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DreamQuark beefs up financial services through artificial intelligence

DreamQuark beefs up financial services through artificial intelligence
From TechCrunch - November 20, 2017

Meet DreamQuark, a French startup that wants to help banks, insurance companies and asset management firms with all of their artificial intelligence needs. DreamQuark crunches your data, creates models based on machine learning and lets you apply those models on all past and future data points.

Many banks still rely on COBOL code to compute all sorts of financial operations. COBOL is a reliable programming language, but the only issue is that it was designed more than 50 years ago. Now that all industries are looking at machine learning as the next big thing, banks are left behind.

At the same time, banks and financial firms also generate a ton of data. Those companies are already taking advantage of this data with traditional linear regression algorithms and simple criteria. And yet, you can significantly improve those models by switching to machine learning.

DreamQuark has been working on a product called Brain so that financial companies can make smarter decisions. There are many use cases for AI-powered algorithms in the finance industry.

Its a great way to assess risk, from fraud detection to anti-money laundering and credit scoring. It can also help you manage a portfolio by detecting early signs of market changes. And DreamQuark can also segment your customer base and detect some patterns. This way, you can promote financial products and improve retention rates.

Thanks to our comprehensive approach, we are faster than companies that specialize on fraud in one country in particular, for one channel in particular, co-founder and CEO Nicolas Meric told me. And its true that one client usually has multiple financial productseverything is connected. Your credit history could be a sign when it comes to anti-money laundering detection for instance.

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