This software was developed for two credit companies that give loans and require reliable automatic means to check credit histories and other relevant data on loan applicants and their security deposits. The system performs a number of checks and approves or denies a loan based on its ML model.
Up to 5 Times
faster data checking achieved.
of the fraudulent information detection rate.
Our client required a complex system that implements AI and ML technologies to aid two separate credit agencies each located in a different country. In each country, this system is connected to a respective database based on IDs assigned to every citizen. This way, it can check the personal income and credit history of any individual who applies for a loan. The system is capable of running checks on vehicles using other specific databases, as our client’s credit companies grant loans using clients’ cars as security.
The main problem to be solved by our software was the risks associated with granting loans to individuals. AI Loan Finance facilitates credit history checking and verification of car documentation in order to prevent financial losses resulting from fraudulent information submitted by applicants. The software is configured to use existing databases as well as available human resources to perform several checks simultaneously. The AI system also analyzes data on applicants’ income and calculates their credit score in order to determine the safety of a future deal and grant or deny a loan. However, the software allows loan officers to manually override the decision made by AI.
AI Loan Finance had a rather calm and orderly workflow and did not present any considerable challenge. Our specialists have built a high-quality AI/ML solution according to the specifications and within the defined time period. The team members used the adopted methods of communication and cooperation that had been established in our company for many years and had proven their effectiveness in multiple occasions.
The client received a high-quality AI software solution to reduce financial risks associated with loans. This multifunctional program runs checks in connected databases, sets tasks before officers to perform additional checks, analyzes check results to determine risk levels, approves or denies a loan application in an automated fashion based on the performed analysis, and uses processed data to improve its machine learning models. The solution has large potential in the Business Intelligence field and offers both horizontal and vertical scalability, along with numerous other benefits.