Financial institutions must adapt and diversify their strategies in today's fast-paced and competitive finance landscape. With challenging market dynamics, staying ahead requires informed decision-making backed by statistical data. That's where artificial intelligence (AI) comes in. AI has become pivotal in enhancing decision-making processes across various industries. Amount, a leading global digital origination and decisioning SaaS platform, is at the forefront of leveraging its power to provide clients with a performance advantage to drive more accurate and efficient outcomes.
At Amount, we recognize AI's transformative potential and have integrated it into our operations. We utilize traditional and generative AI models to address our clients' evolving needs and navigate the complexities of the finance industry.
Traditional AI Models
Traditional AI models form the foundation of our AI-driven approach at Amount. We leverage logistic regression models, gradient-boosted algorithms, and unsupervised clustering algorithms to make data-driven decisions. By harnessing these techniques, we ensure that our predictions and classifications are precise, providing our clients with the most accurate insights possible.
One area where traditional AI has proven particularly valuable for Amount is fraud detection. We employ various fraud models, including a consumer 3rd party fraud model developed using an XGBoost algorithm. These models enable us to proactively identify and mitigate fraudulent activities, safeguarding the interests of our clients.
Credit Underwriting & OCR Technology
Credit underwriting is another domain where traditional AI excels. At Amount, we utilize credit models specifically designed for SMB loans and lines of credit, including cash flow-based credit models. We leverage OCR technology to parse bank statements and extract cash flow attributes to enhance our ability to assess creditworthiness accurately. This data is then incorporated into our underwriting model, enabling us to make informed credit decisions. Furthermore, we are exploring developing proprietary consumer credit models and pricing strategies to complement those offered for SMB products. This initiative will assist clients in launching new products by providing them with competitive credit and pricing capabilities.
Generative AI
In addition to traditional AI, Amount also recognizes the potential of generative AI. While generative AI is not intended for specific predictions or classifications, it excels in generating net new content. We utilize generative AI models to create chatbots, summarize information, and develop content when given precise prompts and access to necessary context. This technology enhances our customer experience by providing efficient and personalized support.
Exploring New Frontiers with AI
Amount's commitment to innovation extends beyond the current applications of AI. We are actively working on several additional use cases utilizing traditional and generative AI models. Rule recommenders are being developed to identify predictive attributes, which analysts can use to devise new rules for existing policies. We aim to streamline internal processes and provide customers with self-service options through policy setup assistants and product support chatbots.
Conclusion
At Amount, we firmly believe that AI is a powerful tool that, when harnessed effectively, can revolutionize decision-making in the finance industry. By leveraging traditional and generative AI models, we empower our clients to make smarter decisions and stay ahead in competitive markets. Join us on this exciting journey as we explore new possibilities and drive innovation through AI.