Provenir, a global leader in AI-powered risk decisioning software for the fintech industry, has found in its latest study that fraud prevention is the biggest driver for investments in AI-enabled risk decisions this year.
The survey, which offers the views of 100 decision-makers from fintechs and financial services firms across Europe, found that other major drivers for investments in AI-enabled risk decisioning include automating decisions across the credit lifecycle (68%), competitive pricing (65%) and cost savings and operational efficiency (61%).
Heightened risk of fraud across the fintech landscape
The survey highlighted the role that alternative data can play in the fight against fraud, with 68% of those surveyed choosing to incorporate alternative data for the purpose of improving fraud detection.
It also found that access to data is the biggest challenge to an organisation’s risk strategy (88%), closely followed by a lack of a centralised view of data across the customer lifecycle (74%).