Temperature will reach up to 36ºC and 37ºC in Abu Dhabi and Dubai, respectively
uae4 hours ago
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
Temperature will reach up to 36ºC and 37ºC in Abu Dhabi and Dubai, respectively
uae4 hours ago
When the water could finally be cleared, almost half their stock of 20,000 books had been destroyed
uae6 hours ago
Top seed Jannik Sinner brushes aside fellow-Italian Lorenzo Sonego, while sixth seed Stefanos Tsitsipas falls to Brazilian qualifier Thiago Monteiro
sports12 hours ago
Rahul top scores for LSG but Samson and Jurel get RR home with their 121-run stand
sports12 hours ago
Hosts win fifth and final international match in Lahore by nine runs
sports12 hours ago
Sheffield United relegated after huge loss at Newcastle, In-form Everton assured of Premier League survival with narrow victory over Brentford
sports12 hours ago
The three-strong flotilla had been due to sail on Friday from ports in Turkey with more than 5,000 tonnes of aid on board
world14 hours ago
The quake occurred at 8.29pm UAE time
asia15 hours ago