Acceleration through GPT
“At Yellowtail Conclusion, we have been innovating with data for a long time. We use these innovations to give people good insights so that they can make better financial choices. We do this together with partners such as Ortec Finance. We also apply AI. First, this was done via machine learning and expert systems, where you establish rules about variables that are related to each other and optimize the financial planning. Then via deep learning, or complex neural networks that can find new connections themselves and make predictions based on that, with which applications such as image and speech processing achieved a high quality. In the last 2 to 3 years, these AI innovations have accelerated due to the GPT version of AI that is able to generate output itself.”
Minimizing risks
“That is a really big new step that we are fully engaged in. If you use that technology well in combination with other technologies and then let it interact with people, then a good digital assistant can be created, for example. Think of a chatbot on the website of a financial service provider that really helps customers and is able to think along based on the personal data of a customer. Of course, that is not arranged in a jiffy. Because you do not want such a digital assistant to make mistakes – certainly not if you want to make people financially resilient. Quality is therefore paramount. That is why we at Yellowtail Conclusion opt for a quality-driven approach: we want to show that we can achieve a certain level of quality with our applications. That approach means: identifying risks and minimizing them. In doing so, we look at three important questions: is the customer waiting for this application and will he accept it? Does the application have an economic chance of success? And finally: is the idea feasible? And by the latter we mainly mean whether we can achieve the quality that we can support.”
Devise and implement
“The distinctive feature of Yellowtail Conclusion is that we can devise great applications with AI and also implement them in a way that meets the (safety) requirements package. For example, we are currently working on a proof of concept of a digital assistant for the pension sector. Together with the customer, we are investigating whether the assistant provides sufficiently good answers. And we are working with AI step by step on the further development of CORD, our back-end platform for complex financial propositions and products such as mortgages. Here too, we always look at the quality first. Our current customers benefit directly from this, because they automatically benefit from these improvements. Consumers also benefit from these developments, because they notice that their mortgage application can be processed more quickly.”
On the road to self-service
“It would be great if consumers could soon have direct contact with an AI-driven digital financial advisor. Self-service, in other words. That makes financial advice and financial planning more accessible and more widely accessible to more people. And that is exactly the goal of Yellowtail Conclusion: to make the Netherlands more financially resilient.”
