CreditAIs developed credit scoring tools for micro and small businesses that do not fit the existing traditional credit scoring models. We help businesses to build their credit profile to access funding to grow their businesses and impact people's lives. CreditAIs partners with financial services providers to de-risk their lending processes and help them grow their client base and improve their bottom line. We are able to expand the lending universe, improve creditworthiness, reduce non-performing loans and reduce misuse of financial resources for the financial service providers.
In time the CreditAis team has realized that developing a single point of data management for the credit application - where both first-time borrowers (thin-file) and others may be collated into the scoring process, would be a more attractive value proposition for existing lenders. As a result, the CreditAIs team has built a white-label application that takes aspirant borrowers from discovery to the scoring function in an easy and streamlined manner.
Through our research, over 50% of credit applications are disqualified at the application stage because of incorrect completion thereof. Basic Financial Intelligence Centre Act (FICA) requirements are often not correctly met in the first application and, therefore, result in a rejection for the applicant.
Using a combination of both quantitative and qualitative questions, as well as the collection of metadata during the application, we are able to proceed with applications or, at the very least, share indications of incomplete sections to aspirant borrowers before they submit their applications to lenders. This results in more applicants being considered for available funding, an increase in the lending universe for a lender without an increase in non-performing loans and a delightful experience for borrowers.