How they describe themselves: RISQ was founded in late 2015 to bring a radically new approach to financial software and to revive an industry which seems to have become stuck in regulation and has achieved only marginal improvements by simply automating manual processes. RISQ is the first commercial lending platform which combines an operational platform with AI, also enabling the user to execute proposals the AI tool suggests. This ‘smart automation’ brings radical improvements such as approving a SME loan in hours rather than days or weeks. Our philosophy is to meet the highest expectation of efficiency and effectiveness in the sphere of financial software – to make business as easy, useful, and engaging.
How they describe their product/innovation: RISQ offers AI-enabled credit assessment solutions for commercial lending including SME, corporates and FIs which reduces credit decision times up to 50% and reduces overall credit cost to 1/5 of the current costs. It manages the entire credit decision process from initial data collection, scoring, limiting proposals until final credit contract creation is to be signed by the customer. The key innovation is an embedded AI component, which is able to forecast the probability of a positive credit decision during the initiation process and ranks the credit applications accordingly. It also uses AI to suggest to the relationship manager what specific information to collect in order to make this application successful.
Product distribution strategy: Direct to Business (B2B), through other fintech companies and platforms