CreditRobo

CreditRobo is an AI-powered solution offered by AdviceRobo that aims to enhance risk assessment and personalized marketing decisions for financial institutions. According to the vendor, this product combines psychographic profiling, behavior-based credit scoring, data aggregation, and artificial intelligence to provide valuable insights into the financial behavior of consumers and small and medium-sized enterprises (SMEs). It is designed to cater to professionals in the banking, lending, insurance, and financial services industries, and is suitable for financial institutions of all sizes, including banks, lenders, and micro-credit platforms.

Key Features

Financial personality profiles: According to the vendor, CreditRobo offers financial personality profiling that utilizes open data gathered during the online application process, such as open banking data, psychometric data, and digital footprint data. The aim is to create dynamic customer profiles and scores that combine affordability, personality, and digital identity.

Data collection tool: The vendor states that CreditRobo provides a low-tech, easy-to-integrate frontend tool for seamless, automated (near) real-time data collection. It collects and normalizes data from various sources, including proprietary data such as psychometric and digital footprint data, to provide customer insights and profiling.

Platform: According to the vendor, CreditRobo's cloud-based platform, connected via API, collects open data derived from customer behavior during onboarding and other sources such as open banking data. It runs prefab champion models, builds and deploys marketing and risk models, and provides scores and profiles for application within the institution's risk appetite. Institutions can also build and deploy their own models, including the use of synthetic data to solve asymmetry.

Underwriting transformation: The vendor claims that CreditRobo helps institutions transform their underwriting processes from traditional to continuous underwriting. By leveraging real-time data and predictive analytics, institutions can make more informed and accurate underwriting decisions, potentially improving efficiency, reducing risk, and allowing for more dynamic and personalized credit assessments.

Churn prediction: According to the vendor, CreditRobo provides churn prediction models to help institutions reduce customer churn. Based on customer behavior, these models give insights into the likelihood of churn, enabling institutions to take preventive actions such as special offers and targeted services to promote retention. This proactive approach may help institutions save costs, increase margins, and improve customer satisfaction.

Understanding customer behavior for risk detection: CreditRobo utilizes data and AI to predict consumer behavior and reduce risks of fraud, claims, and churn, according to the vendor. By analyzing and interpreting big data from various sources, institutions can potentially detect and mitigate risks more effectively. This includes assessing customer financial personality, evaluating psychometrics, and collecting and analyzing data on customer behavior and preferences.

Marketing profiling: According to the vendor, CreditRobo helps institutions gain better understanding of their customers through data-driven marketing profiling. By aggregating and analyzing data from various sources, institutions can gain insights into customer behavior, preferences, and risk profiles. This information can be used to develop more effective marketing strategies, campaigns, and personalized offers to increase customer value.

Data-driven channel strategies: CreditRobo combines internal and external data to provide insights into the most effective channel strategies for different customer segments, according to the vendor. By optimizing channels based on customer behavior and preferences, institutions may potentially improve customer satisfaction, operational efficiency, and overall profitability.