360 Finance awarded Best Process Automation Initiative Application or Programme at The Asian Banker
- 360 Finance improved fraud detection capability with Argus risk management model empowered with AI technology
- The Argus risk management model reduced delinquent rate by over 18%
- The Argus model aggregates borrower data in automation process relying on algorithm
Bangkok, May 30th, 2019- 360 Finance was awarded the Best Process Automation Initiative Application or Programme for 2019 at The Asian Banker Financial Technology and Platform Awards 2019. The awards ceremony was held in conjunction withThe Asian Banker Future of Finance Summit 2019, the foremost annual meeting for decision-makers in the financial services industry in the Asia Pacific region, held at the Shangri-La, Bangkok, Thailand.
Standing from left: Richard Hartung, International Resource Director, The Asian Banker; Xu Jun CEO, 360 Finance;Shen Yun, Chief Data Scientist, Department of Risk Control, 360 Finance; Neeti Aggarwal, Senior Manager, Research, The Asian Banker; David Gyori, International Resource Director, The Asian Banker
360 Finance boost fraud detection capability with Argus risk management model empowered with AI technology
360 Finance Argus risk management model is equipped with machine learning capability and has the ability for self- development. In the process of fraud detection, the model conducts the initial fraud screening of the prospective borrower. Relying on artificial intelligent technology, the process of credit application from submission to approval is achieved without human intervention. The internal credit decision only takes less than one minute, which boost overall operational efficiency.
The Argus risk management model reduced delinquent rate by over 18%
The Argus risk management (RM) model is employed to create a delinquent loan collection strategy, and which collection method to which the borrower may be most responsive. Based on such analysis, a C-Score is assigned to each delinquent borrower to assist the collection process, indicating the difficulties in collection. On the basis of increasing the average credit line by 10%, the Argus risk management model reduced the delinquent rate by 18.7%.
The Argus model aggregates borrower data in automation process relying on algorithm
The company’s Argus model select and analyses approximately 3,000 variables associated with a given credit application, and it ultimately generates score to quantify a borrower’s credit profile. Prospective borrowers with higher scores are granted higher credit limits. The score is then directed to the Cosmic Cube Pricing Model for pricing. Overall, the model effect of Argus output is 10% higher than traditional models.
The Asian Banker Financial Technology Innovation Awards Programme, refereed by prominent global bankers, IT consultants and academics, provides an undisputed benchmark of technology implementation in an increasingly fierce marketplace. A stringent three-month-long evaluation process determines the awardees from across Asia Pacific, Middle East, and Africa. The awardees are honoured in a gala event that recognises their efforts in using the best technology to run their institutions and bring superior products and services to their customers.
About The Asian Banker
The Asian Banker is the region’s most authoritative provider of strategic business intelligence to the financial services community. The Singapore-based company has offices in Singapore, Malaysia, Manila, Hong Kong, Beijing, and Dubai, as well as representatives in London, New York, and San Francisco. It has a business model that revolves around three core business lines: publications, research services and forums. The company’s website iswww.theasianbanker.com
You may visit The Asian Banker Business Achievement Awardsgallery at https://www.facebook.com/TheAsianBanker/photos/a.10157254926774804/10157254959749804/?type=3&theater
For further information on the collaterals for winning banks, please contact:
Mr. Alfred Labicassi
The Asian Banker
Region: Asia Pacific