LONDON & MOUNTAIN VIEW, Calif.--(BUSINESS WIRE)--H2O.ai, a leading AI technology software company, has announced that İşbank, officially Türkiye İş Bankası, the largest private bank in Turkey, has selected H2O’s Driverless AI platform to upgrade its Income Prediction, Cash Forecasting and Check Default Prediction applications, to improve the accuracy of the bank’s business planning with on-going AI projects.
In close partnership with İşbank’s San Francisco-based innovation arm Maxitech, who is leading the initiative, İşbank has agreed to adopt the H2O Driverless AI platform after a successful project which saw machine learning (ML) performance improvements, revenue increases and cost reductions on existing application development processes.
Ümit Bilik, Chief Data Officer, Head of Data Management & Artificial Intelligence at İşbank, said, “We are delighted to have selected H2O.ai through the work with Maxitech for this important step towards empowering our AI capabilities. Our selection decision was driven by the proven creation of successful high-performance machine learning models, demonstrable efficiency improvements and H2O.ai’s technical and domain expertise.”
Andrew Morris, Senior Vice President, EMEA, H2O.ai, said, “The decision by İşbank to use Driverless AI is another shining example of how a progressive-thinking finance organization in EMEA is embracing innovative AI and ML technologies to improve the accuracy of its business planning predictions, and be even more competitive in an increasingly challenging market. We look forward to working closely with İşbank, and its innovation arm Maxitech, on the next stage of this IT business transformational initiative.”
During the initial project stage, İşbank saw the following results:
Income Prediction Results:
- 8% performance increase with Automatic Machine Learning (AutoML).
Cash Forecasting Results:
- Increased revenue by optimized cash management across 4000 piloted ATMs with up to 50% reduction in cash forecast deviation.
- Reduced re-training effort of models from five days to six hours.
Check Default Prediction Results:
- With AutoML, a decrease in the time to develop new models from 2 months to 2.5 hours.
- Teams with in-depth AI knowledge can learn/use model in shorter timeframes.
In addition to the primary selection agreement by İşbank, Maxitech introduced İşbank’s software development subsidiary Softtech, which is one of the leading tech companies in Turkey, to H2O.ai. Both parties worked together on assessing how H2O.ai’s Driverless AI platform would enable the business unit to digitally transform its customers in the Turkish marketplace into more AI driven organizations. In 2021, Softtech strategically positions as the visionary for Automated Machine Learning Platform needs in the Turkish market.
İşbank was established in 1924 as the first national bank of Turkey. İşbank serves retail, SME and large corporate customers and provides all kinds of banking services. As of 2021 Q1, İşbank is the largest private bank in Turkey in terms of total assets, total loans and total deposits among privately owned banks in Turkey. The bank has the most extensive private distribution network in the country with 1,198 domestic branches and 6,593 ATMs as of 2021 Q1. Share of non-branch channels in total transactions has increased significantly and reached 96% by 2021 Q1. The number of the bank’s digital (mobile and internet banking) customers, which is continuously increasing, reached 9.4 million. İşbank also operates abroad through its 22 foreign branches (15 in Northern Cyprus, 2 in London, 1 in Bahrain, 2 in Iraq, 2 in Kosovo) and 2 representative offices in China and Egypt as well as 3 wholly-owned subsidiaries in Germany (İşbank AG), Russia (İşbank Russia) and Georgia (İşbank Georgia). İşbank was named the Turkish bank with the highest brand value globally in the "Banking 500 2021" report issued by Brand Finance, a leading global brand valuation and strategy consultancy.
Founded in 2006, Softtech is Turkey's largest software company with 9 different locations including Istanbul, Ankara, San Francisco, Shanghai and Frankfurt am Main with a professional staff of more than 1500 people. With experience in the banking and the finance sector, our experienced teams develop customer-oriented solutions for our business partners operating in different fields.
Located in Silicon Valley, the epicenter of technology, Maxitech's mission is to translate leading-edge technologies into life-enhancing innovations for businesses and individuals. Maxitech collaborates with large enterprises to drive their innovation initiatives by connecting them with the best-in-class startups. With more than four years of experience in building successful enterprise-startups partnerships, Maxitech makes innovation a reality.
H2O.ai is a customer obsessed and innovative AI technology company that enables organizations to move faster, make better decisions, and automate operations. Through platforms such as H2O AI Hybrid Cloud and H2O Wave, organizations can rapidly build world-class AI models and applications, putting AI into the hands of business users. Our vision is to democratize AI by making it easier for individuals to build and access world-class and responsible AI. We continue to reimagine what is possible with artificial intelligence and partner with our community to continuously accelerate our pace of innovation. H2O provides leading open-source data science and machine learning software, is used by nearly half of the Fortune 500, and is trusted by over 18,000 organizations and hundreds of thousands of data scientists around the world.