Customers and risk analysts alike are set for reprieve as ING has partnered with PwC and Google and developed an AI-driven early warning system (EWS) to gauge heightened credit risk.
A task previously done manually, “The EWS scans financial and non-financial information, such as news items from all over the world,” explains Anand Autar, project leader at ING. Harnessing machine learning to detect risks earlier will allow for “quicker and better serv[ice] to clients to prevent losses”.
Already processing up to 80,000 articles every day, Görkem Köseoğlu, head of AI and Robotics at ING, has penned future development to include the addition of predictive capabilities to the application, describing how “customers expect more predictive capabilities in their products and services, so for us meeting that customer demand is important”.
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