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ING’s commitment to AI technology was strengthened today following the announcement that ING Ventures would invest an additional $ 3 million in Flowcast, a fintech start-up that uses AI to reduce risk in the credit decision-making process and unlock business credit.
Harnessing the power of machine learning, Flowcast enables ING to be proactive on its loan portfolio, reduce costs and improve the borrower experience. The funds will be used in a pilot project with ING in Belgium to test the impact of the bank’s proactive approach to lending and measure customer satisfaction.
“Credit decision-making is an essential capacity of ING, which we are continually seeking to strengthen in order to improve our offer to ING clients,” said Frederic Hofmann, Managing Director of ING Ventures.
“We believe machine learning and alternative data capabilities such as those developed and refined by Flowcast will shape the future of financial services and therefore are a strategic priority.
ING Companies previously co-led a $ 3 million investment to accelerate Flowcast’s global expansion and product development.
Read today Press release.
Flowcast uses machine learning algorithms to build predictive models, allowing organizations to accurately use non-traditional data sources, such as large volumes of transaction data and industry-specific data points.
In 2020, the company launched Tillful, a consumer-oriented platform that uses the same technologies to provide fast, free and transparent credit scores and access to credit for all small and medium businesses in the United States.