Zilch, an ad-subsidised payments network (ASPN), has announced that it has extended its collaboration with cloud provider Amazon Web Services (AWS) to accelerate the rollout of Artificial Intelligence (AI) innovation across the Zilch proposition.
Zilch will continue to use AWS AI and ML services to transform how the company serves its customers and works with merchants in the future. This includes services such as Amazon SageMaker, a fully managed service for building, training and deploying ML models at scale, and Amazon Bedrock, a fully managed service that makes high-performing foundation models (FMs) from leading AI startups and Amazon available through a single application programming interface (API), to make quicker and more precise decisions based on patterns and data modelling. Zilch’s use of AWS is already shortening development times, allowing the company to add almost twice the amount of data into its models whilst halving the build time.
With its AI engine trained on years of lending data to its almost 4 million customers, Zilch now uses AI to set personalised affordability limits for each customer more accurately. Zilch also uses AI for fraud detection and to understand buyer intent, with various AI models already in use for use cases like tracking popular retailers and consumer demand.
Philip Belamant, Co-Founder and Chief Executive Officer, Zilch said: “Our customers use Zilch around 100 times a year, which gives us 15-18 times the data available to our closest peers. The combination of our large, high-quality data sets and AWS’s AI and ML services is going to give us a very tangible competitive advantage. Zilch will be using AI to invest in increasing the productivity of our people, accelerating unit economics and creating more value for our customers.”
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