New company name announcement “CREDI AI”
We are proud to announce that our company name will change to CREDI AI Limited, effective 20th August, 2020. The name change is a result of rebranding effort designed to mirror the growth and focus of our company. This name change will allow us to present our company’s directions and solutions to customers, which are truly dedicated to build AI/ML based risk models for better credit decisions.Our commitment to our customers and partners remains as our highest priority. By rebranding ourselves as CREDI AI and becoming a complete AI-driven credit technology company, we believe that we can provide solutions to our customers with more accurate prediction models. Along with the new name, the rebranding will be adapted […]
HK Score has been just upgraded and now with new monitoring features
We are very pleased to announce the upgrade of HK Score. The majority of the enhancements in the new version of HK Score was focused on adding monitoring functionalities to the users and making the navigation of the software more intuitive. These enhancements allow our users to monitor model’s accuracy more effortlessly and find potential risks quickly. The software can navigate our users to react speedily in order for them to make more precise or appropriate loan decisions under the virus-driven recession. The following list shows our roadmap of the development of HK Score. There are upcoming features that are currently under development or in our plan to be introduced […]
Machine learning is transforming consumer lending
The COVID-19 remains unpredictable with potential long tail risks affecting the consumer credit market. Unemployment rates are likely to remain in high to affect consumers’ payment capabilities and has a strong correlation with delinquency rates. Hong Kong’s unemployment rate jumps to 6.2% in June, the highest in more than 15 years. Under the current situation with the wave of virus-driven recession, some of lenders who rely on traditional linear-regression models are just tightening underwriting for all segments of customers because they are not agile to adjust loan decisions properly and timely. At WKWK, we’ve been building risk prediction models for lenders and believe that lenders who can get AI credit […]
Lenders are required to consider consumer financial hardships
The seasonal adjusted unemployment rate in Hong Kong increased to 5.9% in the three months to May 2020 from 5.2% in the previous period, which was the highest jobless rate since the three months to April 2005, amid the virus-driven downturn. Hong Kong unemployment hits 15-year high with 5.9% out of work TransUnion has also released their Consumer Financial Hardship Survey by a webinar, which is now available on-demand for you to view. You can refer the following link. Here’s the brief summary of the survey on the consumer financial hardship due to COVID-19: As TransUnion provides a recommendation, lenders are required to extend relief programs with term extensions or […]
What comes next to consumer credit market in Q2 2020?
Delinquency rates have been increased and lenders have tightened underwriting in Q1 2020. What comes next to consumer credit market in Q2? TransUnion has released their Q1 2020 Industry Insights Report by a webinar, which is now available on-demand for you to view anytime. You can refer the following link. Here’s the brief summary of the report on the consumer credit market: As TransUnion gives a heads up, money lenders who concentrate their loan portfolio within near prime or below segments should carefully monitor the downward risk amid the economic downturn. At CREDI AI, we can build a high-performing predictive model for lenders who even focus on risky segment such […]
COVID-19 presents fintechs with an opportunity to accelerate collaborations between banks!?
Agility and resiliency are keys to reflect the new normal after COVID-19. Organizations are required to adjust their data and methodologies speedily, and banking is no exception. The below link is a highly suggestive insight from McKinsey & Company. Model risk management (MRM) is the big issue for all banks as their models have broken down across their business. How can they best address this challenge? Technology and talent are obviously key enablers for MRM. North America is clearly leading the pace in technology adaption and investment, however other regions are facing a large space for a catch-up because they still too much rely on inhouse development according to the […]
COVID-19 presents lenders with an opportunity to accelerate digital transformation!?
The whole picture of consumer credit by COVID-19 is still covered in a vail. But one thing seems to become clear for those people who are involved in consumer credit markets that the pandemic will change credit risk modeling permanently. At CREDI AI, we’ve been discussing COVID-19’s impact on consumer finance with the subject-matter experts and professionals. Some of their insights aligned with what we’ve seen as we’ve been using machine learning to monitor consumer credit behavior amid the pandemic. The economy of Hong Kong shrank 8.9 percent year-on-year in the first quarter of 2020. That was the steepest pace of contraction since the series began in 1974 as the […]
How machine learning can help lenders from the economic crisis?
As lenders consider how to manage the emerging economic crisis from Coronavirus outbreak, many of them are looking for better data. They are going to have to re-evaluate the existing underwriting metrics to moderate potential losses and, in the future, become more selective about how they reach a good risk. Having the better tools to manage the greatest downside risk is very important not only for now but also for the future. At WKWK, we normally suggest basic practices to lenders how AI can help to limit current losses while enhancing future profitability. 1: Better Predictions Using machine learning helps you make better use of the data you already have. […]
Why explainable AI is more important than ever?
There is no doubt that in the next six months to a year, the entire economy is going to look radically different — especially for the financial industry. Lenders, in particular, are going to have to re-evaluate the metrics they use for underwriting loans and, as they make those changes, transparent is going to be essential. Consumers, stakeholders and regulators are going to demand it. Why was one person approved a loan while another was rejected? In an economy increasing unemployment, how are lenders judging who is a good risk? What measures are lenders taking to limit their exposure to non-performing loans? An explainable AI refers to how easy it is for humans to understand the processes it uses to arrive at its outcomes. Until recently AI algorithms have been notorious for being “black […]
How prepared is your organization to discover significant emerging risks?
Coronavirus outbreak has been seriously impacting the economics worldwide. Hong Kong economy is clearly slumping and the uncertainty towards the future persists. Under the current significant changes in our environment, various kinds of risk factors may potentially become more evident, or new risk factors may be arisen. In preparation for such risk environment, CREDI AI has introduced the predictive risk monitoring for the requested customers. Predictive risk monitoring is one of our techniques to provide information such as risk analysis based on the changes in emerging risks, simulation of potential losses and risk exposures, and loan portfolio analysis for the customers who have already deployed the risk models. With this […]