PFCT, Toss Team Up on AI- and Alternative Data-Based B2B Solution Service
TECHWORLD ·
✦ AI Summary
PFCT and Toss, operated by Viva Republica, have signed a strategic memorandum of understanding (MOU) for alternative data-based alternative credit assessment model advancement and consulting services.
Based on Toss's alternative credit score and PFCT's lending tech solution Airpack, the two companies will promote customized credit assessment model packages for each financial company as well as CSS environment implementation and operation.
PFCT will add a "dedicated interest rate optimization page" and related features to Airpack in the fourth quarter, while financial institutions' sales departments will handle interest rate policy simulations and operation and monitoring.
PFCT and Toss, operated by Viva Republica, have signed a strategic memorandum of understanding (MOU). The agreement aims to advance alternative credit assessment models based on alternative data and consulting services to support financial institutions’ growth strategies. It is intended to address the limitations of traditional lending management at financial institutions, which has focused primarily on risk management, and to support loan approval strategies and management that can maximize growth potential.
The two companies will jointly promote AI- and alternative data-based solution services. In this process, Toss will be responsible for developing customized credit assessment model packages for individual financial companies based on various forms of alternative data, using its alternative credit score developed with Korea Credit Data (KoDATA). PFCT will incorporate the alternative data model into its lending tech solution, Airpack.
PFCT will also handle implementation and operation of the model in financial institutions’ CSS environments. The users of this AI solution service will be the sales departments of financial institutions, not their risk departments. The two companies plan to expand its use centered on sales departments while providing consulting services in a way that optimizes usability.
PFCT said it plans to add a "dedicated interest rate optimization page" and related features to the Airpack solution in the fourth quarter as part of the collaboration. The financial institution’s sales department will directly handle the operation and monitoring of the "dedicated interest rate optimization page."
Through this feature, financial institutions will be able to simulate interest rate policies in advance by target customer segment. They will also be able to compare the effects of different interest rate policies on approval rates and loss ratios, and refine lending policies based on the comparison results.
As a result, borrowers are expected to gain broader access to personalized interest rate and credit limit benefits. Some customers cannot take out loans, or face restrictions on interest rates and credit limits, based solely on credit information derived from their existing financial transaction history. Through financial institutions using this B2B solution service, those customers will be able to access more reasonable financial products that match their repayment capacity and preferences.
Lee Jae-gyun, PFCT's CBO overseeing the Airpack business, said the partnership will help Airpack evolve beyond a risk management tool into an AI technology solution that supports financial institution growth. He added that the company plans to provide financial institution customers with an innovative experience that pursues both safety and profitability based on market statistics and data.
Source: TECHWORLD · Lee Gwang-jae
Original: https://www.epnc.co.kr/news/articleView.html?idxno=406708
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Source: TECHWORLD
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