Axway launches platform to put banks in control of AI costs, data, and decision

Financial institutions are currently rushing to adopt AI, but many struggle to track the actual costs or the logic behind automated decisions. Axway’s new platform aims to solve this by giving lenders a centralized way to manage how AI uses their data. For retailers and operators who rely on third-party financing, this is a significant behind-the-scenes development. As lenders gain better control over their data, we can expect more consistent credit decisions and faster approval times. This technology helps banks audit their AI models more effectively. This is crucial for avoiding the 'black box' problem where a lender cannot explain why a customer was denied credit. If lenders can better manage the risks and costs associated with AI, they are more likely to offer competitive rates and broader approval ranges to your customers. It also ensures that the sensitive financial data your customers provide during the checkout process is handled with stricter oversight. For a merchant, this means the lenders you partner with are becoming more efficient and less prone to the technical errors that often lead to application friction.

Source: Finextra — Lending

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