Brazilian unicorn Cloudwalk has impressive results using AI! Mention how artificial intelligence can optimize the efficiency of companies and reduce their costs has become a common practice. Since it gained prominence in 2021, smarter management of time and human resources. As a result, financial savings, which are now one of the main arguments in favor of AI.
Now, with more than a year of AI’s presence in business discussions, we can already see the practical results of these considerations.
Successful Brazilian unicorn: Cloudwalk and artificial intelligence
For example, Brazilian fintech CloudWalkowner of the InfinitePay financial services platform, analyzed its performance and identified savings of 100 million reais with artificial intelligencel. The revelation was Luis Silva, CEO and founder of the startup. So, he detailed the case during a panel on the second day of the South Summit Brazil 2024held this week in Porto Alegre.
This assessment was based on the volume of services performed by AI-based systems, resulting in greater efficiency with reduced time and costs. AI tools were responsible for 75% of the total services made by InfinitePay in 2023 — approximately 2.6 million requests — a volume that would require 1,100 additional people on the service teams.
“CloudWalk has been using artificial intelligence in its financial transaction platform for 10 years”, says Silva. “With the popularization of generative AI, we adopted the technology ‘on the front line’, serving more than 1.2 million customers.”
Efficiency in responses
The company realized that many entrepreneurs had similar questions, which could receive answers automatically with the help of artificial intelligence. This resulted in greater efficiency, leading to these significant savings. Currently, an AI assistant responds to the customer’s first interaction immediately, while the wait for human assistance is just over a minute. Furthermore, the average time to resolve a service performed by the “robot” is seven minutes, while a human analyst takes 22 minutes.
As for the structure of the CloudWalkvalued at 2.15 billion dollars, is a financial services platform based in São Paulo, known mainly for its brand of credit card machines, the InfinitePay. In 2023, the company had revenues of 1.5 billion reais, with a profit of 108 million reais, and attributes part of this success to the savings generated by AI.
In addition to the benefits in customer service, the adoption of artificial intelligence solutions by CloudWalk impacts several areas. So it is present in digital security, granting credit, developing new products, communication and human resources.
“Many companies are beginning to adopt generative AI and seeing its positive impact on business”observes Luís. “As pioneers in this field, we are one of the first global startups to demonstrate, in practice, the tangible benefits of this technology.”
In November 2023, the company was recognized by the study “AI: The Coming Revolution”, published by Coatue, as the only fintech positioned among the global leaders in artificial intelligence. A CloudWalk also uses artificial intelligence to evaluate credit for customers, considering more than 1,000 indicators to release loans in real time. In 2023, the company distributed more than 250 million reais in credit through the application.
Source: Atrevida
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