“Digging Deep to uncover Credit Information”
: Credit companies relying on A.I detectives to help investigate people’s credit
Kuala Lumpur, 16th November 2018 – A.I may well work its way into the offices of several new SMEs with the aid of Credit Guarantee Corporation (CGC). Credit Guarantee Corporation assists its clients with securing credit facilities from banks, and by providing guarantee cover for the service. This is aimed at companies that have little or no credit history.
Credit Guarantee Company met with MyFinB to look at the possibilities of using A.I to determine the risk involved when evaluating potential SME’s, as well as the possibility of providing these clients with financial advice on building and maintaining a credit history through financial planning. This goes in line with Credit Guarantee Corporation’s target to providing credit information and rating service for SMEs facing difficulties with getting rated.
Companies and public sector organizations have progressed in terms of using massive amounts of internal and external data to take a more preventative risk stance. Hence, cognitive computing tools provided by companies such as MyFinB have begun to augment business decisions and power performance right alongside human thought process and traditional analytics.
“When it comes to companies that do not happen to have credit history, the use of artificial intelligence to manage risk is particularly helpful when handling and evaluating unstructured data—the kind of information that doesn’t fit neatly into structured rows and columns.” says Mr. M Nazri, CEO and founder of MyFinB. “This is ideal for a case where accuracy and relevancy come to play, along with the fact that the user can process large amounts of data very quickly.”
MyFinB hopes to provide CGC and their clients with A.I solutions. Analysts project that overall market revenue for cognitive solutions will exceed $60 billion by 2025, compared to the $1 billion in venture capital funding for cognitive technologies in 2014 and 2015, according to the International Data Corporation.