Avoid losses in the millions – thanks to AI technology

Risk & Credit Data Science & Analytics Credit Risk Management AI & Robotics

Every year, companies lose billions to credit fraud. This is why Bisnode has developed a solution that can identify companies at an abnormally high risk of bankruptcy. For Ativo Finans, technology is a guarantee against losing millions.

The Swedish Federation of Business Owners has calculated that Swedish companies lend billions to phony companies that don’t pay. The unreported figure, however, is thought to be higher, as the calculation includes only reported crimes. Bisnode, a specialist in customer data and data analysis, has now developed Bisnode Fraud Solutions. The solutions are largely based on AI and can therefore caution against risky companies that do not come up in ordinary credit analyses.

Bisnode RiskGuardian Suite

The umbrella for Bisnode’s online credit tool that’s based on several accurate valuation models and aims to optimize credit. Bisnode’s solutions can be integrated into the desired interface.
Monitors and analyzes new and existing customers through current credit information and provides an overall picture of the credit risk.
Contains Payment Index, which flags late payers.
Rates the payment ability of private individuals.
Based on the AAA credit rating system that best forecasts bankruptcies.
Automates credit decisions and makes it possible to say yes/no to more customers as credit information is constantly being updated. Reduces the handling cost while creating a smoother customer experience.
Fraud Solutions detects companies at an increased risk of bankruptcy through pattern recognition and analysis of previous credit losses.

As a result, Ativo Finans, whose business focuses on corporate loans, has managed to avoid major losses: “Only a week ago, we were able to identify a higher than normal level of risk for a company that wanted to become our customer. I estimate that this could have cost us anywhere between SEK 200,000 to SEK 1 million. Broadly speaking, we’ve identified risk objects that would have likely resulted in annual costs in the millions,” says Credit Manager Erik Finné.

 

Fits our business like a glove

Ativo Finans combines Bisnode’s AI system with its own models for text analysis and invoice assessment – which further reduces the risk of credit fraud.

“Bisnode has a long history of offering quality solutions and its rating system fits our business like a glove,” says Erik Finné.

He thinks that AI will play an even greater role in their business in future, mainly in terms of handling customers: “We’re always looking at opportunities for developing our business in order to robotize ‘boring’ tasks and tasks that require a huge amount of expertise in data analysis. The strength lies in the fact that anyone can process huge amounts of data without any real prior experience – and also interpret the results,” says Finné, then adds: “Although our industry is quite traditional, Ativo’s objective is to help the customer better understand their liquidity needs by offering smart cash flow. To achieve this, part of the journey involves using technology such as AI to anticipate any liquidity needs.”

Bisnode Risk Guardian Suite – the full protection

A solution with services that can give full protection for your whole business. Check them out separately or contact our sales people and they will guide you to the right solution for your needs. 

Credit Reports
For all businesses of all sizes. Get the full picture or just pick the one relevant for your purpose. Add-ons eg monitor and portfolio.
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AML Compliance
Check your business partners for due diligence automatically – including suspicious money transfers, PEP and sanction lists.
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Risk Decisioning (API)
Connect to our moden API and receive the full-service solution for credit automation.