MANAMA: Verofax, founded by Wassim Merheby, with Turnkey Lender as technology partner has won the BisB Innovation Challenge with its credit scoring solution.
The globally mature and enterprise ready fintech was selected after rigorous screening to ensure a solution with the requisite level of feasibility and security to maintain the confidentiality and security of customers’ financial data.
The competition was run as part of the bank’s partnership with FinHub 973, the CBB’s Digital Lab.
Wesam Baqer, chief corporate and institutional banking at BisB, who was a member of the judging panel, said, “We are confident that the credit scoring solution will bring a level of innovation to the banking industry that is both convenient and safe. The solution will ultimately simplify money matters for our customers securely, and will streamline internal operations while providing them with data-backed intelligence, allowing us to deliver an exceptional level of service.”
Competitors were required to brainstorm big ideas and develop a solution in the form of a mature platform that uses adaptive machine learning and AI to empower the bank’s financial advisory unit with advanced data insights enabling more personalised banking for clients, especially in the wake of the pandemic that is evolving the banking landscape.
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