Branch International Harnessing Artificial Intelligence To Reduce Credit Risk

 

Founder & CEO, of Branch International Matt Flannery speaking on May 29, 2023. PHOTO| COURTESY

By Citizen Team

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.

“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.

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.

Managing Director East Africa, Branch International, Rose Muturi, 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.

She further revealed 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.