Artificial Intelligence
Boost your business performance by applying AI-powered lending automation
Utilize cutting-edge AI technology for your scoring needs. Make your credit decisioning process reliable by optimizing creditworthiness assessment, even when it comes to high-risk borrowers. Make the best use of advanced machine learning and deep neural networks to dramatically improve your credit decisioning's accuracy and speed.
AI algorithms can also help to more easily identify fraud and creates opportunities for improvement of the customer experience across the entire lifecycle.
Moving to AI algorithms has various advantages, including increased accuracy, enhanced compliance, and superior scalability, all of which have a significant impact on the overall stability and success of your firm. Using AI algorithms results in more predictive, accurate models, which leads to more earnings, lower losses, and more up-to-date risk assessments.AI algorithms can also help to more easily identify fraud and creates opportunities for improvement of the customer experience across the entire lifecycle.
The Value of a Integrated Platform for implementig AI technology
1. Data-agnostic platform that can integrate and improve your existing data sets with any other type of data set (i.e. many types of alternative data).
2. This seamless integration with a wide range of data sources promotes financial inclusion, manages bias, and increases the predictive potential of your models.
3. With a integrated platform that incorporates data, AI and decisioning, models are built and implemented in the same platform, providing seamless data and model integration, minimazing recoding delays and ensuring optimal performance of your models.
4. Algorithm optimisation Model monitoring and a continuous feedback loop assist you in fine-tuning your decisions for ongoing optimization.
Loan Application Fraud Detection
1. Make smarter underwriting decisions and faster approval process by automatical identification of fradulent loan application.
2. Using machine learning algorithm to identify various fraud pattern in financial transactiions.
3. Establish links with past accounts activities , loans or credit lines that were defaulted on, and analyze geolocation data to spot any discrepancies in fraud detection.
Benefits of implementing Compassway AI
Credit Portfolio Management
1. Reduce the portfolio risk measure keeping its income higher than the initial value.2. Maximize the portfolio income keeping its risk measure lower than the initial value. The risk measure considered here is the VaR with a confidence level set.
Self-learning algorithms
Choose the most relevant algorithms from a wide variety of options, including Gradient Boosting Decision Trees, Random Forests and Deep Neural Networks, depending on the nature of the dataset.
Scalability
Reduce the development time from months to days by automatically training, testing, monitoring and controling your model.
Ease of Deployment
Use of a integrated platform enables seamless deployment, allowing businesses to take fast, effective action.
WHAT
CUSTOMERS SAY
We used to have an older system that required more than a day to update or deploy a new risk model. In addition, credit decisions were slow. We estimated we were losing 15% of customers due to abandoned applications. For millennials, who are now a majority of our clients, responsiveness and convenience are key for lending services.
We implemented an end-to-end digital lending platform offered by CompassWay and it allowed to significantly improve customer retention. Up-to-date risk models also mean lower defaults rate and improved profitability. The system is easy to work with in case we need to add new clients or product types. We also received excellent customer support from CompassWay team. Overall very satisfied with the upgrade decision.
Denis BobrovCFO of CreditUP
Our key clients are SME firms that sell their products using social media platform such as Instagram and Facebook. They have magnitude of various products and various preferences in the lending options they would like to provide to their customers. Thus, we needed a powerful, yet flexible and simple system, which would allow quick onboarding of new clients and their products.
CompassWay offered a solution that not only satisfied these criteria but also was intuitive and easy for the customers of our clients. That allowed to create a seamless shopping experience, as well as improve customers’ satisfaction and rate of completed sales.
For our team, working with CompassWay was very easy. Since the system was highly customizable out of the box, we were up and running in just several weeks. We also benefitted from their business expertise and improved a weak link in our processes we did not know was a problem. Highly recommended company to work with.
Irina SenenkoHead of Customer Service at PIE CREDIT
Nowadays, the competition in online trading is stronger than ever. In order to outperform the rest and come out ahead, we needed to provide our customers with services that would keep them on the site.
Many buyers came to our online store, but there was much less talk about sales.
We reached out to the Compassway team for help because Compassway is in the business of developing and implementing advanced digital solutions, and they advised us to first consider implementing a product on credit or in installments. Indeed, most often the reason that buyers leave the site without making a purchase is banal: they do not have enough money.
We listened to advice, and now every customer who enters our website and selects a product immediately sees the "buy on credit" button with a convenient loan calculator and BNPL option in the checkout. He understands that he can afford to buy now, and pay later and in installments.
As a result, it was possible to increase profits and total sales by 30%, as the client now purchases a product of a higher price category, or increases the number of purchases.
Natalia BurkoHead of Business Development at Taksaexpress
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