A collaboration between Microsoft, Natwest and DreamQuark will use Artificial Intelligence to predict patterns in the financial market and source fresh insights.
The new platform entitled Next Generation Complex Analytics is set to utilise AI to simulate transport networks and financial markets among other environments. The service then uses learning to identify risks and opportunities in specific markets with the benefit of the data gleaned.
Weighing up AI advice for progressive banking
Presently the platform is being tested out on multi-use cases across NatWest’s business. An example of this is an in-depth analysis of the buy-to-let mortgage market and the impact of price alterations on the current levels of demand for small loans for business. Personnel at NatWest will examine the findings of the service following the generation of insights. They can then ascertain if the platform’s conclusions could lead to superior financial performance over traditional methods used for modelling.
Director of Innovation and Solutions for NatWest, Kevin Hanley, commented:
“By allowing us to better predict future outcomes, risks and trends, the implementation of this technology could be of significant value to our customers and shareholders over the coming years. For the first time we’ll be able to deliver an aggregated, forward looking view of the world around us, ultimately helping us build a stronger, safer bank.”
This news arrives on the heels of Microsoft’s release of an AI report titled Competitive Advantage with AI. The document shows that companies using AI show an increased performance of 11.5% over those not utilising it for business. When it comes to AI, the financial sector is leading the way according to the report, which states the 51% of leaders in financial services firms believe in an innovative approach to using technology.
The Fourth Industrial Revolution
This is not the first collaboration between NatWest and Microsoft for 2019. Together, the two companies worked to design and create a data storehouse and chatbot with AI-assistance to enhance the accuracy and speed of loan decisions for customers seeking lending aid from NatWest’s digital lender Esme Loans.
Microsoft UK Chief Executive. Cindy Rose said:
“AI is the engine of the fourth industrial revolution. It has the potential to fundamentally transform how entire industries operate, delivering greater value to organisations, employees, customers and society as a whole. NatWest’s ambition to harness this technology to deliver more sophisticated insights, boost performance and reduce risk is an excellent example of the transformative powers that AI offers.”
Microsoft and NatWest are teaming up with DreamQuark on the innovative project. DreamQuark’s task is to enable a major production of AI-based solutions that insurance companies and banks can depend on fully to problem solve and enable new revenue streams.
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