Faster SME Loans – AI at the Center of Banca AideXa and ACTICO’s New Partnership

The two companies team-up to automate Banca AideXa’s approval processes for faster SME financing with artificial intelligence

Immenstaad, February 9, 2023 – Banca AideXa, the Milan-based fintech bank, was established with the goal of providing financing to SMEs in a matter of days by leveraging innovative tools such as AI and Open Banking. To further support its ambitious growth plans, Banca AideXa now needed a more flexible decision engine solution – not only to manage their credit policies, scorecards, pricing and credit decisioning – but to also further enhance AideXa’s proprietary algorithms. The solution needed to enable even faster and more reliable evaluation of loan applications.

 

During the evaluation of potential partners, Banca AideXa determined ACTICO provided the reliable and flexible solution they needed to gain even more flexibility and control of credit assessments through the combination of business rules and machine learning models that Banca AideXa has developed since its inception, thanks to the work of the internal team of Data Scientists.

By combining decision models with AideXa’s proprietary models, human evaluation times now decreased even more, enabling transparent decisions and maximum verifiability for all rules and data models. On a single integrated platform, the credit assessment team has a complete summary picture of a loan applicant’s creditworthiness: from external SCI information, to instant, automated assessment results. In fact, a 10 percent increase in the automatic approval rate of applications is expected.

Traditionally the steps preceding loan disbursements are divided into the stages of online application, receipt of the economic proposal, and evaluation of the company’s profile. Today, thanks to the partnership, the soundness of a business is evaluated in real-time, while the customer proceeds with the online application on Banca AideXa’s website.

As a result, SMEs will now benefit from even faster loan application approval and disbursement times than the already competitive timelines of AideXa’s instant lending products.

 

“Thanks to this collaboration we are still reducing the time it takes to provide credit to Italian small and medium-sized businesses, something on which we have always been at the forefront and on which we aim to accelerate further. In ACTICO we have found a technology player capable of sharing with us an innovative vision of banking processes. Last but not least, the collaboration fits perfectly into our strategic initiatives to innovate and scale even faster in 2023.”
– Walter Rizzi, Chief Product & Customer Officer, Banca AideXa

Banca AideXa is now one of the first entities in Italy, as well as the first fintech, to collaborate with the German player in the integration of AI technologies for the automation of decision-making processes.

 

BANCA AIDEXA

Banca AideXa is the first italian fintech bank exclusively dedicated to SMEs, that seeks to simplify the work of entrepreneurs by helping them develop their projects using new technologies and the opportunities offered by open banking. Banca AideXa enables entrepreneurs to receive a loan proposal in few minutes and get the money just in few days, with a 100% paperless process. Founded in 2020 during the pandemic, Banca AideXa successfully raised €48 million of capital (the largest first round of financing ever for an Italian fintech startup) from high-standing investors and business angels in the banking, business, insurance, fintech and venture capital worlds.
In 2021 received the banking license by BCE and in just two years launched 6 financial products to simplify entrepreneurs’ working life. In September 2022 Banca AideXa was also awarded with the LinkedIn Top Startup 2022 prize (for the second year in a row).

Read more about Banca AideXa at https://www.aidexa.it/en/.

 

About ACTICO

ACTICO is a leading international provider of software for intelligent automation and digital decision-making. Its scalable software combines rule-based technology and machine learning in a unique way and is fully audit-proof. It enables companies of all sizes to process large amounts of data and make and automate AI-powered and rule-based decisions in real time.

Read more about ACTICO at https://www.actico.com/.