PRM Fincon Announces Strategic Partnership With Parabole.ai

PRM Fincon, a leading provider of risk management solutions for the banking and financial services industry, is pleased to announce a strategic partnership with Parabole.ai, a New York-based AI technology company specializing in solving unstructured data-challenges. This partnership will bring to fore state-of-the-art risk management solutions within the Credit Risk and Model Governance areas.

PRM Fincon’s solutions are focused on risk management processes and it is constantly looking to augment its AI capabilities to assist Banks in their digital transformation journey. Together with Parabole.ai, PRM Fincon aims to improve lending decision-making and model validation processes by leveraging the enormous knowledge built on unstructured data.

“We are estimating that Banks will gain efficiencies upwards of 40% over their existing model validation processes. We already have three other use-cases in the pipeline. We are confident of harnessing the Parabole Knowledge Graph to its full potential through our AI-centric solutions and business use-cases,” said Prithwiraj Mukherjee, CEO of PRM Fincon.

“Parabole’s self-learning system allows risk professionals to train our model specifically to a chosen domain in order to build use-case specific entity extraction models. We have spent the last few months with the team at PRM Fincon and are excited to further apply our cognitive models within the Finance and Risk environments. We are impressed by their niche domain knowledge and their ability to merge the power of AI with real-world use-cases,” said Rajib Saha, CEO of Parabole.ai.

About PRM Fincon: PRM Fincon is a risk-analytics innovator with a focus on removing inefficiencies in the credit lending and model validation processes. Xlrt offers automated insights and commentaries for both the credit analyst as well as up-sell opportunities for the sales teams. Pathfinder automates the data preparation, model validation as well as model building via its AI engine.

About Parabole.ai: Parabole.ai is a Princeton, NJ-based cognitive analytics company, automating the creation of enterprise knowledge from unstructured sources of information. It offers state-of-the-art capabilities for analyzing long-form textual contents in risk and finance domain and enables a reader to contextually analyze and review multiple articles or documents.