NAIROBI, Kenya, May 29 – Digital lender Branch has incorporated artificial intelligence (AI) into its financial system to improve credit services for customers.
The fintech company currently uses algorithms and machine learning to access as well as predict clients credit risks.
The technology will also help borrowers with their savings plans.
“With the data we have, the rates are customized for our customers. We believe that everyone deserves fair financial access,” Branch Chief Executive Officer Matt Flannery said.
Penetration of smartphones presents a big opportunity for emerging countries like Kenya to expand banking solutions to unbanked populations as well as financial stability.
It is also in the final stages of rolling out a health savings plan that will run in tandem with similar health insurers in the country.
One of the cardinal challenges of the use of AI in the banking industry is the risk of data penetration owing to the enormous amounts of data collected.
Capital FM sought to understand how the company seeks to guarantee the security of its customers’ data.
The company says it has incorporated data encryption and automatic detection of any threat on its system for maximum safety of its clients’ data.
It is also working with the Office of the Data Protection Commissioner on the limits to which personal data should be collected.
