Swiss P2P debuts AI loan predictor
Swiss peer-to-peer lending platform CG24 Group has introduced a new loan predictor tool which is wholly powered by artificial intelligence (AI).
The tool can provide small and medium-sized enterprises (SMEs) with real-time information on the likelihood of loan approval. It is free to use, and only requires a few company details, an email address and the conditions for a potential loan.
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The loan predictor combines this information with external creditworthiness data and uses a sophisticated algorithm to generate a percentage-based probability of loan approval.
“By utilising advanced machine learning techniques and providing comprehensive prediction tools to borrowers in all financing sectors, we strive to make the entire lending industry more accessible, efficient, and transparent,” said Christoph M. Mueller, founder of CG24.
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The company added that it plans to further develop the loan predictor into a comprehensive decision-making tool that “minimises time-consuming verification steps and empowers SMEs to make independent and informed decisions.”
CG24 is one of the largest P2P lending platforms in Europe with cumulative lending of more than €1.2bn (£1.03bn) to date. It specialises in offering consumer loans, and offers target investor returns of approximately 4.8 per cent per annum. It is based in Zurich, Switzerland.
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