Prescriptive analytics and artificial intelligence company Houston We Have (ASX: HWH) is opening opportunities in the lucrative asset management sector with a new engagement that will apply their automation algorithms to financial risk management.
This entry into the sector is a major market opportunity for Houston We Have whose current AI services are primarily focused on the healthcare industry. Ripe for adoption, the financial services industry is already engaged in an array of AI and machine learning, especially in share trading where algorithms can process entry and exits from trades in the blink of an eye – actions impossible by humans.
“Houston We Have is making excellent progress with trials in new sectors and markets as well as delivering increased contract scope,” said Houston We Have Managing Director, Elizabeth Whitelock.
“The new trial secured by our UK team helps us create a much stronger foundation in the large and lucrative UK market. We are particularly encouraged by the scope for growth in the funds management sector and we have every confidence of securing a revenue-generating engagement here soon.”
The asset management engagement will initially commence as a trial where the London-based firm can get a better understanding of the AI’s application in their risk management procedures which currently require extensive human interpretation.
Houston We Have has been busy in recent months, continuing to add to their revenue-generative services having signed lending platform Marketlend for AI-driven credit risk assessment services. Through the engagement, Houston We Have will bulk up their annual recurring revenue (ARR) stream and receive fees for each credit assessment.
Plans are still on track for Houston We Have to launch Intelfuze in early 2021 as their newest cloud-based platform that will enable business users and analysts to build data models and run quick assessments through a user-friendly interface from anywhere in the world.
“More new contracts and extensions are pending which will grow ARR further. With more revenue streams, a strong cash position and a low-cost base, we are well funded to deliver more value for shareholders,” added Whitelock.
Further opening opportunities to apply their AI in new industries, Houston We Have recently also signed their first client in the resources sector with a globally recognised commodity trading and mining company.