Mozn launches new solution within its AI-powered platform FOCAL to reinforce the financial sector
Mozn, the regional leader in enterprise AI technologies, announced the launch of ‘Financial Insights’, a new solution addition to its flagship platform FOCAL at LEAP 2024. This tailored solution streamlines the decision-making processes of financial institutions for better efficiency, reflecting the company’s unwavering commitment to empowering enterprises through seamless artificial intelligence (AI) integration.
‘Financial Insights’ is engineered to effortlessly transform raw data into structured and easy to understand insights. enabling financial institutions to bypass traditional data management hurdles and focus on delivering exceptional customer experiences. The solution leverages advanced algorithms for identifying transaction entities with pinpoint accuracy and utilizes the potential of open banking to simplify data collection, providing real-time, robust financial data without manual efforts.
By transforming categorized data into powerful analytics, ‘Financial Insights’ empowers financial institutions with the information they need for informed, strategic decisions. This AI-powered analysis supports smarter lending decisions by predicting potential defaults, thus extending robust and inclusive lending practices to traditionally underserved market segments, such as the self-employed.
Additionally, it revolutionizes the loan application process. It automates data analysis to assess a customer’s loan affordability more accurately, reducing default rates. This same technology is adept at detecting fraudulent loan applications, thereby optimizing decision-making processes.
In the rapidly advancing financial sector of the Middle East, AI is projected to make a substantial $38 billion contribution by the year 2030 as per a recent pwc report, which represents 13.6% of the region’s total GDP impact from AI, positioning ‘Financial Insights’ as a pivotal tool for institutions to capitalize on these advancements.
“Financial Insights is a revolution in the finance sector, born from our profound AI acumen and an in-depth understanding of the industry’s intricacies”, said Dr. Mohammed Alhussein, CEO and Founder, Mozn. “Designed to turn unstructured data into actionable insights, our solution elevates decision-making and broadens financial inclusion. It streamlines customer assessments, improves profitability, and taps into new markets, demonstrating our dedication to transforming finance and driving regional economic growth.”
FOCAL, Mozn’s flagship AI-powered platform is designed to transform risk and compliance across industries. By merging advanced AI with comprehensive analytics, it offers precise, customizable solutions for decision making and regulatory compliance. With the introduction of ‘Financial Insights,’ Mozn reaffirms its dedication to advancing digital humanity through AI innovation. This new solution is set to redefine standards in analytics and decision-making within the finance sector, equipping institutions to adeptly manage the complexities of today’s financial environment with unparalleled assurance and accuracy.
