BEIT SHEMESH, Israel, March 19, 2019 — Finscend, whose highly praised Banking Dispute Platform (BDP), powered by artificial intelligence (AI), handles charge card disputes from onboarding all the way to resolution, has named one of the world’s leading experts in machine learning, Dr. Hershel Safer, as its chief data scientist.
“Dr. Safer is an accomplished machine-learning scientist with decades of experience,” noted Aaron Lazor, Finscend’s co-founder and CEO, who announced the appointment. “As our chief advisor for data, he will make a significant contribution to our efforts to simplify and expedite credit card dispute resolution, which is a pressing issue for banks everywhere, especially in light of changes imposed by Visa® and Mastercard® to accelerate the process.”
In his new position Dr. Safer will concentrate on enhancing and expanding security and compliance mechanisms in Finscend’s data model, which drives BDP’s AI-based prediction engine. The model includes a machine learning component that constantly improves the confidence of the prediction engine results based on real-time transaction data.
Since 2012 Dr. Safer has advised companies around the world on the effective use of machine learning. He is recognized as a world leader in the hands-on development and implementation of models to help understand and improve complex systems. His specific area of expertise is in integrating statistical models of credit risk and algorithmic trading in financial applications.
“In the 21st century, banks will have to rely on increasingly sophisticated AI-assisted technologies to excel in overcoming operational inefficiencies,” Dr. Safer stated. “I am particularly impressed by Finscend’s machine-learning technology for dispute resolution, which I believe will quickly set the standard in the fintech AI ecosystem.”
Dr. Safer, 59, holds a Ph.D. from the Massachusetts Institute of Technology and an M.Sc. from Columbia University, both in operations research, and a B.Sc. from Yale University, where he double majored in mathematics and economics.
Finscend’s Banking Dispute Platform (BDP), which was introduced in 2018, is the most technologically advanced solution of its kind. BDP was conceived and designed for banks, other financial institutions and credit card issuers by financial industry veterans who have a first-hand professional understanding of the challenges of dispute resolution. The core of this unique solution is an AI-driven engine that streamlines the entire dispute process by offering real-time reporting, batch processing, fraud monitoring, and an enterprise user account area. BDP employs proprietary tools to ensure that it integrates seamlessly within the banking ecosystem, and it works in tandem with Visa® and Mastercard® schemes. By deploying BDP, banks can reduce the costs of chargebacks by an estimated 25 percent and significantly increase cardholder satisfaction.