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Description
The aim of the project is to develop a financial services platform that unites financiers and helps people (individuals) and businesses (legal entities) to borrow money on the best terms. In other words, it is an intelligent system that will study the parameters of financiers (lenders), analyse the data and compare them. On this basis, services will be provided in the virtual space and the financial (borrowing) needs of the borrowers will be met. The FINBRO platform that is being developed in this project is focused on assessing the condition of lenders, which shapes its innovativeness and favourable development prospects in the market.
The aim of the project is Research and experimental development in the development of a financial services platform that evaluates not only those seeking funding, but also the financiers themselves, in order to increase the competitiveness of UAB Finbro in the field of ICT. Result: a financial services platform that was fully developed, tested and evaluated by customers of both sides. The developed financial services platform will provide the following financing products:
- for natural person: 1. Consumer credits; 2. Car loans and leasing; 3. Refinancing and loan consolidation; 4. A loan secured by real estate; 5. Mortgage loan.
- for legal entities: 1. Business loan; 2. Autoleasing.
The partner from Norway will contribute to development of the prototype.
Summary of project results
Small businesses are facing problems with access to finance after the end of the pandemic: "It is quite difficult for a company to get bank financing, because not only creditworthiness reports, solvency are assessed, but also partners, selected directions of activity, etc. are carefully looked at."
Research and experimental development in the development of a financial services platform that evaluates not only those seeking funding, but also the financiers themselves, in order to increase the competitiveness of UAB Finbro in the field of ICT.
A smart system was developed that analyzes not only customers, but also lenders. This technology helps to achieve maximum accuracy in the selection of the most relevant loan offers, from a large number of credit institutions. Another important aspect of the project is the opportunity to look at the analytical data of large banks, which will potentially allow them to contribute to market transparency.
Summary of bilateral results
Project promoter received not only financial support, but also help from R&D specialists, experts in AI, who studied the peculiarities of artificial intelligence not only in the universities of Lithuania, but also of the United Kingdom, and has also worked with many AI companies.