Artificial intelligence: a cornerstone of growth in the financial sector

New technologies are changing how consumers interact with companies and services. The rise of artificial intelligence (AI), machine learning and the Internet of Things (IoT) has accelerated digital transformation across every productive sector. The financial sector is no exception.

24/7 digital consumption

Digital consumerism has changed how consumers interact with companies and what they expect from a service. Customers are now used to ease, speed and transparency in the products and services they buy, and they expect the same from financial services.

Digital banking is smarter and more secure

AI and machine learning give financial institutions stronger fraud detection capabilities and let them deliver better customer service. A decision engine can interpret hundreds of data points about a customer and decline a suspicious transaction in fractions of a second, leaving human error out of the equation.

A credit decision engine is essential

- It sharply reduces the time spent making credit decisions. - It can process thousands of applications at the same time. - It removes subjective bias from the decision-making process. - It can improve its predictive models through machine learning. - It can evaluate hundreds of data points from multiple sources in fractions of a second. - It can run automatically 24/7, with no errors or disruptions.

In the case of the uFlow decision engine, it is also 100% cloud, No-Code, with an intuitive interface and a clear, transparent pricing model.

The digitalization of the financial sector is already here

The digitalization of the financial sector in Latin America is growing at a rapid pace. In 2021 there were 2,482 active fintech companies in LATAM, a 112% increase between 2018 and 2021. An estimated 3 out of 4 banks with more than US$100 billion in assets are implementing AI strategies.