Zilch selects AWS to accelerate rollout of AI innovation

Zilch, a U.K.-based ad-subsidised payments network, has selected cloud provider Amazon Web Services (AWS) to accelerate the rollout of Artificial Intelligence (AI) innovation across its proposition.

As part of the extended collaboration, Zilch will continue to use AWS AI and ML services including Amazon SageMaker and Amazon Bedrock, to transform how the company serves its customers and works with merchants in the future.

"We're delighted that Zilch has selected AWS to bring the transformative potential of AI and generative AI to consumer lending. With Amazon SageMaker and Amazon Bedrock, Zilch is able to deliver more accurate and faster lending decisions, and expand its offer to more consumers across the UK and into new geographies and markets," said Tricia Troth, Head of Startups, UK and Ireland, at AWS.

At present, Zilch uses AI to set personalised affordability limits for each customer more accurately as well as for fraud detection and to understand buyer intent.

With the continued use of AWS services, Zilch aims to accelerate its sales in the next two years whilst improving customer service and lending decisions. By unlocking deeper insights into underwriting and fraud detection, Zilch hopes to improve its model's performance by at least 10%. Zilch has been working with AWS since its inception to prioritize technological innovation and redefine how buyers and sellers are matched in the world of payments, advertising, and consumer lending. 

Commenting on this collaboration, Philip Belamant, Co-Founder and Chief Executive Officer, Zilch, said, "Our customers use Zilch around 100 times a year, which gives us 15-18 times the data available to our closest peers. The combination of our large, high-quality data sets and AWS’s AI and ML services is going to give us a very tangible competitive advantage. Zilch will be using AI to invest in increasing the productivity of our people, accelerating unit economics and creating more value for our customers."