Most of these companies provided revolutionary solutions. The majority of companies operate in B2B sector helping companies that struggle with getting loans.
These companies collaborate with banks and financial institutions in order to help them to develop algorithms for more advanced lending for business and private entities that cannot overcome credit score parameters set by banks in the meantime being potentially conscientious loan debtors.
An old approach to calculation of the credit score usually looks like a system of equations with variables representing income, expenditures, passives and actives.
New approach that has been presented during the conference is about conducting analysis of clients' behavioural and social data. All this data is interpreted in a proper way so that banks can use more advanced formulas for credit report calculation.
Thanks to these efforts, those who weren't able to get loans because of the old approach shortcomings finally can receive loans on good terms. In the meantime banks can expand their client base and loan portfolio.
On the conference speakers explained the way they use artificial intelligence and machine learning to develop more sophisticated credit score calculation algorithms using data that haven't been taken in consideration by banks earlier. Such approach allows to study the profiles of all clients for the same price.
For example, WeLab states that they are developing solution that provides the equal expenditures when you analyze lenders that take either $5 or $5000. This is how they do it:
- they developed an AI-robot that provides the best terms for lending or loan restructurizing;
- the company also has created online KYC (Know Your Client) procedure to identify clients;
- at last, there is an AI chatbot that has successfully processed 73% queries and approved 93%.
Kreditech uses more than 30 data sources from mobile traffic or governmental organizations to create new algorithm for credit profile definition.
Each company made a spectacular presentation of the project which is as important as innovativeness of the product. No matter how good is your business or service, you won't go far if you do not know how to sell it. You can learn how to present your project
or you can hire an experienced professional
who can do it instead of you.