AIZEN GLOBALCreditConnect

Customer data is generated in different business areas, including finance, and using them for decision-making purposes has become a competence in its own right. 

In particular, the dawn of the noncontact age has established the usage of customer data analysis as a core task for firms, which must now provide goods and services demanded by customers based on this analysis.

The advancement of fintech has also resulted in greater needs for tech-based financial services, regardless of the platform. Notably, payment, as the most important requirement for customers in accessing goods and services, has developed in wildly different directions, encompassing not only cash but also credit cards, electronic wallets, QR codes, mobile payments, and other technologies. However, the most important consequence of this development is that customers’ “credit” has become the essential requisite to the generation of “money” to be used for payment. Traditional financial organizations use conservative and conventional risk management methods for lending purposes. As such, the newly emerging fields of e-commerce, electronic wallet, and online platforms must develop a new way of “providing credit” in an alternative data-based method to deliver lending strategies that speak to the unique characteristics of customers in these platforms.

AIZEN has focused on this phenomenon to create its AutoML financial solution “ABACUS,” which offers an automated data-based decision-making system, and has launched CreditConnect, designed to connect the impetus generated by ABACUS to lending services. ABACUS is a financial AI solution that combines nonfinancial data to create prediction models and transforms them to credit data. Meanwhile, CreditConnect automates the entire credit cycle based on ABACUS’s models, thereby connecting the data platforms with banks. This allows data platform customers who have had difficulties in their credit supply to acquire credit services seamlessly. For instance, a customer who sought to purchase a piece of furniture through e-commerce must find a financial institution that can provide that amount in credit, undergo a review, and pass the review process to acquire a loan if they seek to do so to finance the piece. When connected to a specific e-commerce platform, CreditConnect allows the customer to gain the most efficient credit in terms of interest rates and limits, expediting the process significantly. Such an example is only the beginning of our plan to supply connections between nonfinancial and financial platforms to facilitate easier and faster access to financial services. Our focus lies in digital banking’s vitalization for a win-win-win relationship between data platforms, AIZEN, and financial organizations through AI and fintech.