Today, October 1st, NEO Finance starts calculating creditworthiness ratings using artificial intelligence (AI).
In July 2019, the company announced the testing period. Today, it fully moves towards AI-calculated creditworthiness rating.
The company is the first in Lithuania to launch cooperation with a credit scoring software provider, developing unique models for creditworthiness rating calculation.
Starting on October 1st, the system will be able to assess possibility of receiving a loan accurately and individually for each applicant. Moreover, investors in consumer credits will be better informed on the credit default risk that they assume.
“The innovation that we have implemented is one of the most advanced creditworthiness valuation methods in the world, based on artificial intelligence (AI) and machine learning technology. We decided to implement it due to the high accuracy of such technologies”
– said Marius Navickas, Member of the Board at NEO Finance, certified financial analyst (CFA), with a solid experience in risk management.
As with all the processes of creditworthiness calculation, the common indicators will be evaluated. These indicators include applicant’s age, income, marital status, credit and application history. However, these indicators, in addition to many more of them, will be overseen individually, while evaluating the situation of each of the applicant. Until now, the information systems did not do this before.