The banking sector was designed to be profit oriented. Although a lot of people are of the idea that the banking sector was designed to help customers with their needs, that belief is an erroneous one. Banks function in ways that enable them attract as much money as possible so the needs of investors can be met very easily. The more money a bank is able to accumulate, the more likely it is to have money to offer investors when these investors need money.
Although the average bank has lots of products which it promises its customers, these many products can only accessed after meeting certain requirements. Due to this, it is very difficult for average people to be able to have access to the products that banks have to offer very easily.
To solve this, we have put together a project which will make it possible for the average person to be aware of the many privileges to have access to funds and ensure that the banking system does not go to one’s disadvantage.
What is this Project About?
This project is one that makes available a solutions to some of the challenges in the financial technology sector. There are lots of restrictions associated with the direct lending market and this restrictions are controlled by the Central banks.
This project is one that takes advantage of the availability of artificial intelligence in taking away the restrictions that are associated with the scoring systems. This is simply because the scoring system is used is used in evaluating every perspective borrower before they are able to get loans.
With this particular application of Artificial Intelligence, there will be a reduced need to hire an increased number of staff to look into the scores of prospective borrowers. Basically, this project is all about a bank that is dependent on blockchain technology, as well as AI Artificial Intelligence.
This project is a special bank project which takes advantage of the availability of a cutting edge technology. It is focused on ensuring that people all over the world can get loans with the lowest interest rates possible.
This is a project that is not dependent on any currency in particular. It can make use of various currencies. Included in the many currencies that it recognizes is cryptocurrency.
Some of the Challenges Our Project Provides a Solution to:
Limitations in FundRaising: Absolutely every MFI is challenged by the inability to raise as much money as they want to. Simultaneously short-term loans, as well as administrations are not considered interesting by bank. This is because in its most basic mode, micro financing only functions when the scoring system is perfect and when there are lots of offices.
Well, this project provides a solution to this problem by introducing the microfinance market to artificial intelligence bank. This type of banking can be carried out effectively in the absence of lots of offices, as well as staff. It also helps avoid the amount that should be spend in legalizing financial activities in any country it is used in.
Scoring System: For clients to be evaluated, all their details have to be downloaded and stored in a system. Doing this has a negative effect on the speed, the accuracy of givinga credit rating. With this project, every scoring system is dependent on artificial intelligence and is carried out accurately.
Competitiveness: Competitiveness might not be so high in developed countries’ markets. It, however, is high in developing countries. For borrowed funds in MFIs for turnover to be attracted, investors should have an interest rate that is higher than bank deposits. Also, loans are only given to MFIs at interest rates that are really high. With this project, interest rates are automatically set. This, therefore, deals with the influence central banks have on interest rate.
Bank Secrecy: Basically, bank secrecy is information about transactions carried out in the bank which are kept as secrets. This is not limited to transactions only. It involves details of deposits carried out by clients and details that can play a role in the identification of clients. With AI banking, bank secrecy can be thoroughly maintained with no banks having any issues. This is simply possible because AI Banks make use of some of the best cryptographic algorithm in the maintenance of bank secrecy.
The Issues of Non-Payment of loans: This risk is all about clients failing to return loans. This occurs when documents do not get properly verified, as well as when fraud transactions are not detected. According to statistics, 10% of loans are not repaid.
For more information go to website https://aibank.global
Conclusion
It has been postulated by experts that this project would be a success.
NB: super listing written for bounty