Category : Analytics & Real LIfe

Analytics & Real LIfe

The world we live in is meeting us with data analytics products, applications, correlations and sometimes causations. It is interesting enough to share some findings.

AI isn`t smarter than you but is better at data-driven decisions

Artificial Intelligence /AI/ is all around us, and this is not a joke. It is literally everywhere. From chat-bots to smart assistants who are the most visible of its incarnations, through healthcare and architecture, AI has impacted all industries. Today AI is capable enough not only to help designing machinery much faster and more efficiently but also to create actual art.

Let’s face it – AI and its abilities are a significant part of our daily lifestyle, even though we might not suspect this at all. It is quite possible that your personal credit score is defined by AI. Just like the fruits you’ve just put in your basket – their logistic might be designed by AI. Preferences suggestions? Quite likely, they are products of AI. PC & console games, public administration, finance and pharmaceutical businesses, all of them rely on AI for one thing or another. Even the smart vacuum cleaners are advertised as the Artificial Intelligence that sweeps the floor. 

More certainty for the consumer finance business amid COVID-19

“Only when the tide goes out do you discover who has been swimming naked.”

Warren Buffett

Those who act fast and adapt to turmoil will survive and succeed. In the context of the Coronavirus pandemic and the lending business, this means that financial institutions should have instruments to continuously analyze on a permanent basis what is happening and react immediately if needed.

As experts in credit scoring utilizing artificial intelligence (AI) and machine learning (ML), we have prepared this publication to offer an in-depth understanding of the problems the consumer finance business is currently facing. We focus on counteraction mechanisms, emphasizing the potential of automated decision-making in general. The dramatic change in people’s lives, the social distancing measures and the heterogeneous impact of the crisis on particular segments of the population, especially employment, as well as the need for additional financing led to a shock for the consumer finance business. As a result, some businesses have drastically reduced their operations and switched their credit scoring processes to manual loan approvals. This significantly reduced the speed and efficiency of their lending process as a whole. Some companies even chose to shut down part of their business abroad due to fears of significant deterioration of their loan portfolio and the negative effect of the imposed legal measures on debt repayment and collateral liquidity.

Retail certainty in an uncertain time

The COVID-19 pandemic is unprecedented in the recent days cataclysm. Countries from all over the world found themselves in a wholly new and, in most cases, unexpected situations. It applies to not just governments and businesses but also consumers.

The retail sector has been shaken by the dramatic change that forced some retailers to close their outlets, others to shift to e-commerce, while other businesses are facing drastic demand surge. When consumer behavior is rapidly changing, the right retailers’ response is essential, and their future might be at stake.

How data analytics helped Boston to save $5M and forced UPS to ban left turns

The students in the USA are eligible for school bus transportation if they live beyond a particular radius of the school. The yellow school buses are largely unchanged since their debut in 1939 even though their routes are getting more and more complex in the past 80 years. This is because of the number of students, schools, road systems and the system of rules.

When AI helps you choose a gift

Good retailers sell well, and best retailers offer their customers an unforgettable experience. The story of the 1800-Flowers.com online store is interesting because it traces the path that a Manhattan flower shop bought in the 1970s for $ 10,000 to a multimillion business that generated $ 1.2 bn. in sales just last year. The achievement goes through impressive AI innovation that has cemented its leadership position in the US online marketplace.

5 AI Myths. Busted

Since AI has turned into a buzzword, many misperceptions created too many myths we`d like to share with you and bust together just like Adam Savage and Jamie Hyneman. Even though we are living right within the Secondary Information Age, the lack of understanding of what actually is AI and where it can bring the society we are all living in, it is a foundation of quite a few misconceptions. Some of them funny, other rather scary.

How AI & predictive analytics fuel credit scoring-as-a-service

Just think of it! Without credit and lending businesses, we would not be able to buy a house or appliances when we need them. Business would not be able to grow, expand and innovate at the desired pace. Credit is the fuel of any country` economy and this is not a secret. But what is fueling credit and lending businesses? How do they decide if you are eligible for a particular loan or not?

How AI & Data Analytics could have prevented an amazing Spotify fraud

We`re not sure if you already have heard about this and if not, keep in mind that those couple of minutes will be more than worthy.

The Spotify Fraud

Unknown scammer, allegedly from Bulgaria generated about $3m revenue out of creating and continuously playing a couple of playlists with tracks with an average length of 43 seconds. Spotify is paying artists about $0.004 per play and the fraudster has registered around 1200 premium Spotify accounts, continuously rolling the playlists.

It is believed that such ‘performance’ was achieved via bots automating the skip and play game regarding the Spotify policy to pay for a listened track only its 30 seconds or more. This way, the playlists called ‘Soulful Music’ and ‘Music From The Heart’ became played so many times they made it to number 84 globally and 22 in the US in the playlists charts.

When a computer understands more than you do

It was 1997 when the Deep Blue computer beat the world chess champion, Garry Kasparov. It was the first machine over human victory while playing the mother of all strategic games. Well, even though the Deep Blue computer was created specifically to play chess versus human, it took just a few years more for standard desktop computers to dominate our brains on the chess board. Now there are smartphone chess apps have been able to defeat exceptionally good players.

This was the first time when the machine ‘outminded’ humans. By declaring that AI software scored a better result than humans in a large-scale reading and comprehension test, it seems we are witnessing the second breakthrough.