JAKARTA - Ada Kami's Chief Technology Officer, Ming Gu said that the combination of artificial intelligence (AI) and big data can be a powerful weapon for financial industry players to reach and serve the underserved community.
According to him, through the use of AI and big data, financial institutions are able to get a clearer picture of potential customers, especially those from underserved and underbanked communities.
Thus, this technology can answer the needs of mapping consumer profiles and risk management, which is the main basis for providing financial services.
"Often times, prospective borrowers only have a few formal credit track records or none at all. To carry out these assessments and analyses, big data becomes the right technology," Gu said in a written statement.
Because, Gu himself has confirmed that AI and big data are very useful for analyzing patterns and behavior in order to get a clearer picture of the score or credit profile of prospective borrowers.
In addition to patterning and behavioral analysis, technology also plays a role in detecting fraud which is an important part of risk mitigation in the fintech industry.
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"We use fraud prevention technology to detect image-based fraud attempts, such as photo manipulation of identity cards using AI," he added.
With the presence of AI technology and mobile phones, the process of borrowing on the consumer side and service providers can be more efficient with better risk mitigation and can reach the public with an inadequate formal credit history.
Finally, he added, "By utilizing AI and big data, financial institutions will be better prepared to meet this need, while ensuring that Indonesia's economic growth provides benefits to all its citizens."
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