Aion Digital, headquartered in the Kingdom of Bahrain and RISQ Intelligent Financial Software, headquartered at Abu Dhabi Global Markets (ADGM), United Arab Emirates have signed a partnership agreement which will allow them to offer a fully integrated, Artificial Intelligence (AI) powered digital commercial lending solution.
This partnership is in line with Aion Digitals vision towards transforming the financial services industry. Aion Digital is taking the lead in leveraging new technologies and frameworks, such as Digital Onboarding, Open Banking, Account Aggregation, Financial Management and AI by collaborating with other FinTech partners and innovators. Aion Digital’s ultimate vision is to consistently provide the latest technology for a complete customer journey and this partnership brings them one step closer towards meeting this objective.
The combined platform will allow banks to onboard SMEs applying for loans using AION’s portal. RISQ’s loan processing solution will then do the complete credit assessment of the SME, from data collection to scoring, proposing a credit facility and collecting the required collaterals, until the loan is approved. Once the loan is approved, the platform will automatically generate the loan contracts which can be sent to the customer for signature. The company will also handle the ongoing servicing of the loan such as annual reviews, extension of loans, collateral revaluation or termination of the loan.
One of the key differentiators for Aion Digital is to utilize AI in the prospective solutions provided to financial institutions. In this platform, the AI component can forecast the outcome of the credit decision at the initiation of the loan application. As soon as a new SME loan is received, a real time ‘Probability of Approval’ (PoA) is calculated to provide an indication of how successful the application will be. The application is ranked in the approval process based on the PoA and as a result the time-to-completion of a loan application can be reduced from weeks to a matter of days or even hours.
Steven Eliopoulos, Chief Business Officer of Aion Digital also emphasized the importance of this collaboration “We are delivering fully digital banking solutions and with RISQ we can now extend our offering also to commercial lending which is a hot topic in the market now “.
“With Aion Digital we found a partner which enables us to fully digitize the commercial lending experience. Most banks have already digitized their retail banking and the next step is to do the same for SME and commercial banking. Our combined platform is the right fit for the MENA market “, says RISQ CEO and co-founder Michael Jesse.