AI Adoption in FinServ Increases; Voyager Labs Named “Cool Vendor” by Gartner
By Julie Shafiki, VP Marketing
AI is no longer just available to the largest institutions with deep pockets as more vendors are creating cost effective, safe and easy to use solutions. IDC predicts worldwide revenues from the adoption of cognitive systems and AI across industries to increase from $8 billion to over $47 billion by 2020, with retail and banking leading the charge. At the same time, many banking executives believe that AI will become the “primary” channel through which banks and their customers will interact within the next three years.
Gartner Research recognizes this rise in adoption of AI for financial services, and we’re very excited to have made their 2017 list of “Cool Vendors in AI for Banking and Investment Services.”
What makes Voyager Labs cool? Until now, financial institutions have been limited by the legacy structures of traditional credit scoring methods, a one-dimensional view typically based on historical financial related events and activities. Lenders often withhold loans or credit from viable candidates, as well as extend it to risky ones.
Voyager Finance’s AI and cognitive deep learning platform enables lenders to obtain the insights needed to understand individual behaviors, interests and intent. We leverage hidden patterns in social data to identify and analyze an applicant’s character, credibility and financial stability, enabling sharpened assessment of risks with better financial insights about borrowers. Lending institutions therefore benefit from a larger loan-granting capacity and increased revenue, and borrowers benefit from a more inclusive credit process.
For more on the key findings in the report and details on why Voyager Labs is a Cool Vendor, read the full press release