GoDubai
  
  
  
  
Citylife > Press Release
  Home Contact us Add to Favourites
Most Recent Postings
More Press Releses
Featured Sections

Event Finder
A daily roundup of exhibitions, promotions and other events in Dubai and the rest of the Emirates.
Submit an Event
Latest Dubai Press Releases >> Banking and Investments

 
  Share

StraitsBridge Advisors designed and developed the high-performance AI-enabled real-time credit application scorecard system

 

Dubai, United Arab Emirates, March 9, 2020:   Deem, the UAE-based digitally-led financial services provider, in partnership with Singapore-headquartered StraitsBridge Advisors, has implemented a high performance artificial intelligence (AI) enabled real-time application scorecard system with the capability to continuously recalibrate and 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.

With this, Deem is the first financial institution in the GCC region to adopt the innovative AI-enabled solution to manage credit risk. This enables Deem's objective to provide its customers access to a wide range of highly competitive and affordable financial solutions. 

Deem is backed by Mubadala Investment Company, Fullerton Financial Holdings, Waha Capital and A.A. Al Moosa Enterprises and provides financial support to individuals through credit cards, loans and corporate deposits. The company has loans and advances of over AED 1 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, designed and developed the high-performance AI-enabled real-time credit application scorecard system. StraitsBridge developed the scorecards through advanced AI-driven classification methods for generating the probability of default (PD) with very high accuracy and performance. Keeping in pace with the current regulatory requirements and the standards set by regional regulatory bodies, the scorecard system includes functionalities and parameters to handle various regulatory environments.

Commenting on the implementation, 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 optimize credit risk.”

Commenting on the deployment of their new Application Scorecard, 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.” 

A unique and advanced feature for this scorecard is its periodic AI-driven recalibration capability of scorecard engine and generation of personalised surface solution for effective recommendation of acceptable loans specific to a customer. 

Additional benefits include generation of machine-learning driven policy rules, customizable control settings of scorecard recalibration engine, self-adjusting PD cutoff subjected to Population Stability Analysis, threshold setting of rejection ratio, master scale generation, and with exhaustive model reporting including optimal cutoff scenario reporting, optimization results, model hyper-parameter reporting, and variable Importance report. 



Posted by : GoDubai Editorial Team
Viewed 3173 times
Posted on : Monday, March 9, 2020  
Replication or redistribution in whole or in part is expressly prohibited without the prior written consent of GoDubai.com.
Previous Story : Refinitiv Partners with Iraqna IBTS to Enhance Regulatory Compliance Efficiency in Iraq
Next Story : Ajman Bank Appoints New Chief of Audit
Email this article Print this article

Share this article with your friends and followers
NewsVine

Comments

Back to Top  
Most Viewed Press Release posted in the last 7 days
HONOR MagicBook Series is Perfect for Fashion Forward, Design Conscious Individu...
Vatika Launches Natural Hair Food, an Effective Solution for Dry Hair
Omega Announces Its Role as the Official Timekeeper of the 36th America's Cup
Foreo Reveals 5 Ways to De-Stress Your Skin
DTTAG New Executive Committee to Manage Post Covid 19 Return to Normalcy of Travel
The Best Omega Sunglasses For a Long-Awaited Summer
Emirates Post Unveils Modern New Website and Look
Innovating to Fight COVID-19: Four Ways Drones are Contributing
FEM Collaborates with Arab Comedian Maya Acra to Address the Taboo Around the To...
Ethical JLT Salon THT is Supporting those whose Jobs have been affected during ...
Blue Ocean for Islamic Finance Industry
Karl Lagereld Drives Digital Innovation With Launch of the “Maison Karl Lagerfe...
Commodity Weekly: Crude Oil Frets Geopolitics, Sluggish Demand Bounce
Ericsson's USA 5G Factory: Staffed by Professionals – Trained by VR
Sony Middle East & Africa Introduces New Digital Camera ZV-1, designed for Vlogg...
Airline Debt to Balloon by 28%
Al Tayer Motors and Premier Motors Honour UAE's COVID-19 Frontline Heroes
Sony Middle East and Africa and Gearbox team up to offer rental services of late...
80th Anniversary of Maserati's Targa Florio Victory Maserati Tests an Mc20 Proto...
Urgent Implementation of ICAO COVID-19 Guidelines Needed
ATM Virtual to Focus on Potential Chinese Outbound Travel Market
Tips for Keeping Your Smartphone Clean
Twentieth “World Milk Day” Sees NFPC Innovate With New Products That Meet Changi...
Lincoln Aviator Presidential Takes on Bumps and Dips, Turning Every Trip into a ...
WTTC Launches Safe Travels Protocols for Aviation, Airports, MICE and Tour Operators
Danube Group Chairman Files Case With Dubai Police Against Scam Star for Faking ...
Telenor, Sony and Ericsson Team to Develop Smart IoT Healthcare Devices
Parmigiani Fleurier Toric Fleur
Kingston Technology Ships 7.68TB Capacity for Industry-Leading High-Performance ...
Al-Futtaim Technologies Implements Genesys Remote Working Solutions to Ensure Bu...
GEMS Innovation Awards 2020 Recognise Young Innovators after Virtual Showdown
Former UNWTO Secretary-General to speak at ATM Virtual
Al Majid Motors Announces the Arrival of All-New Kia K5 Fastback Sedan in the UAE
Glaucoma: Symptoms and Treatment
Ras Al Khaimah Government Launches Integrated Stimulus Package to Support the Em...
SEHA Develops Cutting Edge Self-sterilization System for Ambulances
SCCI, SIB Hold Virtual Meeting to Discuss Banking Sector Trends to Face the Curr...
The Legend Continues: Xiaomi Unveils Redmi Note 9 Pro and Redmi Note 9
DGW holds meeting to review updated strategic plan aimed at supporting national ...
Dubai Culture Welcomes More Than 2,300 Students in Virtual Guided Tours at Etiha...
How Do You Rely on Your Smartphone in the UAE During the New Normal?
Understanding COVID-19's Impact on the Transport Industry
Debut Arabian Travel Market Virtual Event gets Underway Tomorrow
LG Joins Hedera Governing Council to Accelerate Innovation and Adoption of Publi...
Maserati Commemorates the American Victories of the 8CTF at the Indianapolis 500
Al Ruwad Real Estate Appoints Alaa Masoud as General Manager of Sales and Marketing
ADEK's Rize University Preparation and Career Guidance Program Goes Virtual
Salvatore Ferragamo Launches New Eyewear Styles Inspired by the Iconic Vara Bow
Renault of Arabian Automobiles presents exceptional offer on DOKKER
The Ultimate At-Home Facial