He claims Palantir are “AI skeptics”
who believe the real benefit of AI is
in taking on vast datasets, identifying
trends and then providing that information to a human pilot who can use
that data in a useful way. This is again
not too dissimilar from the current
batch of trading algorithms, which are
entirely reliant on a human being to
set their parameters, feed them orders
and ultimately choose which algorithm to deploy. The trading algorithm
help the trader do more, but presently
it cannot simply replace him or her.
One area the company is tackling for
banks is know your customer (KYC)
Know your robo
“Banks doing KYC have highly dispersed data and systems to contend
with and the old way of dealing with
this was both labour and resource
intensive,” explains Rosenblum.
The company is using AI to bring
datasets back together in an intelligent way, figuring out how and when
clients interact with the bank and
providing the most appropriate data
when it’s needed.
Using technology to perform complex data analysis on customers in
response to increasingly strict KYC
regulations is a growing theme for
financial services. But one firm has
taken it further.
Betterment is an investment portfolio management service that uses AI
to analyse complex customer data to
Trust is important to customers,
and we build trust by using data to
understand our customers better.
LISA HUANG, BETTERMENT
Winter 2016 FinTechQ 35