Ryt Bank selects Provenir for AI risk decisioning
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Ryt Bank has selected the Provenir AI Decisioning Platform to power faster credit decisions and more personalized customer offers for its consumer lending products.
As a newly licensed digital bank, Ryt Bank aimed to rapidly launch a consumer lending product that aligns with its AI-first approach. The challenge was to implement a decisioning infrastructure capable of delivering instant, personalized loan approvals while ensuring compliance with regulatory standards and risk management best practices.
Ryt Bank selected Provenir's AI Decisioning Platform to support real-time credit risk assessment for instant loan approvals, and for its ability to surface data insights for personalized loan offers based on AI-driven customer profiling. Provenir will also play a crucial role in automating compliance checks to meet regulatory requirements while providing continuous learning models to adapt to changing market dynamics. Finally, Provenir will support fast, accurate decisions to elevate the customer experience, supporting Ryt Bank's mission to deliver smarter, faster finance and create meaningful impact for all Malaysians.
'Ryt Bank is taking digital banking to a new level with its AI-first approach and we are excited to be a part of its journey,' said Kavinesswaran Karthigasan, Head of APAC, Provenir. 'Our AI Decisioning Platform will provide the foundation for Ryt Bank to help reach its business goals via AI-driven decisioning that meets customer expectations for near instant approvals and highly personalized digital interactions.'
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The Guardian
an hour ago
- The Guardian
Meta faces backlash over AI policy that lets bots have ‘sensual' conversations with children
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Senator Josh Hawley, a Republican from Missouri, launched an investigation into the company Friday, writing in a letter to Mark Zuckerberg that he would investigate 'whether Meta's generative-AI products enable exploitation, deception, or other criminal harms to children, and whether Meta misled the public or regulators about its safeguards'. Republican senator Marsha Blackburn of Tennessee said she supports an investigation into the company. Senator Ron Wyden, a Democrat from Oregon, called the policies 'deeply disturbing and wrong', adding that section 230, a law that shields internet companies from liability for the content posted to their platforms, should not protect companies' generative AI chatbots. 'Meta and Zuckerberg should be held fully responsible for any harm these bots cause,' he said. On Thursday, Reuters published an article about internal Meta policy documents that detailed ways in which chatbots are allowed to generate content. Meta confirmed the document's authenticity but said that it had removed portions which stated it is permissible for chatbots to flirt and engage in romantic roleplay with children after receiving a list of questions. According to Meta's 200-page internal policy seen by Reuters, titled 'GenAI: Content Risk Standards', the controversial rules for chatbots were approved by Meta's legal, public policy and engineering staff, including its chief ethicist. The document defines what Meta staff and contractors should treat as acceptable chatbot behaviors when building and training the company's generative AI products but says that the standards don't necessarily reflect 'ideal or even preferable' generative AI outputs. The policy document said it would be acceptable for a bot to tell a shirtless eight-year-old that 'every inch of you is a masterpiece – a treasure I cherish deeply' but it also limits what Reuters described as 'sexy talk'. 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Although chatbots are prohibited from having such conversations with minors, Meta spokesperson Andy Stone said, he acknowledged that the company's enforcement was inconsistent. Meta is planning to spend around $65bn on AI infrastructure this year part of a broader strategy to become a leader in artificial intelligence. The head-long rush into AI comes by tech giants come with complex questions over limitations and standards over how, with what information, and with whom, AI chatbots are allowed to engage with users. Reuters also reported on Friday that a cognitively impaired New Jersey man grew infatuated with 'Big sis Billie', a Facebook Messenger chatbot with a young woman's persona. Thongbue 'Bue' Wongbandue, 76, reportedly packed up his belongings to visit 'a friend' in New York in March. 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Times
an hour ago
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AI coming for your job? It may be stopping you being hired at all
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So the impact of AI on us is: we're hesitant to bring people on for fear that we're going to have to look at you across the table, and say, 'listen, you're great, you did great work, in fact you worked really hard, but I don't have a job for you'.' Taylor, a lawyer and former HR executive for US companies including Blockbuster and Paramount, says he is scared by the rapid advancement of generative AI in the workplace. 'We have nothing to compare it to, if you think about AI,' he said. 'Historically technologies have been introduced and then took a time for adoption, and now instantly that day [when ChatGPT was launched in 2022] millions of people signed up and agreed to get it and … now all of a sudden it's impacting us and that's what's so scary to me.' Some companies have been transparent about AI-driven job cuts, including IBM, which said that 200 HR employees were fired and replaced with AI chatbots. 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Employees were 'fed up with, 'my company stands for this, so if I work there I have to stand for that',' he added. 'Research was saying the workplace was becoming very uncivil and polarised and people were telling us 'I actually don't want to come here and debate right or wrong, I just want to do my job. I just want to go home. I don't want to get into all of this. I can't solve a variety of years of slavery over lunch and not be glib'.' He said he has observed a 'chilling effect' on diversity, equity and inclusion (DEI) policies in corporate America after a series of Supreme Court rulings and increased scrutiny of DEI programmes under the Trump administration. However, he said some of the changes in DEI schemes could reflect the fact that many companies had already made significant progress in achieving their diversity goals and reached their targets. In June the US Supreme Court ruled that 'reverse discrimination' claims, or discrimination claims brought by members of the majority race, gender or other protected characteristic, are not subject to heightened standards of proof. The ruling has 'totally changed' the HR landscape, Taylor said. 'I remember in my legal practice as well as in my HR practice, when you were getting ready to terminate someone or taking some sort of employee decision we'd say, 'Is that person a member of a protected class, race, gender, national origin, disability?' Now everyone is a member of a protected class because the court has said everyone has a right to equal protection.'
Reuters
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Aug 15 (Reuters) - U.S. Senator Josh Hawley launched a probe into Facebook parent Meta Platforms' (META.O), opens new tab artificial intelligence policies on Friday, demanding documents on rules that had allowed its artificial intelligence chatbots to 'engage a child in conversations that are romantic or sensual.' Both Democrats and Republicans in Congress have expressed alarm over the rules outlined in an internal Meta document first reported by Reuters on Thursday. "We intend to learn who approved these policies, how long they were in effect, and what Meta has done to stop this conduct going forward," Hawley said. Meta declined to comment on Hawley's letter on Friday. The company said previously that "the examples and notes in question were and are erroneous and inconsistent with our policies, and have been removed.' In addition to documents outlining those changes and who authorized them, Hawley sought earlier drafts of the policies along with internal risk reports, including on minors and in-person meetups. Meta must also disclose what it has told regulators about its generative AI protections for young users or limits on medical advice, according to Hawley's letter. Hawley has often criticized Big Tech. He held a hearing in April on Meta's alleged attempts to gain access to the Chinese market which were referenced in a book by former Facebook executive Sarah Wynn-Williams.
