Financial services are being transformed by artificial intelligence

Today, generative artificial intelligence tools are used by financial organizations around the world to strengthen their customer interactions, improve fraud detection and prevention, and offer data-driven models and predictions.

Financial services around the world are transforming to evolve new solutions or improve existing goods and services through artificial intelligence.

Financial platforms and credit data centers enable banking entities to make robust and automated credit decisions in microseconds, which stimulates access to formal credit.

Damián Ramos, vice president of Data and Experian Spanish Latam Analyticsemphasizes that new large-scale tools enable the automation of common tasks and labor-intensive processes, which will reduce human error.

“When we apply this to the credit ecosystem with all the data that makes it up, advances in analytics and models make credit risk decisions more efficient and accurate,” commented Ramos.

The executive emphasized that although companies can face challenges in the development and implementation of new credit risk modelsmachine learning platforms and new analytics methodologies are paving the way for shorter design cycles and greater performance gains.

Ramos specifies that subjects in the financial sector have the task of finding solutions to improve the system of access and maintenance of credit, hand in hand with new technologies, as the central axis of the new relationship between the new financial world, technology and people’s needs.

He adds that as people and businesses look for the best ways to navigate the economic turmoil, they need to use technology to help them chart a course for growth.

According to Ramos, AI enables machines to communicate with humanslearn and support informed decisions.

“So both are very good for us as a society and for companies, because they allow people to focus on creative decision-making, problem-solving and more effective collaboration,” he said.