How they describe themselves: AdviceRobo creates software solutions that help financial institutions to avoid financial risks. Every day, 7 billion people around the globe are working to build their lives and businesses. 4.5 billion of them, consumers and entrepreneurs have no access to lending. Our risk management looks at the borrower’s personality and behaviours, rather than only relying on credit histories. We look at their values, attitudes, beliefs and behaviours regarding their personal finance to assess their trustworthiness. These additional data and risk scores support lenders in taking better risk decisions and in continuously measuring and predicting risk of the customer base. We develop AI driven risk robots that will transform risk management.
How they describe their product/innovation: AdviceRobo’s proprietary psychographic credit score turns customers behavioural non-financial and financial data into highly predictive risk scores. Through the additional data and the AI-backed algorithm, financial institutions (lenders) can improve their business performance by taking more informed credit decisions. Acceptance rates will increase, mainly on so called thin file segments, risk levels secured, and cost decreased. AdviceRobo builds a complete behavioural picture of a customer by using behavioural sources of data. The solution can be easily integrated in the on-boarding process or applied as a standalone application. The customer journey is easy and fast. The AI algorithms provide data and risk scores within seconds.
Product distribution strategy: Through financial institutions