30 January 2018

AI Congress 2018 - Improving customer experience using Machine Learning

It has been acknowledged that artificial intelligence (AI) and machine learning is improving everyday lives and that businesses are now leveraging the power of AI to optimize their processes.

At the forefront of this revolutionary change, the AI Congress will once again unite international enterprises, experts, leading tech pioneers and more from across the world to drive the implementation of AI globally across industries.

Most recently, AI has had a huge impact on the financial sector with banks and other financial institutions adopting machine learning to spot fraud and protect their customers, however - fraud rates are still on the rise. One report estimated that in 2015 fraud just in the card industry alone, increased 29% to $40.1bn.

By using a combination of Adaptive Behavioral Analytics and machine learning technology, models can be built based on ‘normal’ behavior, then when fraudster’s act it sticks out like a sore thumb as ‘bad’ behavior. Then the transaction can be automatically blocked, before causing any damage, but without inconveniencing genuine customers.

For financial institutions this means reduced customer friction, reduced fraud losses and reduced operational costs. It allows businesses to block new fraud attacks in real-time, without catching their customers in the conventional fraud-prevention systems that are often limited to existing knowledge of criminal methods.

Matt Mills, Chief Commercial Officer at Featurespace will be speaking at the AI Congress on using machine learning effectively to better protect customers and reduce the costs associated with fraud.

To learn more, visit theaicongress.com

Learn more about Featurespace's artificial intelligence software for fraud and risk