Project description
Pairing customers with the right banks
Both consumers and businesses face difficulties in finding the best bank for a loan. This has proved to be a serious problem since it discourages and hampers many customers from successfully applying for loans and it also causes a waste of time and money. The EU-funded IRMELI project will develop an innovative AI-based platform that will be able to improve itself and assist customers with finding the best bank for them. It will do this by improving itself on old and new decisions when it comes to brokering. It will also be able to be adapted for all languages. This platform will be able to thus assist customers with brokering with the best banks for their goals.
Objective
For consumers, it is laborious and time-consuming to find and compare loan providers. Without the comparison, customers waste money and gain less beneficial terms of contract with the non-optimal bank. LVS Brokers is a fintech company that has developed an AI-based brokering technology platform and provides brokering services in the financial industry, e.g. to banks and lenders. Brokering service finds the perfect match between the customer and bank. The innovative AI-based LVS platform develops itself based on previous and new decisions and is scalable to other areas and all languages. The unique AI-based technology digitalises and automatises the work that competitors perform mainly manually. Proof-of-concept on national market in Finland shows high success and client need: currently the loan application volume is over 4 B€, the company has over 400 000 customers, and over 40 service providers are using the platform. LVS Brokers delivers more business for banks and other companies, such as electricity companies, real estate agencies and insurance companies, and it saves time and money for corporate and consumer customers in brokering processes. The company targets emerging global market on online brokering services and has multiple scalability opportunities in service and market sectors. The commercialisation is well prepared, and the Phase 1 feasibility study will produce the detailed business plan to support the scale-up. The target is to reach 350 M€ growth during the 5-year period (2% market share). LVS Brokers has a talented and dedicated group of 7 with in-depth international business and industry expertise and technology understanding in the fields of software, AI, machine learning engineering and integrations. Ongoing recruitments and an active network of relevant partners and stakeholders support the scale-up.
Fields of science
Programme(s)
Funding Scheme
SME-1 - SME instrument phase 1Coordinator
00101 HELSINKI
Finland
The organization defined itself as SME (small and medium-sized enterprise) at the time the Grant Agreement was signed.