Braight AI, a provider of artificial intelligence big data analytics solutions and wholly owned subsidiary of Kings Entertainment, is in “advanced talks” with Latin American banks and expects to sign initial contracts in Q3, 2023, for the integration of its proprietary risk scoring service, AI Risk Credit.
With 70% of LATAM’s population of 400 million being unbanked or underbanked, Braight’s AI Risk Credit technology offers a “timely solution that enables financial institutions to assess the creditworthiness of millions of people currently excluded from the consumer finance market,” the company noted.
Braight’s AI Risk Credit technology generates scores and credit recommendations based on customers’ online behavior, which increases the accuracy of current credit decision-making processes.
According to Braight AI, testing has confirmed the AI Risk Credit algorithm provides 95% accuracy in predicting borrowers’ financial behaviors. “Financial institutions equipped with that level of predictive accuracy can increase their customer base and acceptance rates by accessing markets that were formerly unmeasurable or unseen,” the business explained.
Maciej Jarząb, Braight CEO, said: “The timing couldn’t be better for entering LATAM’s extremely large market. Financial institutions have known for years that data is gold. But now they’re beginning to see the game-changing power of artificial intelligence, and how it can increase their ability to secure more business while reducing their risk.”
“With Braight’s behavioral data analysis tools, they can make informed decisions on customers for any given credit-like product,” he added.
While Braight is currently operating in Canada, Europe, and the US, entering the LATAM market is part of the company’s global expansion strategy for 2023-2024, which includes the goal of facilitating the inclusion of 150 million previously unbanked individuals in the banking sector by the end of 2024.
Braight AI is a subsidiary of Kings Entertainment, an international online service provider for lottery, casino, and sportsbook gambling, and also the parent company of global online gaming brands LottoKings and WinTrillions
