The Data Group News Service
Zilch, a "buy now, pay later" finance company, is turning to artificial intelligence to improve its credit decisions, detect fraud and analyze customer purchasing patterns. The London-based company announced Monday it is expanding its use of AI services from Amazon Web Services, including Amazon SageMaker for building AI models and Amazon Bedrock for tapping large language models.
Zilch has accumulated a massive dataset on nearly 4 million customers from its short-term lending business. It says advanced AI analysis of this data can set more personalized borrowing limits, spot fraud more effectively and better predict what customers want to buy. "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," said Philip Belamant, Zilch's co-founder and CEO.
The company estimates the expanded AI capabilities could boost sales over the next two years by at least 10% through better underwriting and fraud controls. It also expects to improve customer service. Zilch has been an AWS customer since its 2018 launch. It stores over 5 terabytes of new data weekly in an AWS data lake. More than half its customers also share banking data.
"Zilch will be using AI to invest in increasing the productivity of our people, accelerating unit economics and creating more value for our customers," Belamant said. Tricia Troth, AWS's UK head of startups, said Zilch's use of Amazon's AI services "is able to deliver more accurate and faster lending decisions."
More more on this partnership and Zilch or AWS, please visit
Zilch selects Amazon Web Services to accelerate AI innovation (aboutamazon.com).
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