PeopleFund Supplies AI-Based Risk Solution to JB Woori Capital
Limited to about 10 financial institutions this year
‘Airpack’ supply contract expected to be signed
PeopleFund (CEO Lee Suhwan) announced on the 26th that it has provided its AI risk solution "AIR Pack," developed to reduce delinquency and default rates in personal credit loans, to JB Woori Capital.
The AI-based credit risk solution AIR Pack supplied by PeopleFund designs optimal AI algorithms tailored to the characteristics of the financial institution’s key customers and the features of the financial products handled, providing customized services. The included services are broadly composed of four categories: ▲ three types of AI credit risk solution software ▲ real-time monitoring system for solution performance and solution upgrade services for performance optimization ▲ risk strategy consulting ▲ and comprehensive IT system support for solution implementation.
According to performance tests, AIR Pack reduced delinquency rates by 23.2% to 48.3% compared to the credit evaluation models held by financial institutions, and achieved a decrease of 42.5% to 75.1% in personal rehabilitation customers. PeopleFund stated that although inquiries about AIR Pack are increasing, it has decided to limit the number of financial institutions signing supply contracts to 10 by the end of this year to ensure stable solution supply and operation.
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PeopleFund plans to continue investing in AI-based financial technology research and development and will add new service products such as loan operation automation solutions to the market. Lee Suhwan, CEO of PeopleFund, said, "The most valuable significance of AIR Pack is that through collaboration with major domestic financial institutions, we have been able to make a meaningful contribution to expanding mid-interest rate loan supply while ensuring profitability," adding, "We will continue to focus on advancing AI financial technology until we completely solve the issues of the interest rate cliff and financial institutions’ profit optimization."
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