NEO Finance to implement artificial intelligence technologies in creditworthiness rating calculation process
NEO Finance, which administers the largest P2P lending platform in Lithuania, is introducing another innovation to its investors in consumer loans. The company is the first in Lithuania to launch cooperation with a credit scoring software provider, developing unique models for creditworthiness rating calculation. It does so by adopting artificial intelligence (AI) and machine learning technologies. The models built by the provider are unique, based exclusively on NEO Finance data.
“I am more than happy to acknowledge the fact that NEO Finance holds its leadership not only in the P2P market of Lithuania. At the same time, the company is a benchmark for all other fintechs that look for innovative solutions and customer experience improvement. We have decided to go for implementation of AI models due to the obvious accuracy of them. I am sure we will now be able to improve our services even further” – said Marius Navickas, member of the board at NEO Finance.
After renewing the creditworthiness rating calculation model, NEO Finance expects to reduce the number of insolvent borrowers, while maintaining the volumes of the credits issued. It is attainable, since the system constantly improves its methodologies, based on the data received and processed.
During the testing period, the creditworthiness rating will be calculated using both AI and NEO Finance calculation methods, while the credits will be issued based on the rating calculated by NEO Finance methodology. After the testing is completed, the credits will be issued based on the new credit scoring model.
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