Natwest Will Use AI To Predict Financial Market Patterns
NatWest will collaborate with Microsoft and DreamQuark to harness the power of artificial intelligence (AI) to simulate financial markets.
NatWest, Microsoft, and DreamQuark will develop a new platform called Next Generation Complex Analytics. The platform will use AI to learn from financial markets, transport networks, and other such structures. After that, it will apply this learning to detect opportunities and risks in real markets.
NatWest in better control of the future
Kevin Hanley, Director of Innovation and Solutions, said the technology would allow the bank to predict future outcomes, risks, and trends better. “For the first time we’ll be able to deliver an aggregated, forward-looking view of the world around us,” he said. Therefore, the technology could prove valuable to customers and shareholders and build a stronger, safer bank.
NatWest is currently testing the platform on various aspects of its business. Examples include Buy-to-let mortgages and small business loans. Human beings will vet the feedback from the platform and compare it with traditional modeling to assess its relevance.
NatWest, Microsoft, and DreamQuark: AI is the engine of the fourth industrial revolution
Cindy Rose, Chief Executive at Microsoft UK, said AI has the potential to transform how entire industries operate fundamentally. Therefore, it would deliver greater value to organizations, employees, customers, and society as a whole, she added.
Microsoft has just released its report titled “Accelerating competitive advantage with AI.” It describes how organizations are moving from experimentation to business impact.
The report also says that there is now a visible link between an organization’s full deployment of AI technologies and its ability to gain and retain a competitive edge.
Earlier this week, Novartis announced a collaboration with Microsoft to develop its AI-empowered innovation lab that would reimagine global medicine.
NatWest and Microsoft earlier worked jointly to create an AI-assisted chatbot and data warehouse to improve the speed and accuracy of lending decisions.
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