Deem launches AI enabled real-time application scorecard system

 

Torsten Kleine Buening, chief risk officer, Deem. - Supplied photo
Torsten Kleine Buening, chief risk officer, Deem. - Supplied photo

Dubai - Deem is backed by Mubadala Investment Company, Fullerton Financial Holdings, Waha Capital and A.A. Al Moosa Enterprises.

By Staff Report

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Published: Thu 12 Mar 2020, 3:43 PM

Last updated: Thu 12 Mar 2020, 5:47 PM

Deem, the UAE-based digitally-led financial services provider, in partnership with Singapore-headquartered StraitsBridge Advisors, has implemented a artificial intelligence (AI) enabled real-time application scorecard system with the capability to continuously update their scorecard model.
The new scorecard system delivers increased accuracy in predicting the probability of default and scoring customer credit risk, in segmenting customers efficiently and reduces significantly manual effort required in Deem's credit policy and underwriting processes.
Torsten Kleine Buening, chief risk officer, Deem, said: "As part of our digital transformation, we are continuously looking for ways to enhance our customer experience. One of these is by using AI-enabled models, jointly developed with our partners StraitsBridge, we have made our application and underwriting process much more efficient so we can deliver sustainable offers to our customers, with a faster turnaround time, while driving down the cost of risk."
Deem - backed by Mubadala Investment Company, Fullerton Financial Holdings, Waha Capital and A.A. Al Moosa Enterprises - is the first financial institution in the GCC region to adopt the innovative AI-enabled solution to manage credit risk. The company has loans and advances of over Dh1 billion in addition to deposits, and its offering is powered by a user-friendly digital platform, geared towards enhanced customer experience.
StraitsBridge Advisors, a Singapore-headquartered consulting and fintech firm, developed the scorecards through advanced AI-driven classification methods for generating the probability of default (PD) with very high accuracy and performance.
Sanjay Uppal, Founder & CEO of StraitsBridge Advisors, said: "We are delighted to partner with Deem in their digital journey through implementation of GCC's first AI-driven Credit Application Scorecard. Our solution allows financial institutions to significantly enhance customer experience, achieve efficiencies and optimise credit risk."
- business@khaleejtimes.com



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