The Smart Lending Platform Powered by AI
Lenders need a better way to assess creditworthiness and decrease defaults, while borrowers need a better way to demonstrate their creditworthiness. That's why RIVENFI was born.
How it works
Complete intake form
The potential borrowers create an account and fill their personal information.
Complete KYC
We validate their identity to be sure they are real people and they are who they say they are.
Bank account verification
Potential borrowers connect to their bank account and we obtain and analize their historical data such as income, debts, etc.
Interview with our AI Analyst
This is where magic happens, our AI analyst makes questions based on the user's financial data to obtain a more holistic picture about them and their behaviors.
Get Report
We will send a detailed report to our partners so they can take an informed decision to proceed or reject a loan.
Benefits of Rivenfi
For Lenders
Access a wealth of information to better assess creditworthiness and reduce defaults and gain an extra layer of security.
For Borrowers
A personalized approach to show lenders a more holistic view of your financial health.
Why RIVENFI?
Traditional credit scoring methods have long been used to evaluate an individual's creditworthiness, but they often fail to provide a comprehensive financial picture. These methods typically rely on historical data and financial transactions, overlooking important factors such as personal financial behaviors, psychometric insights, and real- time financial health. As a result, they can lead to inaccurate assessments and missed opportunities for both lenders and borrowers. At RivenFI, we aim to bridge this gap by incorporating advanced behavioral analytics and qualitative insights, offering a more holistic and accurate approach to credit scoring.
Integrating behavioral science into actuarial models provides a more comprehensive understanding of risk by considering the psychological and behavioral factors influencing financial decisions. This approach can lead to more accurate predictions of risk default, ultimately improving risk management and underwriting processes. With the powerful blend of Actuarial methods and Behavioral science combined with a large language model, we deliver a comprehensive insight into an individual's capacity and commitment to repay a loan, ensuring more accurate and reliable lending decisions.
What Are You waiting For? Get Started Now
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More than a fad
"Behavioral economics is the study of judgment and choice; it looks at how we make decisions. It was created as an alternative approach to the economic models that tried to explain the behavior of consumers, but which presented certain deficiencies as anomalies — because they didn’t take into account the human factor" (p. 4).
EY-Parthenon. (2021). Behavioral economics applied to the financial sector. Ernst & Young Global Limited.
"The risk is defined as the 'probability of default' and risk management includes all the necessary strategies or practices to mitigate, assess and manage this probability. There is an ongoing debate about rational models to compute and manage this probability of default accurately. The rational models are primarily based on rationality assumption and discard the role of social and behavioral aspects in assessment of risk in financial institutions, on contrary many researchers are justifying the role of human behavior, psychological biases, and non-financial factors in accurate risk assessment" (p. 2).
Kumar, S., & Meena, V. K. (2021). Application of behavioural finance in risk management: A review by using PRISMA framework. International Journal of Advanced Research in Commerce, Management & Social Science, 4(3), 1-12.
Psychometric tests that recognize the financial behavior of individuals are implemented in over 50 countries worldwide, capable of predicting the financial decisions of individuals with 91% accuracy.
Source: LenddoEFL.
Behavioral data and advance analytics have been proven to decrease default rates by up to 28% and increase profits by up to 17%.
Founders
With over 16 years of combined experience in finance and technology, a deep understanding of financial services and extensive experience in software development, they are uniquely positioned to innovate and lead in the Fintech space.
Let's talk about it.
Our Location
Canada.
How Can We Help?
info@ripae.ca