Business Understanding
The central aim of Credit Scoring Analysis is to distinguish between clients who are likely to fulfill their financial obligations and those at risk of default. The accuracy and predictive power of credit scoring empower banks to make informed lending decisions, channeling resources toward clients with a proven track record of creditworthiness. This not only minimizes the risk of default but also ensures the efficient allocation of resources, fostering a healthier financial ecosystem. As a result, banks can confidently expand their lending portfolios, support economic activities, and catalyze overall growth, thus fortifying the foundation of the finance sector and contributing to a more resilient economy.
In today’s landscape, banks dedicate substantial resources to gather comprehensive client data and assess creditworthiness, as traditional reliance on a scarcity of expert inspectors has become inadequate.
The accuracy and predictive power of credit scoring empowers banks to minimize risk and ensures the efficient allocation of resources, fostering a healthier financial ecosystem.
AI Solution
- Credit scoring analysis involves collecting a lot of historical data. This data comes from files that have information about loans, like credit scores, loan amounts, and more. There’s another set of data that shows how people paid back their debts over time.
- Before we use this data to predict credit scores, we clean it up and get it ready. It’s like getting a messy room organized before starting a project. Once the data is ready, we use computer programs called AI models to make predictions. These models are like smart tools that can understand patterns in the data. Some of these tools are called random forest, xGBoost, ensemble models, CNN, and RNN.
- These AI models help us make sense of the data. They work together like a team of musicians playing different instruments to create a beautiful piece of music. The main prediction we’re trying to make is the credit score, which tells us how trustworthy someone is to pay back loans.
- So, credit scoring analysis is like solving a puzzle with lots of data pieces. We clean the data, use AI models to understand it, and finally, we predict credit scores to help make better decisions about lending money.
Credit Scoring Processing Flow
Expected Outcome
In the realm of finance, the predictive power of AI in credit scoring shines bright. Accurate credit score predictions serve as a catalyst for banks to amplify their revenue by a noteworthy 5% to 15%. Simultaneously, the shadow of credit loss is diminished, shrinking by an impressive margin of 20% to 40%. As an additional boon, the implementation of AI-driven solutions brings about a surge in efficiency, a surge ranging from 20% to 40%. This surge is owed to the streamlined automation of data extraction and the strategic prioritization of cases. Thus, the synergy between AI and credit scoring not only charts a path towards smarter lending decisions but also unveils avenues to bolster banks’ financial well-being and operational prowess.
Our Team Members
AI TRANSFORMATION LEAD
Dr. Mikhail Krasnov
Based in Switzerland, Mikhail is an esteemed leader with a Ph.D. in Economics and recognized as a Certified Director by the London Institute of Directors. With a 30-year tenure in the IT sector, he co-founded Verysell Group in 1990 and now drives strategy and innovation across the entire organization. He staunchly believes that AI should be a catalyst for all businesses, not a threat, enhancing and transforming companies. To him, AI is a powerful tool for businesses to harness for their advantage.
Head of Applied AI Lab
Yurii Lozinskyi
Based in England, Yurii is the driving force behind Verysell Applied AI Lab. With 25 years of experience in Healthcare, Insurance, and Finance, he specializes in Business Process & Digital Transformation. Yurii excels in creating neural networks for diverse business automation, from medical diagnostics to machinery anomaly detection. Beyond tech, he’s a proficient software delivery manager and project leader. His leadership has fueled remarkable growth, achieving up to 60% CAGR by guiding 20+ Agile Teams globally.
Chief AI Scientist
Dr. Hung Dao
Based in Vietnam, Dr. Hung leads a dynamic Consulting Team, driving AI innovation across diverse sectors, from industrial visual inspection to medical image segmentation at our AAI Lab. With a PhD in Engineering from Keio University (2014), his expertise extends to groundbreaking research published in renowned conferences such as FG, BMVC, ICASSP, and ACCV, alongside multiple granted patents. With a distinguished track record at FPT, VinBrain & Nautilus AI, he’s a prominent figure in the AI landscape.
STRATEGIC ADVISOR ON AI
Dr. Alexey Minin
Prof. Dr. Alexey Minin, an esteemed expert in the digital economy and artificial intelligence implementation, boasts over 19 years in high-tech. Rising from Siemens engineer to associated partner at MHP – A Porsche Company, Germany, Alexey excels in management consulting, exponential technologies, and creating businesses based on modern tech. A Doctor of Science in AI, Honored Professor, and consultant for several boards of directors, Alexey specializes in digital transformation, AI application, and startup guidance. He co-founded startups, lectures globally, and is a sought-after speaker in digital conferences.
Business Development Manager
Muin Pirzada
Muin brings to the table an extensive background of over 13 years in the fields of Robotic Process Automation (RPA), Test Automation, and Artificial Intelligence (AI). This vast experience has not only equipped him with a profound knowledge of these cutting-edge technologies and deep passion for business growth and operational efficiency, but also with an acute understanding of their capability to revolutionize industries and streamline operations.
Marketing Manager
Ha Nguyen
Based in Hanoi, Ha spearheads marketing endeavors, leveraging over a decade of prowess in the global technology arena. She currently serves as AAI Lab’s Marketing Manager, leveraging her expertise in B2B marketing, branding, content strategies, and Agile methodologies to propel the company’s growth. Her practical know-how equips her to craft and execute effective marketing strategies for AAI Lab and other entities within the Verysell Group.
Software Development Automation Lead
Hieu Tran
Hieu, from Danang, Vietnam, heads the automation team at SmartDev. With a decade of experience in software development, he’s skilled in tech strategy and research. Known for boosting daily operations, Hieu shines in project coordination and customer happiness. Currently, he’s the top engineer at SmartDev and also leads the AAI Lab Software Development Automation.
Head of Project Management
Richard Sharp
Richard, based in Danang Vietnam, has over 40 years of IT experience. He has had many roles including Client Manager, Supplier Manager, and Service Management Program Manager. He has designed, developed and implemented advanced service management solutions for leading organizations across the technology, government, health, telecoms, oil & gas and financial services sectors.
HEAD OF AI EDUCATION
Soan Duong
Dr. Soan is a lecturer at the Computer Science Department within Le Quy Don Technical University. She is also a senior research scientist with keen interest in computer vision and medical imaging. Her research work has been published at prestigious venues, including ISBI, ICIP, ICASSP, BMVC, and CVPR. Soan plays an active role in the academic community by serving as a dedicated reviewer for esteemed publications such as: IEEE Access and NMR in Biomedicine.