Diversified debt restructuring services provider Credit Intelligence Limited (ASX: CI1) has committed to a three year research partnership to further improve and enhance the AI Machine learning capability of the YOZO platform.
YOZO is committed to broaden its technical capacity and has identified a number of projects to optimise and automate the SME lending process. YOZO is now closely collaborating with the Data Science and Machine Intelligence Lab (DSMI) at University of Technology Sydney (UTS) to deliver this leading edge technology.
YOZO and UTS-DSMI are currently developing a Smart Instant Credit Scoring System by analysing YOZO’s existing historical lending and other business data and integrating UTS-DSMI’s AI and predictive analytics expertise and industry well-recognised track record to automate and optimise the existing credit evaluation system.
UTS researchers and YOZO lending specialists aim to combine their expertise to make small business loans easier, quicker and more accessible using data-driven intelligence to explore past years’ data extracted from various business systems at YOZO.
The team is endeavouring to upgrade the current lending estimation system to a reliable, accurate and fast loan processing engine by developing AI-empowered credit assessment and risk forecasting models to achieve outcomes of improved customer experience, automated instant loan application, and reduced annual operating costs.
With the partnership YOZO is working towards an AI System which allow borrowers/ SME’s to be analysed and funded outside of normal business hours.
Professor Guandong Xu of Sydney’s University of Technology, said AI technology plays the key technology innovation driving role in FinTech.
“The partnership between UTS and YOZO will solidate and lift our past collaboration to a higher level, aiming to boost the YOZO’s R&D capability and innovation capacity through translating the UTS’s leading AI and data science research into business productivity.
“The completion of the collaborative will not only advance the innovative financial services and products but also benefit the financial resilience and business growth of Australian broader SMEs in post-covid era.”