Branch Uses Artificial Intelligence to Reduce Credit Risk

Branch International, the pioneer Neobank in Kenya, says it leverages Artificial Intelligence [AI] technology to minimize credit risk. 

Founder & CEO, of Branch International Matt Flannery, says the Neobank’s utilization of AI algorithms has propelled it to the forefront of credit risk management, ensuring reliable and responsible lending practices. 

Mr. Flannery noted by harnessing the power of AI, Branch International is able to offer personalized loan products and minimize risk exposure, resulting in enhanced financial inclusion and economic growth.

[L-R] Branch Chief Technology Officer Anshul Agrawal,Branch Managing Director,East Africa Rose Muturi and Branch Co-Founder and CEO Matt Flannery

“As the first Neobank in Kenya, Branch International continues to transform the banking landscape through its innovative use of AI technology to implement a risk-based lending model that allows it to effectively meet the credit needs of all its customers, meeting customers’ diverse financial needs. By reducing credit risk with AI algorithms, Branch International ensures responsible lending practices that benefit both individuals and the broader economy”, said Rose Muturi, Managing Director East Africa, Branch International. 

Despite AI being an elite technology, Branch is using it to understand customers by studying their data to help and help them be financially disciplined echos Rose. AI has enabled the organization to anticipate the cycle of payments and determine customers credit scores.

In addition to Branch’s core lending services, it unveiled two new features aimed at empowering customers further. Their current Flexi and Target savings products allow customers to enjoy competitive rates – customers get 9% p.a for Flexi and 15% p.a for Target, on their deposits. 

Rose noted that the Neobank recognizes the importance of savings as a vital component of financial stability. To cater to this need, they introduced Branch Flexi Savings Account, a versatile savings solution that allows customers to set aside funds at their own pace. With the competitive interest rates, mentioned above customers can enjoy the benefits of saving while simultaneously accessing funds whenever necessary, providing them with the financial flexibility they require to open a Flexi savings account, 

“All you need to do is fund your account from your Branch wallet. Once your Branch wallet is funded, tap the ‘Savings’ option, select Flexi savings and enter the amount you want to save, complete your savings, and start enjoying an interest of 9% or 15% P.A, “said Rose.

Further revealing that Branch has introduced a new payment option, Pay to Till, within their app. This feature enables customers to make seamless payments to merchants by scanning QR codes at their respective tills. Allowing users, the convenience of making payments directly from their Branch International app, eliminating the need for physical cash transactions. To keep enjoying the benefits of the app, it’s important to always upgrade to the latest version.

Reiterating Branch is a for-profit socially conscious company that uses the power of data science to reduce the cost of delivering financial services in emerging markets. 

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