- FEXD is developing a global financial technology ecosystem that will address unmet mobile money needs in developing and industrialized markets and make it easier and more affordable to transact digitally
- The company aims to use emerging technologies such as AI to reduce costs associated with and fast-track the processing of money transfers and loans
- AI is a powerful technology that has been positively associated with the improvement in digital financial inclusion
- The technology is used in credit risk assessment, investment-related decision-making, fraud detection and prevention, prediction, and customer service
- With FEXD eying digital money transfers, which are unfortunately prone to cyber threats and fraud attempts, the company aims to tap into the power of AI to promote security and efficiency, thus driving digital financial inclusion
Long before large language models (“LLMs”) like ChatGPT and Bard democratized artificial intelligence (“AI”), this powerful technology existed and was deployed in different industries. The banking, financial services, and insurance (“BFSI”) industry, for instance, is recognized as one of the earliest and most prominent adopters of the technology, having first incorporated some form of AI about three and a half decades ago (https://ibn.fm/wZMQi). But the rise of new frontiers in AI, such as generative AI, of which LLMs are part, has created new opportunities that incumbents and startups can use to their benefit.
The earliest implementation of AI in the BFSI space was in the domain of credit risk assessment. And many years on, financial services companies such as banks and lenders still use the technology to assess the creditworthiness of customers. But, compared to the formative years, AI has evolved, thanks in…
NOTE TO INVESTORS: The latest news and updates relating to FEXD are available in the company’s newsroom at https://ibn.fm/FEXD
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