- Blade is a brand new, artificial intelligence-powered underwriting and merchant onboarding solution
- Due to the learning capabilities of AI software, the new solution will gradually become more effective, reducing decision-making time and bringing down the risk of errors
- Demand for artificial intelligence products for use in corporate environments is anticipated to grow rapidly, with financial service companies expected to spend over $11 billion on such products in 2020
Global technology and value-added solutions group Net Element Inc. (NASDAQ: NETE) is launching Blade – an artificial intelligence-based, fully-automated underwriting solution with predictive scoring, a company announcement noted (http://ibn.fm/rT3r4).
Blade is developed for underwriting and onboarding new merchants. The use of such an AI-powered solution brings down potential risks and decision-making time while also enhancing customer experience. The system compiles and analyzes data gathered and assessed based on preset parameters using proprietary algorithms. Additionally, Blade is a smart system that constantly adapts, improving the artificial intelligence mechanism that powers the solution.
The Blade AI scoring system is designed to provide a fast and accurate assessment of risk during the onboarding process. It accounts for a wide range of factors, enabling more effective and data-backed decision-making processes.
Net Element’s system will benefit from continuous updates that will enrich the AI-powered mechanism. This is expected to further speed up decision-making and enhance customer service.
Artificial intelligence for data analysis and corporate use is growing globally. Statistics suggest that financial services companies will spend over $11 billion on AI-powered solutions in 2020 (http://ibn.fm/zSg1Y). These companies can anticipate a high return on investment, since AI is projected to boost GDP in the financial services industry in North America by as much as 10 percent by 2030.
There’s a simple reason why AI-powered solutions deliver such impressive results. In a semi-automated environment, an average account review requires 15 minutes. There are numerous requirements that have to be met in order to ensure regulatory compliance. A review performed through the use of an automated solution like Blade can often takes less than a minute to complete.
Furthermore, whenever an account fails, Blade provides a detailed report about the nature of the problem and the viable solutions.
“AI and machine learning are quickly becoming valuable tools for decision making in the payments ecosystem, particularly in securing e-commerce transactions,” Net Element Vice President of Risk Shawn Brown said in a news release.
Net Element operates a payments-as-a-service transactional and value-added solutions platform. It targets predominantly small and medium-sized companies in the U.S., as well as within select emerging markets.
Through innovation, blockchain technology, cloud-based solutions and productivity tools, Net Element aims to grow transactional value for its clients. One of the primary developments in the Net Element portfolio is Aptito – a cloud-based restaurant and retail point-of-sale solution (http://ibn.fm/WqSaI).
Net Element utilizes an omni-channel platform to deliver flexible services, regardless of the specific market’s regulatory, demographic and banking framework. The strategy has proven to be successful; in 2017, Net Element was included among the fastest-growing companies in North America on Deloitte’s 2017 Technology Fast 500 list.
For more information, visit the company’s website at www.NetElement.com
NOTE TO INVESTORS: The latest news and updates relating to NETE are available in the company’s newsroom at http://ibn.fm/NETE