Insight

Insight

AIZEN’s AI Lending Platform: CreditConnect

AIZEN has launched the artificial intelligence (AI) lending platform “CreditConnect” to provide quick and easy lending services to e-commerce, health-care, insurance, education, and other data platform customers in Southeast Asia, starting in Vietnam last December. Based on the AI financial solution ABACUS, it quickly evaluates customers and applies the Credit Cycle Control Module to achieve a high approval rate and provide quick lending services while managing risk. AI-Powered Platform Innovation: Financial Vertical AI and Data Eco Two elements of core competitiveness are required to apply AI to finance. The first element is the financial domain knowledge, a consideration of vertical AI. Methodologies to learn, decide correctly, improve efficiency, and save costs backed by financial expertise and experience are necessary, and these are integrated into CreditConnect. On the other hand, the second element is the data eco for the AI platform. Another vital factor is its connection with financial institutions through data convergence of data platforms, allowing for data-based, automated decision-making among financial value chains and providing technology for combining different data and translating them into “Credit Data,” thereby extending to various financial services. Advanced Financial Services through Platform Innovation It is estimated that the autonomous driving of future vehicles will require thousands of semiconductor chips. In addition to the semiconductor and battery, a combination of different platforms, such as hardware, AI, data center, and content, is needed to complete the futuristic automation “platform.” The cars will be used not only for mere transportation but also for a platform war, where convergence and innovation occur. As such, the financial industry will experience advanced financial services based on new fiscal platforms. With the aforesaid financial benefits and data ecom, CreditConnect seeks to establish a foundation of “platform innovation” to connect financial institutions and data platforms. AI-powered fundamental credit creation and reduced operating costs will open advanced financial services to new customers, and credit services will be personalized, not customized, for financial companies. CreditConnect to Evolve as Globally Applicable Open Credit Platform CreditConnect evolves as a global open credit platform, bridging the data economy and financial environment. In Vietnam, it offers the AIZEN-Virtual Credit Card service for e-commerce by converting e-commerce transaction information to credit data. Instead of offering basic credit, it will provide optimal and active credit services by understanding customers’ needs in advance. In particular, it will focus on ensuring a seamless connection between customers and finance through customer security and product diversification by linking with financial institutions seeking to offer credit.

Machine Learning Business Evaluation: SME Evaluation Modeling with AIZ…

AIZEN Global has developed a business evaluation model by integrating the financial and nonfinancial data of small- and medium-sized enterprises (SMEs), ventures, and startups and using its big data–based AI analysis service. It has established a foundation for growth potential evaluation and risk-based evaluation of SMEs, which have fewer data, by developing default rate and preemptive risk response models with its AI financial solution, ABACUS. AIZEN Global has successfully modeled fine and risk business indices through AI analysis using superior technology to predict behavioral patterns based on the credit cycle. The company will improve its value to evaluate businesses from diverse angles through machine learning–based business evaluation and provide information to financial institutions, public organizations, investors, and VCs in cooperation with a financial data–based AI model. In particular, it offers a risk management–based business AI model to customers facing difficulties in evaluating businesses with fewer data to discover fine enterprises and respond preemptively to companies at risk. The potential of machine learning–based business evaluation has been proven with the high accuracy of the business evaluation model using nonfinancial data, such as employment, patent, and online information, as well as financial data. It will be applied as a risk-based evaluation model for evaluating the credit worthiness of businesses such as SME Loan. Specifically, AIZEN Global has supplied the financial AI solution ABACUS to Woori Bank, Hyundai Card, Woori Card, and Korea Social Security Information Service and has been leading the AI finance innovation in the Asian market as the best business selected by Samsung Finance. It also placed second at FinTech Awards by the Monetary Authority of Singapore (MAS), became part of the Top 10 Fintech finalists, by Standard Chartered Hong Kong Bank, and took first place at Hong Kong FinTech Week (as evaluated by Morgan Stanley and Goldman Sachs). Based on the widely used solution in the top financial area, this business evaluation model will provide financial analysis service to several potential customers in need of evaluation of SME businesses.

Financial Innovation through AI : AI Platform for Financial Services “…

Dominated by uncertainty, the post–COVID-19 age will be characterized by the imperative to utilize data-based decision-making, machine learning, and Artificial Intelligence (AI) technologies to cut costs and accelerate innovation. We anticipate that data analysis will continue to prove its efficacy in the new year, facilitating greater management efficiency, establishing competitiveness, providing personalized items to clients, and reducing risks through prediction models. AIZEN ranked second place in the Monetary Authority of Singapore (MAS) Fintech Award, Global Category, alongside global giants, such as Swiss Re (insurance) and BNY Mellon (banking), in recognition of our efforts in innovating Korea’s financial solutions. Our AI solutions have enjoyed considerable acclaim in their successful transitioning of rule-based financial processes to AI-based ones for greater model accuracy, application of new services through relearning, and flexible responses to new data using automated relearning. Indeed, we have successfully applied a deep learning model to improper transactions in credit card companies. In doing so, we have reached improvements that would not have been possible in conventional rule-based work, such as elevating the detection rate of improper transactions to over 90% and establishing an automated surveillance model based on new pattern learning. Furthermore, our AI solution has achieved 99% accuracy in insurance claim classification tasks posted by the Samsung Open Collaboration project, making our solution commendable as one of the major examples of AI insurance solutions. We are currently expanding the Banking-as-a-Service (BaaS) Platform model across Southeast Asia, with an investment made by Fintech Innovation Fund, a joint project among major Korean banks (KB Kookmin Bank, KEB Hana Bank, Nonghyup Bank, Shinhan Bank, etc.). Such strategic partnership and funding have allowed AIZEN to attract a cumulative investment of KRW 10 billion, which, in turn, enabled the company to focus on providing AI financial services in the Southeast Asian market. We at AIZEN pledge to continue our commitment to delivering innovative AI finance models in 2021 as well.

AIZEN launches CreditConnect in Southeast Asia

AIZEN is redesigning Digital Banking with CreditConnect, powered by our proprietary ABACUS AutoML platform specialized in the financial services industry. CreditConnect is a Banking-as-a-Service (BaaS) model connecting licensed banks and brands looking to launch their own lending products. BaaS involves banks providing third parties with access to their systems, usually via application programming interfaces (APIs) so that the third parties can embed digital banking services into their products to enhance customer experiences. These third parties leverage on the existing licensed financial infrastructure of regulated banks to create their own financial service platforms. CreditConnect is an AI lending Platform automating the key decision-making processes in accordance with the credit cycle, from product planning, credit acquisition, portfolio management and collection.

AIZEN received the MAS Fintech Awards’ 2nd prize in Global

The winners of the MAS FinTech Awards, supported by PwC Singapore, were selected from a total of 326 submissions from across 55 countries. The twelve winners were selected under four categories – Singapore Founder, ASEAN FinTech, Singapore Financial Institution and Global – by an international panel comprising industry experts across multiple domains. AIZEN Global has been awarded the 2nd prize for the Global category by the The Monetary Authority of Singapore (MAS). AIZEN implemented a dynamic Deep Learning Fraud Detection

AIZEN, member of the Intel’s AI Builders Program

The Intel AI Builders Program is an enterprise eco