ING deepens partnership with Flowcast
Summary
As part of the collaboration, ING Ventures is investing an additional USD3 million into Flowcast, the fintech startup that provides AI solutions to modernise credit and collection. We believe that machine learning and alternative data capabilities such as those developed and refined by Flowcast will shape the future of financial services and is therefore a strategic priority,” says Frederic Hofmann, managing director of ING Ventures. “Our service allows the bank to be proactive about its lending portfolio, reducing costs, customer churn, and improving the borrower experience,” says Ken So, co-founder and CEO of Flowcast. “It’s a great example of how our credit analysis platform is modernising both sides of the credit marketplace.” Stephanie van Avesaat, head of ING Labs Brussels, says: “ING Belgium is currently running a pilot with Flowcast to further test the customer satisfaction and customer impact of this proactive approach, with the goal of supporting local retail customers across mortgages.” Leveraging its patented machine learning technology and a highly acclaimed team of data scientists, Flowcast creates high-performing models for financial institutions, the aim is improved customer experience, reduced levels of customers in arrears or default, as well as substantially reduced loan-loss provisioning costs. In 2020 the company launched Tillful, a consumer-facing platform which utilises the same core technologies to provide fast, free, and transparent credit scores, and access to credit, to every small and midsize business in the United States.