Swedish fintech company Instantor has rolled out its latest artificial intelligence (AI) powered tool designed to help financial organisations more precisely assess credit risk for loan applicants.
Dubbed Insight, the new solution assess more than 70 predictive features and insightful patterns in historical banking, which can be used to make better risk and opportunity decisions.
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The new solution validates ID and identifies often ignored circumstances which considerably affect risk levels. As a result, this enables faster and more precise scoring models.
Leveraging the client’s own data, Insight builds the risk model that can be deployed and become operational within a week.
This plug and play solution will enable clients to grant more secure credits, deny bad ones, and optimise net lending, the company claims.
Instantor CEO Simon Edström said: “With the new legislation, PSD2, this is a great way to extract more value for our customers. The big challenge doesn’t lie in accessing data any longer but in the ability to use and understand the data to stay competitive.
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By GlobalData“We are proud to launch Insight as the first step in our new product offering; we are focusing more on advanced analytics products to make sure our clients continue to remain ahead of the game.”
Instantor said user tests show Insight product can improve GINI significantly, up to 14 percentage points and for new customers and 6 percentage points and for a recurrent customer.
