and financial services. Fintech companies utilize their resources to offer high-quality, seamless transactions for users. In gaming, the applications of this innovation are vast.

This article will review some of fintechs impact on gaming in Canada. Read on to gain more insights.

Enhanced User Experience

Canada has an adverse gaming industry. Additionally, their fintech culture is on point. The companies offering these services aim to ensure users can seamlessly transact, offering them convenience.

When browsing various gaming platforms, you’ll often run into a prompt requiring you to make a purchase. Doing so through segregated financial means like banks sometimes requires you to leave the game and transact.

However, through fintech, gamers don’t have to worry about this. Transacting through these integrated platforms reduces the friction during execution, enhancing the general user experience.

Data Security and Fraud Prevention

In the modern era, cybercrime is on the persistent rise due to the dynamic nature of technology. Fintech aims to provide Canadian gamers with a safe and secure transacting experience. Therefore, several innovations have been conjured to curb this problem.

For instance, data encryption has become a popular Canadian gaming trend. Through encryption, users have reported significant drops in cybercrime rates. Additionally, other fintech innovations like two-factor authentication that require users to provide more than one means of verification come into play.

Fintech companies also aid in preventing fraud. Identity theft has become a common practice in the gaming niche. These companies collecting players’ data and sensitive information may draft methods to keep their users safe.

Blockchain and Cryptocurrency

Cryptos are an asset that the world can no longer ignore. With its massive growth over recent years, cryptos are proving helpful in several sectors, including gaming. Fintech has enabled the realization and actualization of integrating this digital currency into gaming platforms. It is gaining traction, with 1.6 million people owning cryptos in Canada.

Cryptos, through fintech, has influenced the creation of games like Cryptokitties and Lost Relics, giving Canadian gamers a chance to trade in the digital marketplace. Online gamers with a liking towards wagering are also represented, as Bitcoin casino sites like Izzi and Bodog have some of the best payouts for online casinos in Canada.

Additionally, transacting through cryptos ensures safety in operation. Fintech has enabled payment systems to be more secure. However, the security is more fortified with cryptos because they can be traced.

Investment and Funding

The Canadian gaming scene has thrived due to the free flow of money. Sometimes, gaming companies or operators need funds to effectively toss their weight around on a global scale. Fintech enables this by streamlining investment opportunities and offering new funding avenues.

Most fintech innovations use machine learning technology, allowing them access to data analytic tools. Through these advancements, they can find suitable investment avenues. These inventions are significant to the Canadian gaming industry because they help developers identify trends in gaming that can help them be more sustainable.

Moreover, several fintech-enabled crowdfunding avenues like Kickstarter and Indiegogo help gaming businesses more so startups to operate effectively. These avenues aim to break away from traditional forms of funding through this means.

Cross-Border Transactions

The Canadian gaming industry collaborates with the rest of the world. Through this form of trading, cross-border payments are necessary. Fintech has played an enormous role in ensuring that this possibility actualizes.

Business people do not need to frequent banks to make such transactions. You can wire funds internationally with a compatible mobile phone, internet connection, and the necessary details.

Furthermore, fintech has aided in pushing the Canadian gaming sector more globally. It has managed to do so by drafting cost-favorable methods for transferring money internationally and facilitating currency exchange.

Payment Processing and In-Game Purchases

Fintech is a crucial mediator when considering payment processing and executing in-game purchases. Canada has a diverse and sustainable fintech ecosystem facilitating payment processing. The Canadian gaming niche has thrived through inventions like digital wallets, mobile banking, and payment avenues.

Traversing the realm of digital transactions can be confusing at first. Fintech innovations are constantly evolving to try and make it simpler. Gamers can easily purchase their customized skins, characters, and battle passes when playing.

Regulatory Considerations

As with any niche, regulatory compliance is inevitable. Fintech industries operating in Canada must abide by the jurisdictional laws. This measure ensures smooth operation and ensures gamers reap maximum utility.

This element will, however, vary with time as laws, especially regarding technology, are dynamic. For instance, during their initial release, cryptos faced friction and resistance. However, after proper structuring of legislation, countries became more lenient.

Conclusion

Fintech is a global phenomenon that collaborates the financial and technological aspects to offer more advantages. In gaming, this is evident as you’ll encounter several cryptocurrencies aiding transactions, cross-border payments facilitating trade, and crowdfunding platforms that rose due to fintech.

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Using AI to combat financial crime in real-time payments

Horacio — Tue, 11 Apr 2023 16:06:39 +0000

By Grant Vickers

In today’s always-on, need-it-now world, both merchants and consumers alike are quickly relying on real-time payments as a preferred method of payment. This summer, real-time payment adoption is expected to soar when the U.S. Federal Reserve rolls out FedNow.

For merchants, the value of real-time payments is in speeding up the time frame for improving cash flow management, increasing liquidity, and offering better back-office efficiencies. For consumers, it offers a fast, frictionless way to send and receive payments between friends, family, or even vendors, regardless of time or distance.

However, the convenience of real-time payments doesn’t come without risk. Faster payments provide easy access for bad actors to exploit for money laundering and financial crime. This poses a huge threat to fintechs, banks, and payment service providers (PSPs) that need to have strong anti-money laundering (AML) controls in place.

Sanctions Bottlenecks Risk Customer Experience

To protect businesses from high-risk customers and ensure the integrity of the global financial system, sanctions screening is an integral part of AML, know your customer (KYC) and counter-terrorist financing (CTF) programs.

