How AI is Driving Revenue Growth - This Week in AI

Welcome to our This Week in AI roundup. This week we have stories about new open-source tools, AI for credit risk, how AI is driving revenue growth, and more.

a month ago   •   4 min read

By MLQ

Welcome to our This Week in AI roundup. Our goal with this roundup is provide an overview of the week's most important news, papers, and industry developments.

This week we have stories about new open-source tools, AI for credit risk, how AI is driving revenue growth, and more.

Microsoft Open-Sourced Counterfit

Microsoft open-sourced Counterfit, a tool to test the security of machine learning systems. The tool is intended to ensure that business algorithms are robust, reliable, and trustworthy. Counterfit is a command-line utility that offers a pre-loaded layer for adversarial frameworks. According to a Microsoft study, 25 out of 28 companies lack the tools needed to protect their AI systems.

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AI security risk assessment using Counterfit - Microsoft Security
Counterfit is a command-line tool for security professionals to red team AI systems and systematically scans for vulnerabilities as part of AI risk assessment.

AI for Credit Risk

The use of AI systems in financial institutions has increased threefold from around 5% using them in 2018 to 16% in 2021. Three-quarters of banks that use AI do so to spot potentially troublesome accounts.

Other uses include assisting with credit decisions (63%), credit/risk underwriting (56%), and finding alternatives to possible credit issues.

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Applying AI To Improve Bank Credit Risk
AI In Focus: The Navigating Bank Credit Risk Playbook examines how banks are using advanced technology to improve credit risk management and fraud detection.

Blockchain.com Acquires AiX Assets

Blockchain.com has announced that it acquired AiX, which built an AI-powered negotiation and matching engine for institutional OTC traders. DST Global, Lightspeed Venture Partners, and VY Capital recently led a $300 million Series C funding round for Blockchain.com, valuing the company at $5.2 billion.

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Blockchain.com Announces Acquisition of AiX Assets | Finance Magnates
The company is planning to expand its institutional offering.

AI-Based Fraud Detection Company Raises $220M

Shift Technology has raised $220 million in funding for its AI-based fraud-detecting technology. It will use the money to expand in the property and casualty insurance market. The Paris-and-Boston-based startup has now raised some $320 million and is valued at over $1 billion.

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Shift Technology raises $220M at a $1B+ valuation to fight insurance fraud with AI – TechCrunch
While incumbent insurance providers continue to get disrupted by startups like Lemonade, Alan, Clearcover, Pie and many others applying tech to rethink how to build a business around helping people and companies mitigate against risks with some financial security, one issue that has not disappeared …

How AI is Driving Revenue Growth

According to the authors, using artificial intelligence to drive revenue is still the exception rather than the norm. Companies would have to tap into the various ways in which AI can raise sales as the post-pandemic recovery takes shape.

A few applications of AI to assist in revenue generation include:

  • New product development
  • Personalized recommendations
  • Automating decision-making
  • Personalizing physical products

The authors say that nearly half of businesses have attempted to use AI to drive revenue, but only 10% have seen substantial sales rises.

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Commentary: At these companies, A.I. is already driving revenue growth
Netflix, L’OrΓ©al, and the makers of Snickers are among the companies that have used A.I. to help them make winning business decisions.

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