Ricoh Latin America and Cognitive Experts team up to bring Artificial Intelligence to Credit Unions
Currently, there are thousands of Savings and Credit Cooperative Societies) in Latin America that contribute to the advancement of financial inclusion in the countries. Their main purpose is to accompany their members in the development of their business ideas, providing them with the financial support they need, adjusted to their payment capacities. However, the qualification of these according to their credit history is not always accompanied by updated and accurate data, because currently this process of pre-authorization of credits takes hours, and even days to be completed since it is done manually.
Weston, August 8th, 2022 - There are currently thousands of credit unions in Latin America that contribute to the advancement of financial inclusion in the countries. Their main objective is to accompany their members in the development of their business ideas, providing them with the financial support they need, adjusted to their payment capacities. However, their credit history rating is not always accompanied by up-to-date and accurate data, as this credit pre-authorization process currently takes hours, or even days, to complete as it is done manually.
Aware of this challenge, Ricoh Latin America has joined forces with Cognitive Experts, a multinational company specializing in the development of solutions (Artificial Intelligence) to provide Credit Unions with the most advanced AI technology to streamline credit pre-authorization processes and save time from days to minutes by reducing liquidity risk to maintain a healthy and up-to-date member portfolio.
Cognitive Experts' artificial intelligence technology is included in the Ricoh Quick Approval solution, an automation platform based on a software as a service (SaaS) model, which automatically collects information and rates the credit applicant based on their credit history with real-time data. Now, risk analysts no longer must spend hours searching through physical documents to conclude their members' ability and intention to repay loans.
Ricoh Quick Approval takes only a few minutes to pre-approve credit applications. After the AI analysis, the platform sends an automatic response to the applicant with the approval and provides the analyst with the updated information for inclusion in the member database. At this point, the business advisor can contact the partner for formalization, thus improving the partner experience as well.
This means that, instead of making large investments in hardware and software, the entity pays for its use, reducing its Capex and shifting the investment to Opex (pay-per-use) to achieve greater profitability.
The platform allows it to respond quickly and immediately, 24/7 and across multiple channels, and to maintain the current base of real and trusted partners to mitigate liquidity risk. It also provides analytical tools to maximize risk analyst management and help save time, while ensuring compliance with national data security standards and partner data confidentiality.
Ricoh Quick Approval is part of the entire ecosystem of solutions and services that Ricoh has designed exclusively for the credit union industry.
For more information, visit the website at: https://www.ricoh-americalatina.com/en/solutions/ricoh-quick-aproval
