Flowcast uses machine learning algorithms to create predictive models
An ING Bank in Nieuw-Vennep, the Netherlands. (Credit: Amin/Wikipedia.)
ING’s commitment to AI technology was strengthened today following the news 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 process and unlock credit to businesses.
Harnessing the power of machine leaning, Flowcast enables ING to be proactive about its lending portfolio, reduce costs and improve the borrower experience. The funds will be used in a pilot with ING in Belgium to test the impact of the bank’s proactive loan approach and measure customer satisfaction.
“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,” said Frederic Hofmann, managing director of ING Ventures.
“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.
ING Ventures previously co-led a $3 million investment to accelerate Flowcast’s global expansion and product development.
Source: Company Press Release