Artificial intelligence in P2P lending. Creditworthiness rating will be calculated by Artificial intelligence: NEO Finance is the first company in Lithuania to do so
Lithuanian fintech start-up NEO Finance, which has created and is administering the largest P2P lending platform in Lithuania, as well as provides Payment initiation service (PIS) under the name Neopay, is beginning to calculate creditworthiness ratings using Artificial intelligence (AI).
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.
Among the most advanced in the world
“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, board member at NEO Finance, certified financial analyst (CFA), with a solid experience in risk management.
According to Mr. Navickas, NEO Finance is the first Lithuanian financial institution to transfer the creditworthiness rating calculation process to artificial intelligence.
The new system will determine the creditworthiness rating (i.e. A of the smallest risk, B of the average risk, and C of the higher risk) by processing large amounts of data, which would be impossible to do for a human being.