We developed AI platform built on custom technology and bespoke ML models. How this platform can help FinTech companies with their IT projects?
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The potential of?Artificial Intelligence (AI)?and?Machine?Learning?(ML)?in fintech companies is vast, enabling them to enhance operational efficiency, improve risk management, personalize services, and deliver innovative financial solutions.?
According to research from the?Bank of England?(2022), a?total of 72% of FinTech companies are using or developing ML applications. As a result, the number of UK FinTech companies using Machine Learning continues to grow. ML application in the financial sector is expected to increase by 3.5 times over the next three years and the largest expected increase is in the insurance sector, followed by banking.?
One of the future opportunities for the use of ML is its use in augmented analytics, which will involve the use of AI to enhance the capabilities of human analysts. By leveraging AI, analysts will be able to analyze extensive data faster (Victor Martin, Finextra, 2023).?
It seems that we can already apply AI in this area now, through the?KAIROS platform that we at Krone Consulting have developed.?
What is KAIROS?
KAIROS?introduces a new service based on a Machine Learning algorithm that will semi-automate the work teams of business and technical consultants and analysts by mapping, understanding and interpreting linguistic and visual data points context of??complex IT solutions in medium to large organizations. This process would take humans at least half a year in a corporate with more than 1,000 employees and an approximate annual turnover of EUR >150 million.
The goal of this platform is to be able to analyze all the connections with existing solutions and help large companies to suggest the best strategy to take before starting any IT project and save time and resources.?
Our machine learning algorithm essentially stimulates the work of the Business Analyst by looking at processes, systems and the business aspect. The algorithm will improve with every use and gradually improve based on analysts' feedbacks. This is the advantage of AI.?
KAIROS (AI and ML tool) is for:?
·??????anyone who has extensive documentation
·??????for large projects and complex organizations
·??????who wants to save time spent reading lengthy documentation
·??????who wants to reduce costs for development team, testing and deployment
·??????who wants to save a lot of resources and time that will be needed for rework that could occur in the future
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·??????who asks “What would be the impact of this feature / change request to our current environment?
This AI tool will improve the work of business analysts, which can reduce time by several times. How much this tool will help depends on the ability of the analyst to use it, so our experienced team of experts will be available along with this service to ensure that clients get a quality analysis result.
If you are interested in using this platform in your organization, please feel free to contact us -??[email protected].?We will be happy to introduce this service to you.
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Quick links:
Resources:
Bank of England, 2022: https://www.bankofengland.co.uk/report/2022/machine-learning-in-uk-financial-services
Victor Martin, Finextra, 2023:?https://www.finextra.com/blogposting/24129/ai-and-customer-experience-in-fintech-personalizing-financial-services