New product “AI bank” operating with artificial intelligence can change the world

Top Quote “When there is a need for emergency financial assistance, a loan or a microloan can help out with the current situation. However, what if a loan or a microloan will be provided via the blockchain technology with the lowest interest rate on the planet and in the shortest possible time for anyone who has access to the Internet?” – this is the main idea of our project. End Quote
  • (1888PressRelease) March 06, 2019 - 5 March. World Wide Web. A startup on the blockchain technology is ready to present a bank with an AI algorithm that is able to determine in real time the client's solvency and issue a loan. Now on token private sale stage with 35% bonus.

    Mission of our product.
    Autonomy. It does not matter in which jurisdiction the client is located. All processes are fully automated.

    Bank rate. All banks rates are constant. The rate will be equal to such a value, which on the one hand will allow increasing the financial assets of the bank (increasing the number of loans) and on the other hand – ensuring a minimum interest on borrowed funds. And given that the interest in the project will be huge and the rate will be minimal – this will accelerate the growth of the turnover of funds and as a result, increase the yield.

    Providing funds. Since the scoring system will be based on AI, its use will be identical to banking conditions. This, in turn, will allow attracting funds in the amount that was previously inaccessible to traditional MFIs. That is, we offer an opportunity for the bank to use virtually unlimited financial resources. At the same time, the risk of non-return will be reduced from the risk of 50% of MFIs to the risk of 10% of a traditional bank, which will already allow reducingthe interest rate.

    Speed. Traditional loans are issued in 1-2 applications for 2-3 documents. Not to mention the time and cost of administering the storage of documents. Recent studies claim that AI can already assess people better than people themselves do. Therefore, the verification of documents becomes a formality. It is much more important to evaluate what a person is. AI will analyze more than 300 digital factors. The AI system is completely autonomous in the decision-making process, the person does not participate in it, and it is not important to provide any documents for receiving a loan. This will allow all decisions to be made instantly.

    Scalability. The loan market is growing and the project will definitely be in demand and experience growth. This, in turn, will lead to laying the foundation for growth and development in it as soon as possible. We are already laying the potential for growth and the possibility of scaling up a business.

    Global problems and our solution
    Limited fundraising. All MFIs suffer from the fact that they cannot raise a lot of money. At the same time, administration and short-term loans are not interesting for banks, since microfinancing in the traditional mode requires many offices and a perfect scoring system. Accordingly, the growth of the client base is very limited. The proposed project solves this problem by bringing AI Bank to the microfinance market, which does not require expensive offices, numerous staff, the costs of the legalization of financial activities in a particular country and provides a scoring system based on AI.

    Scoring system. In order to evaluate clients, it is necessary to download all the data on them into the system. This, in turn, limits the accuracy, speed, and elasticity of assigning a credit rating. In the proposed project, the scoring system is based on automatic processes and instantly performs all the necessary procedures with high accuracy.

    Competitiveness. In the market of developed countries, it is minimal. In developing countries and economies in transition, it is high. To attract borrowed funds in MFIs for turnover, the interest rate for investors should be higher than in bank deposits. Accordingly, the issuance of loans to MFIs is only possible at a very high interest rate. The interest rate in the proposed project is set automatically and thus the problem of the influence of central banks is completely gone. The proposed project is fully competitive and has no competitors. The risk of non-repayment of a loan. This risk is based on the non-return of funds from the client. The basis of this risk is the lack of verification of documents or the lack of detection of fraud transactions by the bank’s AI. The average statistics of non-repayment of loans is 10%. AI Bank offers a self-learning AI that will be able to reduce the percentage of non-returns continuously when analyzing digital data of non-returns. With a successful analysis, the risk of non-return is reduced to 2%. Collaborating with paid scam databases, AI Bank will skip loan requests, but after refusing a loan, all digital information about a scammer will be recorded in a database to improve AI. The blacklist, including customers who ultimately refused to return the loan, will be public and collectors will be able to redeem each of these loans. When requesting a loan, all conditions will be stated in the agreement between the bank and the client without exception, which will need to be confirmed by the borrower. Thus, one of the main tasks of AI Bank is not just to reduce the percentage of non-return to the minimum, but to do it constantly throughout the operation.

    International law. The legal system of the country of registration of the client may prohibit such activities. The basis of risk is the imperfection of international laws and national legal systems. Risk counteraction is registration of AI Bank in neutral zones and offshore territories under the law.

    Bank secrecy. Bank secrecy is information protected by a credit institution about transactions, accounts, and deposits of its clients and correspondents, as well as other information that can be used to identify clients.

    AI Bank project is on stage of private sale. You can now buy tokens with 35% bonus and then sell them on concurrency exchanges with bigger price. Bonus will active only on private sale stage.

    We remember the ark was built by an amateur. Professionals built the Titanic. We do not create a bank, we create a digital product that will provide better financial assistance to people on the planet.

    Project web address:
    Email: media ( @ ) aibank dot global

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