AI technology mitigates risks for financial-commercial information industry
Tokyo, NFAPost: Fujitsu Limited announced a strategic agreement with Informa D&B in Spain to deliver new value by bringing explainable AI technology (XAI) to the business and financial information industry.
Informa is the benchmark company in Spain and Portugal in offering comprehensive commercial, sectorial, financial and marketing insights on the local business landscape, drawing on data on 7 million economic agents in Spain that are constantly updated by a team of more than 200 data processing and user service specialists.
As a trusted partner in the Spanish market, Informa provides more than 95% of financial institutions in the country with highly reliable assessments of risk for their commercial operations.
This collaboration brings with it a new era of decision-making through the incorporation of explainable AI technology. Fujitsu and Informa are committed to bringing transformative innovation to the industry through the introduction of this technology, which will allow Informa’s 4.5 million users in Spain access to highly sophisticated data in an agile and efficient manner, significantly improving the quality of business information solutions.
Based on the agreement, Fujitsu will deploy explainable AI technology for processing and analyzing large volumes of data, categorizing it and providing accurate predictions with full transparency and visibility. Fujitsu’s technology is designed to guarantee trust and understanding at every step of the process, ensuring alignment with the highest ethical and regulatory standards set in the European Union.
This alliance comes in response to the need to address risk and fraud issues that are not limited to a single sector. In a world where risks including financial fraud have become increasingly sophisticated, it is crucial to have explainable and evolved AI. Businesses need to predict, explain, and extract insights to mitigate risks across a range of financial fraud scenarios.
The value of explainable AI technology over traditional AI lies in addressing the so-called “black box” phenomenon in AI, providing the basis of predictions and conclusions made the technology to increase understanding, transparency, and trust.
The technology provides insights into how decisions are made and validates expected outcomes, identifying biases and outliers or problems that require further investigation. This ensures that decisions are made impartially and based on accurate information, which strengthens the reliability of the results while mitigating the possibility of bias or inaccurate conclusions.
The use of explainable AI technology brings numerous benefits such as improving AI performance and reducing problems of bias stemming from data quality analysis. It also facilitates auditable accountability and ensures ethical compliance with industry standards. It helps to understand why and how to detect risk or fraud and reduces positive failures by increasing transparency.
Fujitsu Spain President Angeles Delgado said the company is very pleased to sign this partnership agreement with Informa D&B.
“Through it, an explainable artificial intelligence technology, XAI, will showcase its full potential to Informa’s 4.5 million users in Spain, which is a clear demonstration of what Fujitsu is capable of doing in a differential way,” said Fujitsu Spain President Angeles Delgado.
Informa D&B CEO Juan Ma Sainz points out that for Informa, the challenge of applying XAI to models in which its Database is the essential element, constitutes a relevant milestone and a qualitative leap in the framework of the solutions it offers to clients.
“For us, innovation, reliability and transparency are essential elements in the construction of all our products and this project meets all these requirements,” said Informa D&B CEO Juan Ma Sainz.
About Fujitsu
Fujitsu’s purpose is to make the world more sustainable by building trust in society through innovation. As the digital transformation partner of choice for customers in over 100 countries, Fujitsu’s 124,000 employees work to resolve some of the greatest challenges facing humanity.
The company’s range of services and solutions draw on five key technologies: Computing, Networks, AI, Data & Security, and Converging Technologies, which bring together to deliver sustainability transformation. Fujitsu Limited (TSE:6702) reported consolidated revenues of 3.7 trillion yen (US$28 billion) for the fiscal year ended March 31, 2023 and remains the top digital services company in Japan by market share.
