
The Challenge
Additionally, through our deep-dive process, we discovered that credit risk assessment was only done for the first loan. Once the loan was approved, future loans required no further underwriting, which resulted in losses.
The Results
31X ROI
Processing time per application
<1s
Increase in approval rates
+43%
Reduction in loss rates
-58%
Never Miss An Opportunity
We enabled a ‘Next Best Offer’ module for the customer to remove binary (accept or reject) decision-making and enable scaling. Instead, creditX will find variations in loan amount, tenure, interest and other criteria where offering a loan has an acceptable risk value, resulting in scaling of applications being approved.
Real-Time Underwriting
With creditX, each application is underwritten, whether it is a previous customer or not, thus ensuring an accurate risk assessment is done at the time of borrowing, rather than one-time in the past. This significantly reduced the # of losses from subsequent loans.
The Solution
Results after 3 months
<1 week
to develop and deploy new credit models
8%
Increase in Approvals which reversed rejection rates
“A game-changer”
finbots.ai’s solution, creditX, is a game changer in credit modelling that supports our Bank’s digital transformation journey.
– Ti Eng Hui, CEO, Baiduri Bank
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Book a Demo
Let us show you how finbots creditX can help your lending business with a no-obligation call and demo.
Book a demo
Let us show you how fnbots creditX can help your lending business with a no-obligation call and demo
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