Isbank, the largest private bank in Turkey, has selected an AI solution from H2O.ai to upgrade its cash forecasting and default prediction.
The deal is overseen by the Turkish bank’s San Francisco-based innovation arm Maxitech.
Isbank is adopting the vendor’s Driverless AI platform after a successful pilot which H2O claims showed revenue increases and cost reductions.
“We are delighted to have selected H2O.ai through the work with Maxitech for this important step towards empowering our AI capabilities,” says Ümit Bilik, chief data officer at Isbank.
“Our selection decision was driven by the proven creation of successful high-performance machine learning models, demonstrable efficiency improvements and H2O.ai’s technical and domain expertise.”
H2O says the Turkish lender saw an 8% performance increase using machine learning, as well as a 50% reduction in cash forecast deviation across 4,000 ATMs.
Andrew Morris, senior vice president at H2O, says: “The decision by Isbank to use Driverless AI is another shining example of how a progressive-thinking finance organisation in EMEA is embracing innovative AI and ML technologies.”
Founded in 1924, Isbank is the largest private bank in its home country by asset size and equity, branches and employees. It holds around $53 billion under management.
The deal with H2O isn’t Isbank’s first when it comes to AI. The Turkish bank has worked with Clinc to deploy an AI-assisted mobile banking voice assistant.
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