Nara Logics, a Cambridge-based developer of an artificial intelligence recommendation engine, announced today that it has expanded its AI-driven data analysis services to the financial and banking industries.
Nara, which uses neuroscience-informed computer software to analyze and organize data sets, will add its brain-like services to various complicated processes in the financial space. Some of the applications for Nara’s technology include personalizing credit card rewards programs, using more detailed data to approve loans, and helping to analyze transactions in real-time to track for possible cases of fraud.
“We have a global bank up and running on our solution already, which is very exciting,” said Nara Logics’ president Jana Eggers. She added that the undisclosed financial institution will be using Nara to create more connections between its personal banking customers and its merchant customers. “This is a great use of our technology and it has been fun to work on this project with a bank that is really being progressive,” Eggers said.
“One of the biggest pain points for our industry is making logical sense of oceans of information,” said David Herrick, the chief executive of Barclaycard Digital Marketplace in a statement. “Using the Nara platform, companies can leverage relevant data across multiple lines of business, with the goal of making the customer experience simpler, cleaner, and more personal.”
The company’s software was developed by a team that includes an MIT neuro-computer scientist and astrophysicists, among others, and was originally created as a personalized restaurant recommendation engine. It has raised $13 million in investment funding from a group of investors that includes .406 Ventures and Account Management LLC.