However, as the popularity of real-time payments accelerates, the time it takes to review sanctions alerts also increases exponentially—creating a potential bottleneck. On average, it takes three to five minutes of a human reviewer’s time per transaction, and that’s if the alert is worked immediately. Alerts are generated overnight and often sit in queues, increasing the average time worked to 30 to 60-plus minutes. This means that the real-time alert processing is no longer happening in real-time if it’s done by a person—jeopardizing customer experience and devaluing the instantaneous nature of instant payments.

Financial institutions (FIs) must deliver a seamless customer experience for real-time payments, including speed, security, and convenience to create a competitive advantage, maintain revenue, and prevent reputational damage.

Cross-Border Payments Risk Regulatory Enforcement

While domestic real-time payments are relatively low risk, cross-border payments are another story. Cross-border payments are exceedingly more complex since they involve bridging multiple currency systems and regulatory jurisdictions, and generate far more sanctions alerts.

Today, cross-border payments no longer take days, they are nearing real-time, with many transactions now being processed in minutes, or even seconds. This means for sanctions screening to be effective, the information included in payment messages needs to be good quality, which is often the biggest challenge for compliance.

According to SWIFT, “Banks that receive suspicious payments must often follow a trail of breadcrumbs across time zones to find missing data. Simply misspelling a name can quickly result in higher costs, missed shipments, idle factories, and empty shop floors.”

The increased potential for financial crime and sanctions evasion with cross-border real-time payments has attracted the attention of regulators. You need to know where the money is going, not just who is sending it. Over the past six months, the U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) has brought several enforcement actions on FIs that were in violation of sanctions compliance controls, specifically related to their failure to use geolocation tools.

In November 2022, OFAC announced a $362,158.70 settlement with Payward, Inc., aka Kraken, a virtual currency exchange for cryptocurrencies. Kraken agreed to settle its potential civil liability for apparent violations of sanctions against Iran. Due to Kraken’s failure to timely implement appropriate geolocation tools, Kraken exported services to users who appeared to be in Iran when they engaged in virtual currency transactions on Kraken’s platform.

Additionally, in September, Tango Card, a Seattle-based company that supplies and distributes electronic rewards, agreed to pay $116,048.60 to settle its potential civil liability for apparent violations of multiple U.S. sanctions programs. According to the Department of Treasury, “in total, between September 2016 and September 2021, Tango Card transmitted 27,720 merchant gift cards and promotional debit cards, totaling $386,828.65, to individuals with email or IP addresses associated with Cuba, Iran, Syria, North Korea, or the Crimea region of Ukraine. While Tango Card used geolocation tools to identify transactions involving countries at high risk for suspected fraud and had OFAC screening and Know Your Business mechanisms around its direct customers, it did not use those controls to identify whether recipients of rewards, as opposed to senders of rewards, might involve sanctioned jurisdictions.”

Regulators Call for Use of Innovative Technologies to Combat Risks

The debate over whether FIs should pursue advanced technologies—including artificial intelligence (AI) and machine learning (ML)—to drive sanctions compliance has shifted from “if” to “when, how, and on what scale?”

Even regulators now recommend technology to combat risks specifically related to real-time payments. Last Fall, OFAC published Sanctions Compliance Guidance for Instant Payment Systems. In its guidance, OFAC reaffirmed that financial institutions should take a risk-based approach to manage sanctions risks; and encouraged the development and deployment of innovative sanctions compliance approaches and technologies to address the risks.

OFAC specifically calls out the availability and use of emerging sanctions compliance technologies and solutions. It states that “technology solutions for sanctions compliance, which have advanced significantly in recent years and become more scalable and accessible, can be leveraged to help mitigate a financial institution’s sanctions risk, including with respect to instant payment systems.”

How AI Can Help

Alert fatigue is draining on compliance teams and adds time to the sanctions screening process. Sanctions screening software generates many sanctions alerts, and 99% of those alerts are false positives. For each alert, payment is held up pending review. This means real-time isn’t near real-time anymore, it just becomes a wait.

In response, FIs directly employ or contract out dozens or hundreds of people to manually review these alerts. Using time and money to review thousands of false positives is an efficiency problem that can lead to missing that rare true positive.

Following OFAC’s guidance, AI tools can mitigate many of the sanctions’ risks associated with real-time payments, including:

Accelerating exception processing to near real-time, thereby mitigating sanctions risk and maintaining speed-of-transaction.
Instantaneously resolving exceptions (sanctions alerts) and allowing the payment to progress with no effect on the customer.
Determining those payments consistent with past customer behavior, which a financial institution has previously vetted and cleared for potential sanctions implications. Therefore, the exception can be reviewed and processed in real-time.
Evaluating data fields in the payment messages associated with exceptions, eliminating the false positives, and escalating only potentially true positives to compliance teams.
Leveraging geolocation tools to identify potential sanctions violations.

I recently had a conversation with a BSA officer from a top 30 U.S. bank who said that their bank strategy is to move to real-time payments. He said that real-time payments for domestic payments will have sanctions screening after settlement. However, he warned, while this works for domestic payments, it wouldn’t work for international. In his opinion, automation is the only way to achieve real-time for international payments because their manual real-time payments sanctions alert review for international payments will slow the process down (20 min SLA), which is no longer real-time.

Real-time payments will continue to grow exponentially with it expected to surpass half a trillion payments globally by 2025. To be a major player, FIs will need to adopt real-time payments. With that said, it has never been more important for organizations to leverage all the tools at their disposal including AI to ensure fast, seamless screening and continuous monitoring to identify potential financial crime activity for both domestic and cross-border payments to ensure customer experience and prevent regulatory violations.

Link:https://www.paymentsjournal.com/using-ai-to-combat-financial-crime-in-real-time-payments/

Source: https://www.paymentsjournal.com

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