Freeing Up Capital with Enhanced Default Prediction: A major financial institution struggled with high default rates and frozen capital. PrimeLend implemented a machine learning model that significantly enhanced default prediction accuracy. This solution allowed the institution to better assess risk and reduce provisions for bad debts, thereby freeing up significant capital for reinvestment. The improved predictive capabilities led to a 30% reduction in defaults and a substantial increase in available capital, profoundly impacting the institution's overall financial health.
Explainable Credit Underwriting with Advanced Feature Synthesis: For a regional bank facing regulatory scrutiny and customer dissatisfaction from opaque credit decisions, PrimeLend developed a transparent AI-driven underwriting model. This model utilized advanced feature synthesis to improve decision-making transparency and accuracy. The new system not only met compliance standards but also increased customer trust and satisfaction, boosting loan volumes and reducing processing times by 40%, thereby enhancing the bank's market competitiveness and profitability.
Early Pay Lending Proposition: Collaborating with a fintech startup, PrimeLend devised an Early Pay Lending system to offer short-term credits based on real-time earnings data. This system enabled the startup to offer competitive, low-risk loans to gig economy workers, using predictive analytics to assess repayment probabilities. The result was a triple-digit growth in loan issuance within the first year, along with a marked decrease in default rates, proving a significant ROI through service expansion and customer base growth.
GenAI Enablement for Unlocking Potential of Documents, Emails, Open Data, and Other Structured Information Using GraphRAG: PrimeLend partnered with a legal firm to streamline their data processing by implementing GraphRAG, a generative AI model that extracts and synthesizes information from various structured and unstructured sources. This enabled the firm to automate complex document analysis, reducing the time spent on document processing by over 70% and significantly lowering operational costs while improving accuracy in client advisories and case preparations.
Perpetual KYC: A global bank implemented PrimeLend’s Perpetual KYC solution to continuously update and verify customer data without manual intervention. This AI-powered system seamlessly integrated with the bank’s existing infrastructure, reducing KYC compliance costs by 50% and improving regulatory compliance. It also enhanced customer experience by reducing onboarding times and maintaining up-to-date records, which minimized the risk of fraud and maintained high standards of compliance.