ING aims to add predictive capabilities to the application in the near future
Dutch multinational banking and financial services corporation ING starts using artificial intelligence in Risk Management. The corporation teamed up with Google and PwC to develop an early warning system (EWS) that helps credit risk analysts make quicker and more informed decisions.
The EWS is an AI-powered application that collects and analyses large amounts of data to identify whether clients are exposed to potential risks, a task currently performed manually by risk analysts.
Credit risk analysts set their own warning criteria. For example, a client’s share price falls by more than a pre-set percentage, or a client’s media coverage is negative based on sentiment analysis.
Processing up to 80,000 articles every day, the EWS is ‘fed’ real-time market data from Refinitiv (former Thomson Reuters) and news from public sources. It uses Google’s natural language processing and translation services for articles published in local media outlets.
ING aims to add predictive capabilities to the application in the near future.