AI IS TRANSFORMING FINTECH SECTOR BUT YET, SERVICE PROVIDERS HAVE SIGNIFICANT DATA CHALLENGES THAT NEED TO BE ADDRESSED.
CORTICA AND DUOTEM CAPITAL HAS JOINED FORCES TO LAUNCH FINTICA, A COMPANY THAT UTILISE THE GROUND-BREAKING UNSUPERVISED AI TECHNOLOGY DEVELOPED BY CORTICA IN THE LAST 14 YEARS.
The predictive capabilities of AI models are defined by the breadth, depth and quality of available data both proprietary and that which it can access outside of the organization.
- Institutions own large amounts of data but much of it is not consistent across the organization
- Data is stored across a patchwork of desperate systems often duplicated with no golden source
- Institutions tend to hold data that is proprietary format and transaction specific. These often have to be enriched so that AI can gain insights that span across broader and more diverse datasets
- Need to build real time data flows across institutions to access essential data and this calls for agreed common standards for data sharing.
- Many Institutions are still reliant on paper that requires effort to be made machine readable (digitalization)
- Data within many large institutions is segmented in Product silos or Lines of business and it is not always accessible to the Relationship Manager. To get a full holistic view all data for all clients’ data must be accessible across the firm.