Last month, Linedata, a global solutions provider for asset management, insurance and credit professionals, announced that it had developed two artificial intelligence modules to help its clients make decisions and increase productivity in the follow-up of client files. Named “Digital Assistant” and “Sales Advisor”, these two modules are available for the Linedata Ekip360 solution but can be deployed on other Lending & Leasing solutions.
Founded in 1998 and based in Neuilly-sur-Seine, France, Linedata, which was created from the merger of three companies: GSI Division des Banques, Line Data and BDB Participation, is a software, services and value-added data provider dedicated to the financial sector.
With 1,100 employees in 20 offices, Linedata provides comprehensive, end-to-end global, humanized technology solutions and services to manage all types of investment processes, from pre-trade to post-settlement, for a wide range of firms, including institutional and collective investment firms, hedge funds, prime brokers, fund managers, transfer agents, corporate savings fund managers, and bank subsidiaries and independents.
With this in mind, in 2011 it developed the Linedata Ekip 360solution.
Alain Mattei, deputy CEO of Linedata’s leasing and credit business, said at the time:
“In Europe, the credit and asset finance industry is focused on risk management on both the commercial and client side. In other parts of the world, however, such as Asia or Latin America, the market is growing rapidly and companies want to reduce time-to-market and make decisions more efficiently. Linedata Ekip360 has unparalleled functionality and combines all types of leasing and lending contracts into one package that can scale to support a company’s growth, whether it is pursuing a geographic or product growth strategy.”
The new Digital Assistant and Sales Advisor modules for the Linedata Ekip360 solution
Sales Advisor to guide financing advisors
To create the Sales Advisor module, Linedata’s experts deployed learning algorithms to calculate a relative probability of closing between different simulations offered to the client while taking into account the evolution of sales policies over time. To achieve this, Linedata worked with a mixed team of data scientists and business experts who were able to collaborate on an accelerated implementation for SOFAC via a Datalab. SOFAC is a Moroccan company specializing in consumer credit.
Its general manager, Khalid Dbich, said:
“Contrary to popular belief, the financing offer that has the best chances of success is not necessarily the one with the lowest monthly payment. It was important for us, at SOFAC, to master all the information upstream in order to provide the best advice, to propose the most suitable financing offers and, ultimately, to remain competitive. Linedata’s Sales Advisor prescriptive analysis module has provided a real answer to our needs. We are immediately eager to participate in this promising project, which focuses on the concrete and tangible contributions of artificial intelligence to the resolution of business issues.”
In concrete terms, Sales Advisor performs analyses based on anonymized data about the buyer, the property to be financed or the financing organization and allows advisors to propose the right offer for their needs.
Linedata has designed Sales Advisor to help its clients optimize their business processes around three main use cases:
– Improve closing rates by determining the most appropriate financing schedules;
– Help sell additional services (insurance, maintenance, etc.);
– Identify loyal customers (future renewals) as early as possible in the installation process.
Digital assistant to benefit from the experience of other case managers
Digital Assistant is based on a recurrent neural network LSTM (Long Short Term Memory) that takes into account the current screen and the sequence of actions that led to it in order to make the prediction. It uses all the traceability data provided by the solution, makes them more reliable and enriches them with new concepts related to accounting or financial processing.
The artificial intelligence suggests actions to a file manager, based on choices previously made by other users on the same type of file. The assistant thus generates the equivalent of a business workflow without requiring complex configuration.
Linedata’s digital assistant is particularly useful for:
– Avoid navigating through multiple sub-menus to select the appropriate option;
– Simplify the handling of a current file by an employee who is not familiar with it by immediately indicating its current status and the next actions to be taken;
– Pass on the essential know-how of more experienced colleagues to newcomers, who benefit from reliable suggestions for the tasks to be performed.
Alain Mattei, Head of Lending & Leasing at Linedata, explains:
“In business intelligence, prescriptive analysis helps decision-making by identifying the best choices among the various options available and within known limits. We have chosen this approach and developed two modules to be integrated into our software offering. This will allow our clients to make more informed decisions while maintaining a high level of productivity and efficiency.”