Mbanq Enhances Credit Decisioning for Banks and FinTechs with AI Technology from SMEApprove
Date – 13-Aug-2024
Mbanq introduces AI-powered credit evaluation for financial platforms, streamlining and improving the accuracy of credit decisions when lending to small and medium-sized enterprises (SMEs).
Mbanq Partners with SMEApprove to Revolutionize SME Credit Decisioning with AI-Powered Solutions
Global banking technology and Banking-as-a-Service (BaaS) provider Mbanq has announced a strategic partnership with SMEApprove, a leader in Credit Decisioning-as-a-Service (CDaaS) for the small and medium-sized enterprise (SME) sector. This collaboration aims to enhance the accuracy, speed, and efficiency of credit evaluations for SMEs on Mbanq’s client platforms by integrating advanced artificial intelligence (AI) technologies.
Lars Rottweiler, CTO of Mbanq, stated, “The integration of SMEApprove’s AI-driven credit decisioning platform into Mbanq’s offerings will significantly improve our clients’ ability to make precise and timely credit decisions for small and medium-sized businesses.”
Bryan Carroll, Chairman of SMEApprove, added, “By embedding our cutting-edge credit decisioning technology into Mbanq’s platform, we are empowering lenders to streamline their operations and offer faster, more reliable credit decisions for SMEs. This not only benefits lenders by optimizing their processes but also provides SMEs with quicker access to the capital they need to fuel their growth.”
SMEApprove’s AI and machine learning technology enhance the accuracy of credit assessments, reducing the risk of defaults and accelerating the loan application process. The platform integrates seamlessly with existing credit decisioning systems and leverages a comprehensive library of credit-risk predictors and preconfigured features, enabling lenders to significantly refine their underwriting algorithms.
A key advantage of SMEApprove’s platform is its high level of explainability, a feature that ensures compliance teams can understand, monitor, and trust automated decisions, thus mitigating concerns over regulatory compliance and potential biases in lending practices.
The platform also utilizes a diverse range of data sources, allowing lenders to quickly and accurately assess risk, thereby making more informed decisions. This capability extends credit access to a broader range of SMEs, expanding market opportunities for lenders.
Mbanq, renowned for its robust compliance capabilities, offers a comprehensive suite of services including dispute resolution, regulatory adherence, and compliance support. These services, combined with cutting-edge digital banking technology, empower banks, fintechs, and companies to launch and operate modern financial services with ease, efficiency, and speed.
SMEApprove is committed to making credit more accessible and transparent for SMEs. With a track record of facilitating nearly €70 million in SME loans and supporting over 5,000 jobs, SMEApprove is a trusted partner for businesses seeking to expand their reach and impact.
For more information, visit www.mbanq.com.
