HOUSTON, Sept. 12, 2019 /PRNewswire/ -- DeepRisk.AI will be launching its latest update mid-October, making risk analysis 80 percent more accurate as compared to the 5 percent accuracy rate of manual risk analysis tools used by most banks today.
The 'Transaction Analysis Piece' as the company calls it will be able to provide users with a daily report on the investments they are looking to make and which ones are of the highest risk. "In the next 30 days, we are launching the transaction analysis piece which means DeepRisk will tell our customers every day which transactions are of the highest risk to them, without them having to do anything," said the company's co-founder Chaitanya Vaidya on Thursday.
He further stated that DeepRisk uses the first of its kind artificial intelligence module that allows for careful risk analysis and will now be able to report daily risk reports, allowing investors time to watch the fluctuations before making their move.
DeepRisk.AI which was founded by Vaidya helps risk analysts make the right decision, through simple inputs which in turn used to create an in-depth easy to read risk analysis report.
DeepRisk.AI according to him has been developed to solve a problem and is not centered around the technology, but instead, the technology has been centered around the problems faced by risk analysts. "The biggest mistake we make is thinking, what business we can build around our AI expertise. So, when creating this platform we actually studied a day in the life of a risk analyst. Just by doing this we were able to find problems they didn't even know they were having," he said.
While talking about how the idea evolved into reality, the young innovator and entrepreneur, gave Founders network, the credit. "It was here, I was able to meet other tech-based entrepreneurs and develop my entrepreneurial skills". He further stated that the CEO of Founders Network, Kevin Holmes, was so impressed with his ideas that Holmes immediately told him to patent it, because he was onto something big. "I pitched it to my boss and suggested spinning it out into a different company," Vaidya says, and that was how DeepRisk.AI was born.
Vaidya's brainchild took off lightning speed as it has already processed over three thousand merchants and is even being considered by some of the top fifty banks in the world. "When we showed them our demo at a top bank and they basically put us in the running of the companies that could get the contract, along with other experienced companies, I couldn't believe it," he exclaimed excitedly.
What sets this AI Company apart from its competitors, according to Vaidya, DeepRisk.AI will actually do the entire underwriting process and produce a result in Basic English that is easy to understand by anyone, making it user-friendly and reliable. "For instance, if someone wanted to know the risks of investing in a coffee shop in a small town in Texas that was showing a large annual profit margin, the DeepRisk.AI software would take into account all of the analytics of not just that coffee shop, but all the businesses in the surrounding area and produce a result that would not only state that it is a high-risk investment but will also list out the factors as to why it is a high risk," he stated.
The young entrepreneur who was awarded the prestigious Ford Engineering Scholarship, while at university believes in not limiting himself, "There are no limits and failure was never an option for me. I knew that I couldn't give up because I have always wanted to do great things and still keep the human touch alive; this is what makes DeepRisk so special to me."
According to him, the idea is to create technology which makes our life simple, not difficult.