It can be difficult for local financial institutions to keep up with the latest must-have features when digital technology is always evolving. This is where APIs can help position a lender quickly respond to the needs of the digital borrower. 

Increasingly, banks and lending institutions are using APIs to adapt to the evolving needs of their consumers and become more innovative in their digital banking efforts. In fact, banking and lending institutions use APIs every day. With API functionality, digital banking features like income deposits, bill pay and money transfers between accounts are possible.

Artificial Intelligence and Machine Learning are certainly hot topics on everyone’s lips lately. With AI seemingly present in every facet of modern life, from checking in with Siri or Alexa about tomorrow’s weather to the chatbot on any given website, the possibilities are seemingly endless. Many people know the surface-level basics of what AI is and can do, but may not know just how much AI affects the financial sector. A lack of understanding often leads to mistrust of the technology, especially when money is involved. Understanding Explainable AI and what it could mean for you will open your eyes to a whole new world of possibilities with Luna Connect.

What Is Artificial intelligence (AI)?

Artificial intelligence (AI) is used in various aspects of our lives and every day we are surrounded by companies, technologies and devices that use AI. You unlock your phone using face recognition, social media personalises your feeds, spam emails are filtered from your inbox and banking systems determine if your latest purchases were fraudulent. 2020 will go down in history as a pivotal time for digital transformation. In 2021, what may have until recently felt new, exciting and progressive is now becoming the norm.

Data is changing our world and the way we live at an unprecedented rate, Experian’s 2020 Global Data Management report says "85% of organisations see data as their most valuable asset". The amount of data collected, stored and analysed daily is increasing exponentially, and technologies and storage capacities are becoming more advanced year by year. IDCs Data Age report forecasts 175 Zettabytes of data by 2025, if this was stored on DVDs, the stack of DVDs would circle Earth 222 times.

We are thrilled to be participating in Data Pitch, an open innovation programme that helps start-ups and SMEs innovate with data. On the Data Pitch Accelerator, Luna Connect applied machine learning models to automate lending for SMEs across the UK and Ireland, therefore providing quicker lending decisions.