Digital Banker Branch has now incorporated use of Artificial Intelligence (AI) into their financial system. The company says it now relies heavily on use of algorithms and machine learning observing that the AI-powered system allows easy prediction on credit risk to a very accurate extent.
“With the data we have, the rates are customized for our customers. We believe that everyone deserves fair financial access,” said Matt Flannery, Branch Chief Executive Officer.
The company which has no physical office observes that the rapid spread of smartphones presents an enormous opportunity for the world’s emerging middle class to access banking options as well as achieving financial flexibility.
Additionally, the company has allowed its customers to put a narration on how they want to save their money in the platform with a move to inculcate the tradition of financial discipline amongst its customers thanks to Artificial Intelligence which they have incorporated into their systems.
The company is also on its final stages of rolling out a health saving plan that will run in cohesion with similar health insurers in the country. One of the major challenges of the use of Artificial Intelligence in the banking industry is the risk of data penetration owing to the enormous amounts of data collected.
JEDCA MEDIA, sought to understand how the company seeks to guarantee security of its customers’ data. The company says it has incorporated data encryption and automatic detection for any threat on its system for maximum safety of its client’s data. It is also in conjunction with the office of the Data Protection Commissioner on limits to which personal data should be collected.
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