Financial services institutions are already seeing the power of AI in action.
Financial services institutions have a leg up on other industries in their ability to adopt AI due to access to troves of proprietary data for building and training powerful models. And, industry reports show that financial services organizations are leading the way and are further ahead in adoption. Despite these facts, financial services organizations face many of the same challenges as other industries.
Forrester Research described a “success story” in which a US bank took a month to develop and document a fraud model, and then eight months to integrate that model into its systems. Regardless of investment or AI maturity, no easy way existed to get these AI models working in production systems. That is, until ModelOps tools like Modzy came along. We provide financial services organizations the missing link for governance, audibility, transparency, and explainability with AI systems, across a number of different applications.
- Assess the risks aligned to loan underwriting to respond and react accordingly
- Automate and augment areas with high-risk such as pre-trade analysis, due diligence and administration, and real-time pre- and post- trade risk management solutions
- Reduce the costs associated with adhering to new regulations by automating and speeding up the compliance process
- Automating the collection and reporting of data from different systems needed to comply with regulations
- Automate activities associated with know-your-customer requirements through NLP, and power identity verification
- Review transactions in real-time to identify anomalies and stop fraudulent payments
- Reduce the number of false positives that require customer verification
- Monitor possible money laundering activity in real-time
- Improve loan or credit approval process to expand access to loans or credit while preventing potential discrimination
- Transparency, audibility, and explainability to understand credit and lending decisions
AI powered by Modzy
Modzy is transforming risk management for Financial Services
Through the power of adversarial defense and explainability, your teams can better understand how models behave, improving generalizability and performance while better securing and protecting them them from attacks.