Interestingly, the moderate loan portion in Europe is nearly eight times more down than in the United States and Asia. Despite moderately increased development rates, the European microfinance market has space to expand. The availability of loans for locals and small enterprises leans rather laboriously on the financial understanding of the people. Usually, a possible lender is not aware of his abilities, which completely excludes their performance.

Microfinance organizations are an essential connection in the process of raising the economic accessibility of benefits for individuals and legal entities. With the expansion of Internet technologies, the outcomes of micro-financial establishments have come closer. The main movement now is the development of online loans. Recently, microfinance institutions have redirected their principle from extending their component networks to enhancing lender inspection technology and their own IT architecture. Virtually, all large retail microfinance organizations in Europe have made considerable investments in software. The introduction of the latest technologies in the field of company processes and risk control permits institutions to decrease the duration expended on application processing, loan processing, and technical support.

Banks and lending companies are going online

The competition in the online part is increased for numerous banks and lending companies – the period needed to examine an application and define the results of loan application processing is essential. The faster, the better.

Many people want to do their research and find the best fitting lending company before applying for a loan. That’s why a lot of platforms where anyone can compare the lending companies  and their services started appearing on the market. There people are able to find the best suitable option. smslansnabb.se is one of the websites allowing people to compare lending companies and look for an organization that can provide their requested loans. Comparing many lending companies, such as Klara lan, or Thorn, people can see all of the details and specifications for each company and choose the one they prefer the most.

Since there is a great chance for the lending market to go even higher in the upcoming years, microfinance organizations started to support powerful economic and human resources in the development of automatic borrower risk inspection systems. Typically, when creating and executing consumer credit rating strategies, market parties employ logistic deterioration, but at the same time, there are thriving chances of executing credit networks. This risk estimation method is presently the most developed. Microfinance  institutions were the first in the financial sector to take full benefit of it.

A separate area of ​​​​use of artificial intelligence in the fight against fraud and money laundering, as well as the financing of terrorism. These techniques can quickly investigate new strategies of deception, questionable trades, and other indicators, minimizing the human factor.

The European market already holds thriving procedures for assessing small and medium firms using Big Data. This approach is more formed when operating with individuals. In the decision-making system, microfinance providers try to incorporate at least 3 to 4 separate databases. An added source of data about the borrower, particularly in the online sphere, details a person’s behavior when filling out a questionnaire and the user’s action on the Internet, which, as a rule, normally, is investigated by the profile of the borrower in social channels, the records of visits to the website, and etc.

Final thoughts

Recently, most microfinance institutions have assimilated into fintech companies. Indeed, the majority of advanced technologies, including those evaluated by borrowers, are the first to be introduced by players in the microfinance market. Traditional banking organizations have switched to new technologies for too long in an attempt to retain their customers. Recently, however, the convenience factor of services, especially remotely, has played a significant role in the choice of financial services. In the financial market, customers are increasingly demanding and lenders must keep pace. That is why the micro financial market is highly predicted to become one of the leading markets in the forthcoming years.

The post How Do Microfinance Organizations Use Artificial Intelligence in Their Daily Work? appeared first on Open Leaks.

The speakers assume that AI capable of making independent decisions will emerge in the coming decades and will be able to replace humans in almost all labor areas. Full automation of labor is expected in approximately 125 years – counting from 2016. In approximately 40 years, AI will be able to replace surgeons, and it will probably replace retailers in 15 years. In 30 years, artificial intelligence will be able to write a bestseller. Several AI systems will be able to work in the same field, coordinating with each other.

This will lead to a roughly tenfold growth of the world economy. However, according to the authors of the report, this will increase the risk of increasing social inequality, so it is proposed to strengthen the powers of institutions that are responsible for the distribution of benefits derived from the work of AI. The same institutions will have to solve the problem of the disappearance of jobs caused by the widespread introduction of these technologies: AI systems can displace humans not only where routine tasks are performed, but also in the field of highly skilled labor.

The remaining “human” occupations will make work less interesting and more “stressful,” as the role of control systems in the workplace will increase. To combat the displacement of people by machines, WEF experts propose to prioritize the development of solutions that increase the efficiency of human work, but do not exclude human participation completely. This will require a new approach to social protection issues, including the introduction of a guaranteed basic income.

The post In Davos, they presented a forecast of the consequences of the widespread introduction of artificial intelligence appeared first on Open Leaks.

The Dutch research organization QuTech is a national quantum research center under the patronage of the Delft University of Technology (TU Delft) and the Netherlands Organization for Applied Scientific Research (TNO) as well as the Quantum Delta NL. QuTech activities also take place within the framework of the work curated by the pan-European Quantum Internet Alliance. Creating software tools for the transparent and easier construction of quantum applications is one of the foundations of the future of the quantum Internet, which will come sooner or later.

Quantum Network Explorer currently runs on a simulation of quantum computers. In the future, the simulation will be replaced by real quantum hardware. It is important to recall that in the spring of this year, QuTech has created a prototype of a three-node Internet network with support for a quantum data exchange protocol through a quantum router. In other words, quantum “iron” can already be tested at the level of exchange protocols, putting experiments not on a simulator, but on real equipment with quantum properties.

The post Browser for Quantum Internet unveiled appeared first on Open Leaks.

Google stopped publishing monthly data on the prevalence of its OS back at the end of 2018. Nevertheless, the latest statistics can be found out by app developers using the Android Studio tool, for which such information is vital.

Since Android 12 appeared only a couple of weeks ago and is not used on most current smartphones, there are no statistics on this OS yet. Nevertheless, the rest of the data is known. Thus, Android 11 (R), which was released on September 8, 2020, accounts for 24.2% of users – it takes only second place in the rating.

The first belongs to Android 10 (Q), which surpassed its “successor” with a small lag – it runs 26.5% of smartphones on the OS developed by Google. It is noteworthy that Android 10 was released back in 2019.

The full Android OS ranking:

• Android 10 Q – 26.5 %
• Android 11 R – 24.2 %
• Android 9 Pie -18.2 %
• Android 8 Oreo – 13.7%
• Android 7/7.1 – 6.3%
• Android 6 Marshmallow – 5.1 %
• Android 5 Lollipop – 3.9 %
• Android 4.4 KitKat – 1.4%
• Android 4 Jelly Bean – 0.6%.

Thus, just under half of users own smartphones with Android 9 Pie, Android 8 Oreo or even earlier versions. It is possible that the percentage would have been even higher if Google had not stopped supporting very old versions of the operating system.

Developers using Android Studio can see statistics and more detailed information about each version of the operating system in order to create products that are optimally suited to the target audience of their applications.

The post Statistics on the distribution of different Android versions have been published appeared first on Open Leaks.