AI is being used at Finway at every step of the way for the customer
AI is used in assessing the credit profile of customers, analysing customer bank statements, auto computation of internal FINWAY risk assessment scoring, automated suggestions of financial institutions where the file should get logged in as it saves time, and compiling everything together in an automated manner like CAM, Case Summary, Profile, FOIR etc, says Rachit Chawla, Founder and CEO, Finway
What kind of AI solutions are used by Finway ?
Artificial Intelligence (AI) is helping the mankind in every walk of life. The technological development has meant that the life has become easier and the professional services becoming more effective. At Finway, we utilise AI in assessing the credit profile of customers, analysing customer bank statements, auto computation of internal FINWAY risk assessment scoring, automated suggestions of financial institutions where the file should get logged in as it saves time, and compiling everything together in an automated manner like CAM, Case Summary, Profile, FOIR etc.
What kind of questions should be asked to vendors when buying AI solutions / tools ?
A lot of vendors promote their tools as being powered by AI or machine learning but just because a vendor is saying does not mean that the tool is actually powered by AI or machine learning. The best way is to ask the vendors: What types of AI capabilities does your tool or product has? What type of machine learning does the product uses? Also ask for case studies that the vendor can give detailing the AI features. Ask them how their AI product will get better at making accurate predictions with time. If you are not able to get satisfactory answers then it is time to do more research and get hold of the right product.
What are your views on having a robust supportive IT infrastructure for AI, for example, the required amount of data integrity and consolidation / data lake or warehouse, etc
It is very critical as efficiency can only be sustained in a growing organisation if there is a robust supportive IT. It comes in handy when you do cost analysis and it gives more control and accessibility.
What kind of AI roadmap have you set for AI at Finway ?
We have a dedicated team whose one and only job is to automate all the processes using AI. They are continuously monitoring entire process flow and putting in AI solutions wherever applicable and possible. We plan to use Big Data, Machine Learning, IOT in a big way in times to come
Benefits from AI at Finway
For the customers the benefit is that they will get quick responses, transparency in dealings/transactions, better results, and everything will be present in real time. Companies can expect efficiency, scalability, cost effectiveness, better control, and gain from data mining.
