They develop a tool to speed up the approval of credits in...

The main barriers to access to credit in Colombia are self-exclusion, requirements, high costs and negative reports.

One of the biggest headaches when accessing a financial credit is the delay in approval of the application or, that it is denied due to lack of outdated data and information, added to the poor implementation of technologies that allow that information to be processed in real time so that risk assessors can have a correct picture of the credit status of each person, which makes financial inclusion difficult in part.

And it is that, according to a study by the Banking of Opportunities, in Colombia there are more than 32.7 million adults who have at least one savings or credit product, that is, 89 out of every 100 Colombians have decided to join the financial system. However, the approval processes are still cumbersome and deficient.

The study by the Banking of Opportunities also reveals that the main barriers to access to credit in Colombia are self-exclusion (64%), requirements (20%), high costs (10%) and negative reports in credit institutions (5%).

In order to automate processes, and for risk assessors to have quick and first-hand information, the North American company Bazadise developed a credit decision engine that allows the risk and credit teams of any financial institution to improve their operation flexibly.

With this tool, financial institutions would also not have to depend on the area of technological development when making changes to the rules or models that automate the granting of loans to individuals and companies.

Bazadise helps implement artificial intelligence in credit decision-making processes.

The decision engine takes only 0.1 seconds to analyze the data of each user within the credit bureaus, see the guidelines implemented by the financial institution and resolve each transaction; allowing people to know if their loan is rejected or approved, how much can be granted and in how many installments they would have to pay it.

At the end of 2021, the number of transactions generated through this tool increased by 149%, compared to what was reported in 2020, from 2.4 million operations to more than six million. By 2022, it is planned to register 12 million transactions.