34. How I Built A Fintech AI Business As A Non-Technical Founder

Sophia Matveeva spoke to Jung Seok Kung (JS) founder of Aizen, a fintech company which uses AI to support decision making and manage risk for banks. JS is a non-technical founder, who now leads a company that processes 10,000+ algorithms in real time.

If you want to learn what AI is in practice and how it's changing business this episode is for you.

We cover how JS went from spotting a market opportunity to creating an algorithm using a spreadsheet, and the ups and downs of entrepreneurship.

Learning notes from this episode:

  • An algorithm is just a set of instructions that you put into a computer.
  • JS created a prototype of his algorithm using a spreadsheet. The aim of his algorithm was to give out loans to customers. He bought lending data from the Lending Club and tested it against a control group. This means one set of loan applications was assessed by the algorithm and the other was done manually. By doing this, JS proved that his algorithm was making correct decisions.
  • JS Kung does not have a co-founder. This is contrary to what a lot of prominent VCs say they want, but is in line with several successful founders who have spoken to us: Robyn Exton at HER, Asaf Navot at Home Made, and David Segura who sold Giant Media and is now one of NYC’s top angel investors.

 

If you want to go from idea to action and work with Sophia one on one, here's the February Idea To Action offer. 

 

 

Listen here on Apple Podcasts

Listen here on Spotify.

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