Tag Archives: AI

AI is Listening

BEBDATA BLOG AI IS LISTENINGArtificial Intelligence (AI) is able to measure tone, tempo and other voice characteristics. Some systems compare those sounds to stored speech pattern libraries that define a plethora of human emotions to determine an individual’s emotional, mental or even physical health.

When this sound technology is used in conjunction with computer vision, the science that allows computers to gain a high-level understanding from digital images or videos, the applications become even more powerful. For example, imagine a vehicle that is able to hear a driver yawning and see the driving dozing off.

Research firm Gartner Inc predicts that within three years, 10% of personal devices will have emotion AI capabilities that include wearables (similar to a Fit Bit) that is able to monitor an individual’s mental health or video games that adapt to the players mood.

AI Powered Lending

Six Major Trends in Lending for Financial Marketers this Year

The forecast for most forms of consumer credit is good. Lending volume, growth in balances, and overall performance look upbeat for the year ahead. Banks and credit unions will try new marketing strategies, explore new products, and experiment with new technologies. Over the next six-weeks, we’ll review major trends in consumer lending that financial marketers should watch closely.

#1 AI Powered Consumer Lending

Fintech lenders are making inroads into banking markets by harnessing advanced analytics and non-traditional data as they automate and fine-tune underwriting processes. There’s no reason traditional lenders can’t follow suit, using artificial intelligence and data analytics to find prospects, evaluate creditworthiness, and monitor and manage the loan portfolio.

While trying not to interfere with marketplace forces bringing evolution of financial services, regulators have concerns as AI assumes a larger role. Regulators will be expecting to see the appropriate controls in place to be sure that AI doesn’t produce unintended consequences for lenders or borrowers.

AI has the potential to expand the availability of consumer credit by evaluating factors that go beyond traditional credit metrics. AI also has the potential to allow creditors to more accurately model and price risk, and to bring greater speed to decisions.

AI approaches are not free of bias simply because they are automated and rely less on direct human intervention. Algorithms and models reflect the goals and perspectives of those who develop them as well as the data that trains them and, as a result, AI tools can adopt the biases of the society in which they were created.

Financial marketers can help avoid such problems through the insights they have on their institutions’ markets and outreach.

Read more here.