Insight

Insight

How we change the finance industry with AI

We live in a world where management can be more effective with artificial intelligence (AI). Using real-time enterprise data, AI solutions, data analysts, and algorithm professionals analyze customers’ status, predict which product is recommendable, and carry out demand-based inventory management by sharing relevant information with distribution centers. With the expansion of this trend, AI liberates humans from basic labor and provides a scientific foundation for various decision-making processes by cooperating with humans rather than replacing them. AI has automated the process in many areas, such as disease diagnosis, translation, and call center functions. It is changing industries and expanding its fields further. Innovating finance through core modules necessary for decision-making processes in the finance industry, AIZEN Global continues to focus on “finance.” AIZEN established an AI overdue prediction platform, which is a first in the industry, detected abnormal transactions of card companies through deep learning, and produced an AI platform with 99% accuracy that performs an attribute analysis of insurance claims. It also developed an AI prediction model to calculate interest rates and credit limits, launched banking services in Southeast Asian markets, and completed an AI-based anti–money laundering model. All these attempts are new in the finance industry, and AIZEN has succeeded in making these products more sophisticated. Technologies making it possible to apply and study numerous core functions of finance and quickly process a large amount of data, automatically learn and update models, and allow for real-time processes to remain at par with financial companies are AIZEN’s core assets. AIZEN’s AI-based financial solution “ABACUS” incorporates the core expertise of its team, which consists of members from global financial and IT companies. Unlike general-purpose US AutoML solutions, ABACUS, with “AutoML specialized in the financial sector,” became the foundation of speedy financial innovation. For all projects, ABACUS performs real-time predictions based on data analysis, modeling, and modeling results. Ultimately, future financial services will be provided based on real-time decision-making using AI solutions. AIZEN also launched “CreditConnect,” a banking-as-a-service, in the Vietnamese market to resolve credit gaps in response to the needs and demands of financial institutions and data platforms. This will be developed into an AI platform that can provide finance in the data economy based on AIZEN’s “AI-based finance” technologies. With its AI automated credit decision-making processes, AIZEN established a system that can grow in Asian and global markets, as well as domestic ones. Based on its proven AI technologies, AIZEN has formulated a design to operate global businesses, and “CreditConnect” has become a platform to “connect” financial and nonfinancial sectors.

AIZEN expands its financial services for e-commerce sellers

AIZEN plans to focus on e-commerce data analysis and the values required to provide the financial services that sellers actually require. AIZEN offers AI analysis for various data, such as the amount of transaction, accounting cycle, refund history, and daily report, spread out across 9 to 10 (on average) e-commerce platforms for each seller. Based on these, AIZEN also works together with its financial partners for credit calculation, which will allow AIZEN to provide lending services through its ‘CreditConnect’ service. CreditConnect uses AI-core operation to provide credit cycle-based banking services and manages credit services based on financial risk management. E-commerce sellers in Korea faced difficulties in balancing accounts during the period of purchase and sales, and they had to go to financial institutions to apply for financial services when they faced such difficulties. . AIZEN’s e-commerce aggregation platform is expected to facilitate the balancing of the accounts by showing the cash flow of the e-commerce sellers in a clear manner, and to provide accessible credit services through its CreditConnect function. AIZEN plans to continue its work in using new technologies to facilitate the financial services in the rapidly growing e-commerce market, and in providing seamless financial services to those who faced difficulties in accessing the financial services. The company also plans to expand and enhance its platforms connecting e-commerce and finance through its AI Core engine.

Thousands of AI Models Needed for Future AI Banking

AIZEN has based its financial decision-making on its specialized

“Buy Now, Pay Later” Field, AI Banking Service “CreditConnect”

Buy Now, Pay Later (BNPL) FinTech services are highlighted globally. Afterpay in Australia, Klarna in Sweden, and Affirm in the United States are among FinTech unicorns. With seamless payment faster than credit card, the BNPL market is exploding, the service being popular among millennials and Z-generation shoppers and promoted online and off-line with e-commerce, shopping malls, communication carriers, and skin clinics. In particular, the Australian MZ generation is rapidly adopting BNPL as payment means for immediate small shopping loans with low interest. As such, several credit card issues have been reduced by 9.2%, while the subscriber base of Afterpay has increased by 15%, according to statistics. AIZEN CreditConnect links e-commerce, electronic wallet, education, communication, medical, and other nonfinancial businesses to introduce lending services. AIZEN provides lending services through quick AI-based decision-making by connecting data platforms and financial institutions based on AI finance models. It serves the local customers of Vietnamese businesses with easy and quick credit services to provide lending services to customers of shopping, education, and medical partners in Vietnam. It will continue to extend the market beyond Korea to Indonesia and Singapore. CreditConncect leads Embedded Finance to provide seamless lending services through the innovation of convergence between “Finance” and “Nonfinance.” Moreover, AIZEN has led the financial innovation in Asia with First Place at Hong Kong FinTech Week and Global Second Place at Singapore FinTech Award. AIZEN also focuses on automating credit services with more precise data and AI-based decision-making for the BNPL services.

[Promoting Data Economy through AI, FinTech Investment, and CreditConn…

Statistics from the first quarter of 2021 indicate that the international FinTech industry has hit record-high funding. Companies are expected to establish financial services as a requirement, and some observers have even claimed that “all companies could become FinTech companies themselves in the end.” Explosive sales growth has been seen among leading global companies thanks to strengthened investment in cloud computing, artificial intelligence (AI), and other technological fields. AI and financial services will become a necessity for all companies in the future. AIZEN CreditConnect allows companies to offer financial products that are optimized to their loyal customers’ needs. Through that, CreditConnect has successfully expanded the financial offerings brought by AI. Particularly, platforms that based their growth in data can maximize their customer use by offering an easy and quick solution to lending. Vietnamese companies in retail, medicine, and education are building their sales through AIZEN CreditConnect to provide their customers with loans at the most optimal time. AIZEN CreditConnect also assists the companies in building their profits and growth by offering seamless lending solutions and risk management that do not involve complex financial processes. Many companies can use CreditConnect and other embedded banking services to acquire new customers and provide financial services. AI allows them to predict and manage customer behavioral patterns that can be used to condition AI and policies to enhance the efficiency of their financial services.
AIZEN’s AI finance is taking its next step toward digital banking with…

Customer data is generated in different business areas, including finance, and using them for decision-making purposes has become a competence in its own right. In particular, the dawn of the noncontact age has established the usage of customer data analysis as a core task for firms, which must now provide goods and services demanded by customers based on this analysis. The advancement of fintech has also resulted in greater needs for tech-based financial services, regardless of the platform. Notably, payment, as the most important requirement for customers in accessing goods and services, has developed in wildly different directions, encompassing not only cash but also credit cards, electronic wallets, QR codes, mobile payments, and other technologies. However, the most important consequence of this development is that customers’ “credit” has become the essential requisite to the generation of “money” to be used for payment. Traditional financial organizations use conservative and conventional risk management methods for lending purposes. As such, the newly emerging fields of e-commerce, electronic wallet, and online platforms must develop a new way of “providing credit” in an alternative data-based method to deliver lending strategies that speak to the unique characteristics of customers in these platforms.