“We want everyone to discover the possibilities of artificial intelligence,” said Juan Camilo Nates, ambassador for Bogotá AI.

Latin American representatives of Dutch digital payments firm PayU offered insight into its experience using machine learning to help prevent fraud. The company, using models with historical data, has created a predictive solution that decreases the rate of fraud by using the system’s intelligence and computing speed to make a decision on whether a transaction should be approved in fractions of a second.

Cognitiva, which was represented by Diego Sáenz, director of cognitive solutions for the financial sector of Cognitiva, argued in a presentation that AI will have significant impact on the financial sector.

According to the company, a unique blend of new regulatory challenges, changing customer behavior, emerging cyber-risks, and other factors mean that AI could be the solution to navigating through increasing complexity.

1DOC3, a Colombian startup with app that connects people with real-world doctors to answer health questions, shared its success with AI, which helps users by offering a linear model of attention. “Thanks to the results that have been obtained using AI in this application,” said Bogotá AI in a statement, “they currently have more than 37 million orientations, mainly in Colombia and Mexico, and have been able to answer questions in more than 122 countries in Spanish-speaking countries.”

This was just the first in a series of events in the country. Going forward, similar meetings will be take place every quarter in Colombia, led by a partnership between Bogotá AI and Once Group, according to Juan Camilo Nates, CEO of Colombia Games, local City.AI ambassador in Bogotá, and director of the event.

“Artificial intelligence is all about technology,” said Nates. “What we do is all about people. We want everyone to discover the possibilities of artificial intelligence and have access to tools and knowledge to apply it in business.”

Bogotá is one of just three cities — along with São Paulo, Brazil, and La Paz, Bolivia — to have a local City.AI branch. Globally, the community includes more than 50 cities from New York and Paris to Hong Kong and Bangalore.

This article was originally published by Cognitive Business News. It has been reprinted with permission.