Tool Information
Finbots.ai CreditX is an AI-powered credit risk platform designed to transform credit lending and risk management processes. It offers customized scorecards and facilitates faster deployment for financial institutions. CreditX uses proprietary AI to build high-accuracy credit scorecards, aiming to augment the efficiency of lending decisions. The platform connects to multiple data sources for data ingestion and automated validation, followed by data treatment processes. The scorecards are built, validated, and deployed automatically, providing a straightforward model for credit risk assessment and management. The model builder feature allows users to set parameters and modify PD levels to assess model impact. To ensure accuracy, the platform cross-validates the constructed models using trained and tested frameworks. Once validated, the model's deployment and monitoring is streamlined with single-click, API-based procedures. Built with the promise of fair, transparent, and explainable AI, CreditX connects internal, external, and alternate data, enabling a detailed and comprehensive analysis that users can rely on for their credit risk predictions. Notably, this platform is among the first AI solutions to complete AI Verify, an AI Governance Testing Framework launched by the Singapore Government, reflecting its dedication to promoting trustworthy and transparent AI. Finbots.ai CreditX is used by multiple financial institutions, demonstrating its practical usefulness and industry acceptance.
F.A.Q (20)
Finbots.ai is an integrated, end-to-end, AI-powered credit modelling solution designed to enable smarter, faster, and more inclusive lending. The platform enables the quick construction of high-accuracy credit models, thereby reducing risk and saving cost,
Finbots.ai offers a number of features for credit risk management. These include the ability to construct high-accuracy credit models within minutes, an AI-led SaaS architecture that helps in the building, validation, and deployment of performance-oriented credit models across the full credit lifecycle and three scorecard types specifically designed for credit risk management, namely application scorecards, behaviour scorecards, and collection scorecards.
Finbots.ai's AI algorithms are designed to help in the construction, validation, and deployment of highly accurate credit models. These models enable more loan approvals with lower risk. The AI's superior predictive capabilities ensure better predictions of creditworthiness, thus providing for better and more inclusive lending practices.
Finbots.ai's platform uses an automatic process for the validation and deployment of credit models. Once built, the models are cross-validated using trained and tested frameworks to ensure accuracy. For deployment, the platform uses streamlined, single-click, API-based procedures.
Finbots.ai offers three types of scorecards for managing credit risk, including application scorecards, behaviour scorecards, and collection scorecards. Each of these scorecards is designed to assist in minimizing risk and maximizing collections.
Yes, Finbots.ai can function seamlessly with the data, workflows, and systems you currently have in place, operating on five core principles of accuracy, speed, transparency, adaptability, and inclusiveness.
Finbots.ai is typically trusted by a variety of financial institutions including banks, fintech lenders, SME lenders, BNPL players, and credit bureaus across the world.
Finbots.ai has shown significant effectiveness in increasing loan approvals, with an over 25% increase reported in approvals due to implementation of the tool.
Finbots.ai plays a critical role in the prediction of credit score by using its proprietary AI algorithms to build high-accuracy credit models. These models allow more precise predictions of creditworthiness, facilitating better lending practices.
Finbots.ai uses proprietary AI to build high-accuracy credit scorecards. The platform connects to multiple data sources for data ingestion and automated validation, followed by data treatment processes. The scorecards are then built, validated, and deployed automatically, providing a comprehensive model for credit risk assessment and management.
The model builder feature on Finbots.ai CreditX allows users to set parameters and modify Probability of Default (PD) levels to assess the impact on the model. By changing these parameters and seeing their effect, users can fine-tune their models for optimal outcomes.
Finbots.ai CreditX uses a connection to multiple data sources for data ingestion. The platform includes automated validation features that facilitate data treatment processes, including transformation, standardization & hot encoding, and bias reduction the models are then built, validated, and deployed automatically.
No, Finbots.ai CreditX does not use only internal data. It connects internal, external, and alternate data for a detailed and comprehensive analysis. This enables users to base their credit risk predictions on a vast amount of diverse data, enhancing the accuracy of the predictions.
Yes, with Finbots.ai CreditX, users can modify PD levels. The model builder feature allows users to set their model parameters and change PD levels to assess the impact on the model. By altering these parameters, users can optimize their models to best suit their specific needs and goals.
Finbots.ai was founded in Singapore by a team of former C-Suites, data scientists, and technologists. The team combines global domain knowledge in finance with deep technological expertise to deliver accessible and cutting-edge fintech solutions.
AI Verify' is an AI Governance Testing Framework launched by the Singapore Government. Finbots.ai was one of the first AI solutions to complete this framework, which is aimed at building trustworthy and transparent AI technology.
Finbots.ai CreditX can drastically reduce operating costs, with some institutions seeing a reduction of over 50%.
Yes, Finbots.ai has partnerships in the industry and its clients include reputable financial institutions worldwide, demonstrating its usefulness and industry acceptance.
Case studies of Finbots.ai implementations can be found directly on their website under the 'Case Studies' section. Here you can find examples of how the tool has been used successfully in various institutions from different sectors.
Finbots.ai CreditX facilitates faster deployment for financial institutions by using its proprietary AI to build high-accuracy credit scorecards quickly. It streamlines model deployment and monitoring with single-click, API-based procedures, allowing for rapid turnaround times.
Pros and Cons
Pros
- End-to-end credit modelling
- High-accuracy credit models
- Build
- validate
- deploy models
- Three types of scorecards
- Risk minimization
- Maximize collections
- Approval with less risk
- Transparent
- fair algorithms
- Full user control
- Accuracy
- speed
- transparency focus
- Adaptable
- inclusive principles
- 25% increase in approvals
- 15% decrease in loss rates
- 20-points increase in GINI
- Custom scorecards
- Fast deployment for institutions
- Multi-source data connection
- Automated data validation
- Data treatment processes
- Set parameters
- modify PD levels
- Cross-validation of models
- Single-click model deployment
- API-based deployment
- Connect internal
- external
- alternate data
- Finbots.ai CreditX
- Automated data validation
- Model builder feature
- Real-time decisioning
- Monitor performance analysis
- Less than 1 second decision time
- Over 50% reduced operating cost
- Automatic model building
- validation
- deployment
- Identify non-linear patterns
- ML boosted and correlation-based variable selection
- Model explainability
- Model impact assessment
- Reduced bias feature
Cons
- Requires data preparation
- No offline functionality
- Lacks customization
- Reliance on third party data
- Limited integration options
- Possibly steep learning curve
- Potential bias in scorecard
- Specific to credit modelling
- Dependent on quality of data
- Advanced functionality may be complex
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