As part of our coverage on the use of AI in finance, CFTE takes a look and examines the impact of implementing such disruptive technology on various industry verticals.
Founded in 2016, Kortical is based in London and currently offers an AI platform to help companies gain a “competitive advantage”, save on resources and cost, and grow business quickly. The firm also claims to help businesses close the skill gap with top data scientists by enabling the existing workforce to do more. It uses a blend of automated machine learning and data scientists’ expertise that is patent pending, to conduct predictive analysis and obtain the best results in a quicker time.
A case study for one of their clients – a major retail bank with over 20 million customers – highlighted on their website showed that their software as a service (SaaS) platform managed to predict 83% of bad debt via machine learning in just four weeks. In addition, this bad debt was not identified by existing credit scoring algorithms, showing the potential of cost savings for the bank, while also providing more detailed customer insight, predicting the market and performing self-optimising risk and analytics.
Another example of Kortical being used by investment banks is the platform helping to calculate predicted return on investment (ROI) for close to five million trades daily. Originally, the investment bank was using 80,000 computers and human analysts to calculate this figure, but the sheer numbers proved to be overwhelming. According to Kortical’s claims, it created a predictive model that calculated the ROI using historical data recorded by the analysts, resulting in a 30% improvement in the time taken for the risk prediction procedure in just three days.
This is a prime example of Jean-Philippe Desbiolles’ (IBM Watson) words in the CFTE AI in Finance course – “It is going to be an augmented world where humans and machines work together. We need to change education such that we can develop hard skills and soft skills that will enable us to adopt and to work with this new generation of machines.”
The case studies of Kortical seem to prove this point exactly!
About the AI in Finance programme
The CFTE AI in Finance course has been developed in partnership with Ngee Ann Polytechnic, a leading institute of higher learning in Singapore and features high-quality content taught by five senior lecturers and 18 industry experts.
With an easy to follow format, the course is perfect for busy professionals to understand the technologies behind AI and machine learning that are disrupting finance.
We are a platform supported by senior leaders from the largest institutions, startups and universities. We address the needs of professionals in finance to upskill in a rapidly changing industry being transformed by emerging technologies. More than 50,000 participants learn from our online courses, such as AI in Finance, Fintech Foundation or Extrapreneurship, a mini-MBA with fast growing startups such as Revolut or Shift Technology.
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