Artificial intelligence may hunt rogue brokers

A new prescriptive algorithm has been created which could one day be used by ASIC to spot fraudulent behaviour by rogue brokers. Launched by tech start-up Veriluma, the platform can be embedded behind an aggregator’s CRM system to track important data such as client details and product information. It is designed to spot any subconscious bias the broker may exhibit when delivering their services. “Bias can be by omission; bias can be hindsight; bias can be familiarity,” Richard Howard, advisory board member for Veriluma, told Australian Broker. “What happens if I have dealt with Westpac several times? Bang, bang, bang – three loan successes. Immediately I throw the next loan to Westpac but is that the suitable product?” The firm has already talked to ASIC about new tech that gives the regulator better oversight…


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