ID Finance’s work with data operator Instantor, which provides information for analytics systems, has been shortlisted as a finalist for Banking Technology Awards 2018, which recognises excellence and innovation in the use of IT in financial services worldwide. Thanks to its use of Instantor’s technology, ID Finance has increased the accuracy of its intelligent risk assessment tools for lending.
“We’ve been working with Instantor since 2015 and when we launched in Latin America a year later we invited them to help us build a fintech ecosystem in the region. Instantor now helps us provide convenient financial services in Brazil and Mexico, where we see an enormous opportunity to increase financial accessibility,” comments Kate Kazak, CRO at ID Finance.
ID Finance uses machine learning, neural networks and artificial intelligence to process data and optimise performance. By working with Instantor, ID Finance has increased the accuracy of its risk assessment tools, which has allowed the company to drive customer approval rate growth while decreasing NPLs. It has been nominated as finalist for the ‘Best use of IT for lending’ category of the Banking Technology Awards 2018.
The Banking Technology Awards has a nearly twenty-year history. It recognises outstanding contributions to innovation in the financial sector. The awards’ judges are senior managers of major banks and technology companies, as well as editors of specialised media outlets. BBVA, Morgan Stanley, Credit Suisse are also among the finalists for ‘Best use of IT for lending’ alongside ID Finance. The winners of the Banking Technology Awards 2018 included JP Morgan, Deutsche Bank, Zopa, and DBS Bank.