– Introducing an innovative loan service using AI credit rating model
– Expected market expansion through savings bank linked investment
Earnest AI (CEO Sanghoon Seo, hereinafter HAI), a financial specialized AI platform company, announced on the 26th that it has launched 'Earnest Fund', a Banking-as-a-Service (BaaS) model based on on-to-up institutional investment.
This BaaS AI loan platform was launched based on the joint investment of leading institutions in the savings bank industry, such as Korea Savings Bank and Daol Savings Bank. Loan applications can be made through the Ernest Fund website and mobile app, and can also be made through the fintech loan comparison service.
HAI's Earnest Fund (BaaS AI lending platform) is an innovative service that provides loans to borrowers at the most reasonable interest rates and limits through an AI lending platform when financial institutions entrust investment funds.
This platform minimizes the risk of loan default by utilizing HAI's self-developed predictive AI-based credit rating system (CSS) 'Lending Intelligence', and features over 95% of complex loan processes being automatically processed by AI software.
By additionally identifying low- to mid-credit and thin-filer customers who were previously impossible to assess or classified as high-risk using traditional credit rating methods, we are also providing new loan opportunities.
HAI's AI CSS 'Lending Intelligence' won first place in the Samsung Card category for AI CSS development at the Samsung Finance C-lab Outside in 2024, and in 2023, it won the grand prize (Financial Services Commission Chairman's Award) for alternative CSS development at the D-Testbed hosted by the Financial Services Commission, proving its excellence.
In addition, we have completed technology verification with 24 companies in all industries, including banking, insurance, card, capital, and savings banks, and confirmed the effect of reducing bad debt costs by up to 60% compared to existing CSS.
Seo Sang-hoon, CEO of HAI, said, “This joint project with a savings bank will be the first case to fully prove that AI lending is safer and more convenient,” and explained, “If a savings bank entrusts funds, it can execute high-quality credit loans using the AI platform without large-scale investment in separate computer system construction.”
Since its establishment in 2015, HAI has attracted a cumulative investment of KRW 47.2 billion. Currently, it has commercialized over 20 AI credit rating models as solutions and is providing innovative services that connect finance and technology, such as signing lending intelligence supply contracts with major domestic financial groups and savings banks.
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