Building on a successful proof of concept, Flowcast and ING Belgium are announcing to further test in a pilot the preventive and proactive possibilities for the end to end Non-Performing Loans process.
As part of the collaboration, ING Ventures is investing an additional USD3 million into Flowcast, the fintech startup that provides AI solutions to modernise credit and collection.
Drawing on cutting-edge research in machine learning, data science, and artificial intelligence, the Flowcast technology allows financial institutions to more confidently and efficiently manage its customer relationships and increase lifetime customer value.
“Credit decisioning is a core capability of ING, which we are continuously seeking to strengthen in order to improve our offering to ING’s clients. We believe that machine learning and alternative data capabilities such as those developed and refined by Flowcast will shape the future of financial services and is therefore a strategic priority,” says Frederic Hofmann, managing director of ING Ventures. ING previously co-led Flowcast’s Series A investment round. The ING investment brings the total capital raised by Flowcast to over $10m.
“Our service allows the bank to be proactive about its lending portfolio, reducing costs, customer churn, and improving the borrower experience,” says Ken So, co-founder and CEO of Flowcast. “It’s a great example of how our credit analysis platform is modernising both sides of the credit marketplace.”
Stephanie van Avesaat, head of ING Labs Brussels, says: “ING Belgium is currently running a pilot with Flowcast to further test the customer satisfaction and customer impact of this proactive approach, with the goal of supporting local retail customers across mortgages.”
Leveraging its patented machine learning technology and a highly acclaimed team of data scientists, Flowcast creates high-performing models for financial institutions, the aim is improved customer experience, reduced levels of customers in arrears or default, as well as substantially reduced loan-loss provisioning costs.
In 2020 the company launched Tillful, a consumer-facing platform which utilises the same core technologies to provide fast, free, and transparent credit scores, and access to credit, to every small and midsize business in the United States.
