InfoWatch Financial Digital Profile

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2021: Development of the Financial Digital Profile Service

On March 3, 2021, the GK InfoWatch reported that within the framework of the FinTech direction, it developed the Financial Digital Profile service, which allows Russian enterprises to quickly, without loss of time and funds, prepare all the documentation necessary for banks and attract borrowed funds to the business.

The service allows medium and small banks online to obtain an objective assessment of the solvency, financial stability, business and investment activity and effectiveness of a specific enterprise that has applied for a loan or other financial services.

The "financial digital profile" can also be used by banks to accurately assess risks in factoring and issuing a bank guarantee, to regularly monitor the current client portfolio and to timely identify the risks of overdue obligations from already existing customers. The assessment of such risks is carried out using artificial intelligence technologies and becomes possible through the mining of a large number of sources, different types of data, unique methodologies for processing and analyzing the collected information.

The creation of a digital profile is possible in almost all areas of the economy. And the use of this profile (necessarily with the consent of the client) is possible in any instances interested in such information (banks, factoring, insurance companies, investment funds). Also, the enriched financial and digital profile can be used to assess the financial condition of the counterparty.

As of March 2021, for the preparation of financial reports of the enterprise, bank customers mainly manually collect, process and download data from accounting accounting systems, which takes months and requires special training of staff. Banking institutions, receiving financial statements of the enterprise, in turn, should conduct their own analysis and verification of financial indicators with the involvement of qualified specialists. An important factor affecting the speed of obtaining data in the preparation of financial reports is the lack of up-to-date information in open sources on the financial condition of enterprises, or a significant delay in the appearance of this information (8-9 months). The Financial Digital Profile service allows you to reduce the time for submitting reports to banks and verifying information in them tenfold. This means significantly reducing the time taken to obtain loans and the time required for the influx of money into the business.

GK InfoWatch has been developing in the fintech direction since 2017. The experience of creating a single banking platform to automate labor-intensive financial transactions for B2B clients allowed us to correctly assess the market prospects. And focus on developing services whose key features are security, speed and usability. Our services are available to all financial institutions, and not only to the giants of the banking industry. As a rule, leading banks use their own fintech developments. "Financial digital profile" gives a good opportunity for medium and small banks to use promising technologies to provide high-quality and sought-after services to legal entities, "comments Natalya Kasperskaya, President of the InfoWatch Group of Companies, for banks.

By creating a trusted environment of interaction between the bank and its potential client, necessary when providing sensitive financial data, the process of issuing and receiving credit funds becomes simple and secure.