AI is transforming the banking sector. It helps make credit decisioning faster, smarter and more ethical and provides unparalleled access to underserved demographics. Discover how AI for banks from the market leaders at Finexos could help you reduce default rates and reach more customers.
AI in banks is already proving to be a revolutionary tool. It’s helping banks to make more informed decisions by gathering and analysing vast amounts of data in record time. It exceeds the constraints of traditional financial decisioning, using predictive analysis and broad data sets to streamline customer experiences and allow banks to price risk more effectively.
It’s also an invaluable tool for ongoing portfolio analysis and affordability monitoring, helping banks stay on top of evolving customer needs.
Accurately assess repayment capability with our AI-powered affordability analysis.
Get a granular snapshot of the quality of your loan book in real time with our Portfolio Analysis.
Detect early signs of financial distress and potential default in real time with our ongoing monitoring solution.
The use of AI in banks brings a number of advantages:
Improved customer experience – by streamlining credit decisioning, AI for banks helps to drastically improve the customer experience, giving faster application turnarounds and preserving their financial wellbeing with more accurate affordability assessments.
More accurate fraud detection – specially trained AI models can quickly and accurately spot attempted fraud. They use sophisticated pattern recognition to catch fraudulent behaviour before it can impact your organisation or its reputation.
Advanced credit scoring – AI credit scoring can deliver far more accurate results than traditional credit checks. It evaluates much broader data sets, looking for patterns in applicant behaviour and collating valuable, previously unconsidered information.
Access a wider customer base – thanks to its ability to more accurately assess creditworthiness, AI allows banks to make reliable lending decisions even for customers with limited credit history. Whether they are young or have simply been previously unable to apply for credit through traditional means, AI opens the door to underserved markets, broadening your potential customer base.
Our analysis model provides a more accurate picture of affordability, ensuring SMEs can maintain their operations while repaying loans.
Transactional and real-time data can determine whether borrowers can maintain their quality of life while repaying loans.
Finexos has developed an end-to-end platform that enhances credit
decision-making across various financial lending sectors.
Up to
25%
Reduction in Default Rate
More inclusive lending, based on our financial capability metrics, unlocks entirely new markets whilst reducing overall risk exposure through the use of our advanced AI and behavioural analytics. Finexos enables lenders and credit decision engines to safely include more borrowers, even those with thin or no credit files and without the need for borrower PII or credit scores.
Finexos’ AI for banks is helping improve lending in banking in several ways, beginning with better decisioning. Carefully developed and trained AI models can help make lending less risky for banks, while simultaneously more accessible and safer for customers. Not only can it more accurately determine and price risk, but by using more holistic data, it opens up financial products to traditionally underserved demographics, such as those who are too young to have built a credit score yet.
AI in banks also assists in ongoing portfolio management. Its ability to make continuous evaluations of changing circumstances allows banks to spot changes in customer behaviour or financial health, as well as marketing opportunities.
Because AI is constantly learning, it also contributes to retrospective analysis, allowing banks to learn from previous decisioning and make valuable refinements, improving both customer experience and decisioning accuracy.
Finexos technology and sustainability-focused methodology provides a more robust assessment of a borrower’s ability to meet repayments, and to do so comfortably.
More accurate affordability assessments mean loans are granted more responsibly and sustainably.
When calculating affordability assessments, Finexos uses zero PII. By anonymising the process, the traits of a customer that have traditionally led to potential bias such as gender, race or postcode are eliminated.
Sustainability-focused affordability assessments are based on each applicant’s individual circumstances and behaviour to deliver more granular and accurate results.
Sustainable Affordability Assessments are embedded into existing decisioning workflows without disruption and do not require system overhauls.
At Endava, we are delighted to announce our partnership with Finexos, demonstrating our ongoing commitment to financial inclusion. This relationship authentically aligns with our core values, using technology and democratising access to financial instruments. Giving individuals and communities the ability to access fair, consistent next-gen real-time credit scoring. Empowering economic growth and stimulus.
Matthew Williamson
SVP & Industry Principal
The Finexos experience has been nothing short of outstanding. Their solution has not only improved our decision-making accuracy by a whopping 267% but has also allowed us to identify cost savings in our operations and save valuable balance sheet capital.
The actionable perspectives provided by Finexos have opened up new doors and revenue streams in our future plans, promising a significant and lasting impact on the trajectory of our organization. I cannot recommend Finexos highly enough.
Dan Ware
CEO
Open Banking is transforming the access to credit. Using some of the industry’s best technology, Finexos are leading the way and setting a high benchmark. An absolutely wonderful challenge for us all to step up to given the positive impact this will have on lender’s, borrower’s and society as a whole. Value driven and with a massive social conscience, the Finexos team are on a mission to unlock the huge wealth of possibilities for a fairer, more inclusive world. We’re proud to work alongside such an inspired team.
Helen Child
Founder & CEO
How is AI transforming the banking industry?
AI in banks is changing how decisions are made and the way in which customers interact with products and services. It’s allowing for faster, more accurate credit decisioning, saving time and reducing default rates. Simultaneously, it’s being used to streamline and customise customer experiences, making banking easier for both banks and customers.
Can AI help with credit and lending decisions?
Absolutely. One of the principal use cases of AI for banks is in credit decisioning. AI can utilise holistic data to make more accurate assessments of an applicant’s ability to repay credit in a fraction of the time taken using traditional methods. This helps minimise process time, reduce default rates and make credit more accessible.
Does AI comply with banking regulations?
In the case of Finexos, yes. Our AI tools are specifically designed and trained to operate with strict adherence to UK banking regulations. We prioritise legally compliant, ethical credit decisioning.
Is AI only suitable for large banks?
AI is suitable for banks of all sizes. We can scale our solutions to suit the needs of your particular business, enabling transformative benefits for banks of every size. Whether you’re serving a customer base of a few hundred or hundreds of thousands, we can help.
Let us demonstrate the advantages of AI for banks first-hand. Book a free demo today and witness a customised showcase of how AI can help your bank leverage cutting-edge technology to unlock new levels of success. To book your demo, just fill out our interactive form or contact our friendly team.
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