Exploring the Fundamentals and Benefits of Generative AI in the Financial Industry

The global core banking software market is expected to grow at a CAGR 8.5%, strongly fuelled by the increased adoption and innovations of artificial intelligence. Quantum AI Loan Decision Engine, an artificial intelligence Fern Software created in a partnership with Salesforce with its ability to build AI directly in their CRM, with the easy ability to scale according to their needs. It has fostered a tighter and quicker connection that expedites that processing of loan applications, by tying together data analysis and financial history of loan applicants within a single data set.

“AI has now exploded into the scene in 2023, and its in a perfect position with Quantum AI. Potential new customers can see firsthand the benefits they get, and it’s now not a question of whether the business adopts AI, but where they should adopt AI.”

In this exclusive interview with Fintech Connect Asia 2023, John dives into,

• It’s a gold mine out there – institutions need to take opportunities with their existing wealth of data to produce the best results.
• “What happens if your competitor deploys AI and you don’t?” – Quantum AI is revolutionising the fintech industry, where decision-making decreases from 4-5 days, to 4-5 minutes!
• In unity, there is strength – AI on its own can only do so much. By integrating with a system such as open banking, the entire loan decision making process can be streamlined with standard underwriting rules.
• Choosing the right partner – If you want to undertake efficient and quick development, can a rapid application development environment support you

Comparable with industries such as retail and healthcare, the pace of adoption in fintech is slightly slower, probably because of the regulatory concerns that comes with it?

Catch the full interview now!

Post-event discussion - Case Study: How to use AI algorithms to analyze vast amounts of data, identify patterns, and make predictions, to help you assess the creditworthiness of loan applicants

What are practical examples of deploying other AI systems?

AI has the power to bring innovation, automation, and efficiency, to every aspect of any business need.

While Quantum AI is only a loan decision engine in its 1st phase, its practical application is limited only by the business imagination. Depending on the business pain point to address, Quantum AI has the potential to perform risk profile on all customers who are currently only saving and determine what is the possible credit worthiness of the individual - prequalification of loan amount. This requests marketing gold for a financial institution as they can run a marketing campaign to grow their loan book.