AI: Silent Eight, Kristal.ai and First Solution Management Services: View from the Top

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There are plenty of defining years in the history books, and as
2020 draws to a close, it’s almost certain that the global
pandemic will ensure that this year is featured prominently. With
events cancelled, launches delayed, and country-wide lockdowns, the
way we work has changed forever. Still, for financial technology
and surrounding industries, this was also a year of challenge and
opportunity.

This December, The Fintech Times is asking industry
leaders for their
‘View from the Top’
to gain an insight into the decisions
behind the last 12-months. Today, we’re looking at the issue of
Artificial Intelligence, hearing from Martin Markiewicz, Aheesh
Chanda
and Moeen Khan on their 2020 thoughts, plus a
look ahead to 2021. Will there be a Happy New Year? Read on…

Artificial Intelligence is a fintech vertical that has seen huge
headway with commercial integration this year as companies struggle
to continue without the physical presence of their staff. In
eCommerce, AI chatbots have become invaluable, while in banking and
insurtech, AI continues to help the back office move faster. In
this View from the Top, companies Silent Eight, Kristal.ai
and First Solution Management Services outline their own
2020 experience.

Martin Markiewicz, CEO
and Founder of
Silent Eight

Martin Markiewicz, is CEO and Founder
of
Silent Eight, a company that uses AI to combat money
laundering and terrorism financing. In his view, 2020 has been a
chaotic year, but one that has seen increasing innovation and an
uptake of AI.

“When I reflect on this year there are many words that could
be used to describe it.  For me, the word that I feel most when I
look back is “turbulent.” And I believe that as a collective we
have seen a trend, globally, of what seems to be ever-increasing
turbulence. I feel this way when I consider economic, social,
geopolitical and domestic politics. Change and disruption seem to
be accelerating and both seem to be here to stay.

“Unlike previous eras, like the dot-com boost/bust or the 2008
recession, it no longer feels like there will be peaks and valleys.
Rather, it seems the new norm is for the ups and downs to occur
more quickly, more regularly, and potentially more violently. We
seem to compress months worth of change into a single Tuesday. I
believe the future is still as exciting and promising as it has
always been for the innovators and forward-thinkers, however, it
just seems to be taking a more difficult journey to get there.

“From a technology perspective, AI is entering the mainstream
across almost every industry and with this prevalence, there seems
to be a chipping away at the traditional resistance that most new
technology faces. For instance, it’s now widely accepted that
there are many areas where AI is enhancing the lives of people in
our society rather than the age-old fear of replacing them or
operating on its own without oversight.

“As for 2021, we already know several areas of key disruption,
like Brexit, US Presidential Transition and Covid. What we aren’t
yet sure of, though, is the scale. Could next year be a return to
calmer politics, calmer minds, and better health? We can hope. I
fear the faultiness in our societies runs a little deeper currently
than can be fixed in a single year but, given the speed in which we
are all currently operating, I am hopeful that 2021 will be a year
for both innovation and calmer heads to prevail and
co-exist.”

Asheesh Chanda, CEO
Kristal.AI

For Aheesh Chanda, CEO of Kristal.ai ( a
global, digital-first private wealth platform providing wealth
management solutions to investors), he
 agrees that this year
has seen a great change in people’s lives, accelerating the
adoption of AI with it. 

“2020 has been the year that changed and impacted all our
lives, one way or the other. It has transformed entire industries
and the way we work and socialise. The future has started, and the
AI boom has accelerated greatly with it.  The pandemic has
increased consumer acceptance in the fintech industry. Inflows into
AI reliant products and services and algorithm-driven portfolio
recommendations have increased dramatically in 2020. Through the
volatile period at the beginning of the pandemic in February/March,
advisory algorithms have kept their cool, while panic swept through
the markets. This has given many of our clients an increased sense
of confidence in AI-driven investments. 

“Looking towards 2021, the way we invest will continue to
change. The incorporation of machine learning helps the
decision-making process with unbiased input. A broader roll-out of
5G and decentralised data storage will open the next frontier
towards access to huge amounts of data at greater speeds, that may
flow into the analysis of markets and products. 

AI will continue to reduce operating costs, and consequently,
reduce management fees. Through automating customer support, fraud
prevention and predictive analytics, fintech companies can expect
to do more, do it better and at a lower cost.  The power of
algorithms has proven to be unparalleled, with the capability that
algorithms bring, to crunch data and automation at speeds beyond
human capability. Kristal.AI integrates these aspects into its
processes, enabling wide-eyed investors from all over the world to
try their hand at investing.”

Moeen Khan, founder and CEO
of First Solution Management Services

Moeen Khan is the founder and CEO of First
Solution Management Services
, a debt management company. In
his opinion, AI has “given the financial industry a way to meet
business demands” 

“People and businesses need more than ever a trusted partner
to ensure economic stability and to deal with the current adverse
social consequences. Certainly, overdue payments are a sensitive
issue, which needs to be handled with firm professionalism and
social responsibility.

“First Solution has been one of the first UAE companies to
implement AI in all of our products and services. We are particular
about improving cash flow with increased efficiency when it comes
to relationship management working with financial institutions.

“Our artificial intelligence model has the capacity to help us
make smarter choices on when to contact customers and how based on
their behaviours. The algorithm is designed with predictive models
using the information attained through data and machine learning as
well as with the help of speech analytic tools. As a result basing
the findings on demographic, social and economic data, we set up
the debt collections strategies to prioritised and applied built on
the data associated with each debt.

“For example, Artificial intelligence allows collecting large
amounts of data from different sources and analysing them
automatically. Through machine learning and algorithms that
recognise patterns of behaviour and statistics and
cross-referencing them with information from our Debt Collection
CRM in order to predict future events based on them.

“In this way, we personalised debt recovery strategies that
were established for each debtor, studying their profile, ability
to pay, amount of debt and the best time of day to try an effective
contact. Besides as consumer preferences shift more towards digital
channels, machine learning tools help us to optimise Omnichannel
communications, as emails, texts, and voice calls, those are being
used to extend and optimise the outreach of the collections
process. 

The post
AI: Silent Eight, Kristal.ai and First Solution Management
Services: View from the Top
appeared first on The Fintech Times.

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