Deploying AI beneficial for firms and may help governments identify corruption networks

Fintechs are already looking into methods to leverage data and artificial intelligence (AI) in services and products so that they can provide relevant, trustworthy insights, suggestions, and controls.

Today, businesses employ supervised and unsupervised machine learning to train models so that they can detect fraud attempts faster than they can use human (rule-based) methods.

KYC and identity verification are other important areas where AI can be very effectively used. Earlier, humans had to manually verify if the given documents of customers are accurate or not. This tedious task used a lot of time and resources. Now, AI can assist banking applications and other online financial services in automatically and securely verifying clients’ identities. This is referred to as KYC.

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