TL;DR:
- Braight AI, a subsidiary of Kings Entertainment Group, is set to revolutionize the LATAM market with its AI Risk Credit solution.
- In advanced talks with LATAM banks, Braight aims to integrate its proprietary risk scoring service.
- LATAM’s underbanked population of 400 million individuals presents a significant opportunity for financial inclusion.
- AI Risk Credit employs behavioral data analysis to enhance credit decision accuracy, boasting a 95% predictive accuracy.
- Braight’s expansion strategy targets global growth and aims to include 150 million unbanked individuals by 2024.
Main AI News:
In a strategic move aimed at tapping into the vast potential of the Latin American (LATAM) market, Braight AI, a prominent player in the realm of Artificial Intelligence (AI) Big Data analytics solutions and a wholly owned subsidiary of Kings Entertainment Group Inc., is on the verge of finalizing negotiations with LATAM banks. As the talks progress, the company anticipates sealing initial agreements in the third quarter of 2023 to integrate Braight’s cutting-edge proprietary risk scoring service, known as AI Risk Credit.
A Pervasive Issue: Unlocking Financial Access A staggering 70% of LATAM’s populace, which comprises a staggering 400 million individuals, is either unbanked or underbanked. In this scenario, Braight’s AI Risk Credit solution emerges as a much-needed remedy. By leveraging innovative artificial intelligence technology, financial institutions can now evaluate the creditworthiness of millions who are currently marginalized from the consumer finance domain.
“The Timing is Opportune,” Affirms CEO Maciej Jarząb Braight’s visionary CEO, Maciej Jarząb, expressed his optimism, stating, “The timing couldn’t be more propitious for our foray into the expansive LATAM market. While financial institutions have long recognized the value of data, the transformative influence of artificial intelligence is now becoming evident. It amplifies their capacity to not only capture more business opportunities but also mitigate risks. Through the adept utilization of Braight’s behavioral data analysis tools, these institutions can make well-informed judgments regarding customers and credit-like offerings.”
Empowering Smart Decisions through AI Central to Braight’s offering is the AI Risk Credit technology, a dynamic system that leverages customers’ online behaviors to generate credit scores and recommendations. This innovative approach substantially enhances the accuracy of current credit assessment procedures. Rigorous testing has validated the AI Risk Credit algorithm, showcasing an impressive 95% precision rate in foreseeing borrowers’ financial behaviors. Armed with such remarkable predictive capabilities, financial institutions can broaden their customer outreach and elevate acceptance rates, effectively penetrating markets that were previously inaccessible.
Charting a Global Expansion Trajectory Presently, Braight operates across Canada, Europe, and the United States. However, the upcoming foray into the LATAM market is an integral facet of their ambitious global expansion roadmap for the years 2023-2024. Notably, this expansion drive encompasses an audacious objective: enabling the inclusion of 150 million erstwhile unbanked individuals into the financial sector by the culmination of 2024.
Conclusion:
The collaboration between Braight AI and Kings Entertainment signifies a pivotal moment for the LATAM market. The introduction of the AI Risk Credit solution addresses the pressing issue of financial exclusion, promising accurate credit assessment and increased accessibility. This transformative step is poised to reshape the financial landscape, enabling unbanked individuals to participate actively in the economy and propelling the region toward a more inclusive and prosperous future.
