Insight

Insight

“Buy Now, Pay Later” Field, AI Banking Service “CreditConnect”

Buy Now, Pay Later (BNPL) FinTech services are highlighted globally. Afterpay in Australia, Klarna in Sweden, and Affirm in the United States are among FinTech unicorns. With seamless payment faster than credit card, the BNPL market is exploding, the service being popular among millennials and Z-generation shoppers and promoted online and off-line with e-commerce, shopping malls, communication carriers, and skin clinics. In particular, the Australian MZ generation is rapidly adopting BNPL as payment means for immediate small shopping loans with low interest. As such, several credit card issues have been reduced by 9.2%, while the subscriber base of Afterpay has increased by 15%, according to statistics. AIZEN CreditConnect links e-commerce, electronic wallet, education, communication, medical, and other nonfinancial businesses to introduce lending services. AIZEN provides lending services through quick AI-based decision-making by connecting data platforms and financial institutions based on AI finance models. It serves the local customers of Vietnamese businesses with easy and quick credit services to provide lending services to customers of shopping, education, and medical partners in Vietnam. It will continue to extend the market beyond Korea to Indonesia and Singapore. CreditConncect leads Embedded Finance to provide seamless lending services through the innovation of convergence between “Finance” and “Nonfinance.” Moreover, AIZEN has led the financial innovation in Asia with First Place at Hong Kong FinTech Week and Global Second Place at Singapore FinTech Award. AIZEN also focuses on automating credit services with more precise data and AI-based decision-making for the BNPL services.

[Promoting Data Economy through AI, FinTech Investment, and CreditConn…

Statistics from the first quarter of 2021 indicate that the international FinTech industry has hit record-high funding. Companies are expected to establish financial services as a requirement, and some observers have even claimed that “all companies could become FinTech companies themselves in the end.” Explosive sales growth has been seen among leading global companies thanks to strengthened investment in cloud computing, artificial intelligence (AI), and other technological fields. AI and financial services will become a necessity for all companies in the future. AIZEN CreditConnect allows companies to offer financial products that are optimized to their loyal customers’ needs. Through that, CreditConnect has successfully expanded the financial offerings brought by AI. Particularly, platforms that based their growth in data can maximize their customer use by offering an easy and quick solution to lending. Vietnamese companies in retail, medicine, and education are building their sales through AIZEN CreditConnect to provide their customers with loans at the most optimal time. AIZEN CreditConnect also assists the companies in building their profits and growth by offering seamless lending solutions and risk management that do not involve complex financial processes. Many companies can use CreditConnect and other embedded banking services to acquire new customers and provide financial services. AI allows them to predict and manage customer behavioral patterns that can be used to condition AI and policies to enhance the efficiency of their financial services.
AIZEN’s AI finance is taking its next step toward digital banking with…

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’s New Financial Model with AI

AIZEN has focused on solutions for the fundamental innovation of credit and operation cost in finance, which can be changed by artificial intelligence (AI) technology. AI finance has innovated data-based banking in mid and back offices.The Banking-as-Service model will connect data platforms and financial institutions in the future, but it has already been implemented with AIZEN CreditConnect. It is evolving into a new model of banking platform, which is the extension of the platform through connection. By turning around the old-fashioned banking model, it will target the Asian market with a model that allows any customer to get credit services on any platform. ABACUS, which combines practical element technologies for promoting data economy and credit-cycle–based CreditConnect, will automate financial decision making in a faster and more precise manner, and data platforms will be able to provide financial services more easily. AIZEN is developing into an innovative model of embedded finance. For AI financial infrastructure, it will provide innovation to connect customers and financial institutions with its knowledge.

AIZEN’s AI Lending Platform: CreditConnect

AIZEN has launched the artificial intelligence (AI) lending platform “CreditConnect” to provide quick and easy lending services to e-commerce, health-care, insurance, education, and other data platform customers in Southeast Asia, starting in Vietnam last December. Based on the AI financial solution ABACUS, it quickly evaluates customers and applies the Credit Cycle Control Module to achieve a high approval rate and provide quick lending services while managing risk. AI-Powered Platform Innovation: Financial Vertical AI and Data Eco Two elements of core competitiveness are required to apply AI to finance. The first element is the financial domain knowledge, a consideration of vertical AI. Methodologies to learn, decide correctly, improve efficiency, and save costs backed by financial expertise and experience are necessary, and these are integrated into CreditConnect. On the other hand, the second element is the data eco for the AI platform. Another vital factor is its connection with financial institutions through data convergence of data platforms, allowing for data-based, automated decision-making among financial value chains and providing technology for combining different data and translating them into “Credit Data,” thereby extending to various financial services. Advanced Financial Services through Platform Innovation It is estimated that the autonomous driving of future vehicles will require thousands of semiconductor chips. In addition to the semiconductor and battery, a combination of different platforms, such as hardware, AI, data center, and content, is needed to complete the futuristic automation “platform.” The cars will be used not only for mere transportation but also for a platform war, where convergence and innovation occur. As such, the financial industry will experience advanced financial services based on new fiscal platforms. With the aforesaid financial benefits and data ecom, CreditConnect seeks to establish a foundation of “platform innovation” to connect financial institutions and data platforms. AI-powered fundamental credit creation and reduced operating costs will open advanced financial services to new customers, and credit services will be personalized, not customized, for financial companies. CreditConnect to Evolve as Globally Applicable Open Credit Platform CreditConnect evolves as a global open credit platform, bridging the data economy and financial environment. In Vietnam, it offers the AIZEN-Virtual Credit Card service for e-commerce by converting e-commerce transaction information to credit data. Instead of offering basic credit, it will provide optimal and active credit services by understanding customers’ needs in advance. In particular, it will focus on ensuring a seamless connection between customers and finance through customer security and product diversification by linking with financial institutions seeking to offer credit.

Machine Learning Business Evaluation: SME Evaluation Modeling with AIZ…

AIZEN Global has developed a business evaluation model by integrating the financial and nonfinancial data of small- and medium-sized enterprises (SMEs), ventures, and startups and using its big data–based AI analysis service. It has established a foundation for growth potential evaluation and risk-based evaluation of SMEs, which have fewer data, by developing default rate and preemptive risk response models with its AI financial solution, ABACUS. AIZEN Global has successfully modeled fine and risk business indices through AI analysis using superior technology to predict behavioral patterns based on the credit cycle. The company will improve its value to evaluate businesses from diverse angles through machine learning–based business evaluation and provide information to financial institutions, public organizations, investors, and VCs in cooperation with a financial data–based AI model. In particular, it offers a risk management–based business AI model to customers facing difficulties in evaluating businesses with fewer data to discover fine enterprises and respond preemptively to companies at risk. The potential of machine learning–based business evaluation has been proven with the high accuracy of the business evaluation model using nonfinancial data, such as employment, patent, and online information, as well as financial data. It will be applied as a risk-based evaluation model for evaluating the credit worthiness of businesses such as SME Loan. Specifically, AIZEN Global has supplied the financial AI solution ABACUS to Woori Bank, Hyundai Card, Woori Card, and Korea Social Security Information Service and has been leading the AI finance innovation in the Asian market as the best business selected by Samsung Finance. It also placed second at FinTech Awards by the Monetary Authority of Singapore (MAS), became part of the Top 10 Fintech finalists, by Standard Chartered Hong Kong Bank, and took first place at Hong Kong FinTech Week (as evaluated by Morgan Stanley and Goldman Sachs). Based on the widely used solution in the top financial area, this business evaluation model will provide financial analysis service to several potential customers in need of evaluation of SME businesses.