Nigerian Bank Reduces Risk, Cost with ML Driving Decisions
Company Size
1,000+
Region
- Africa
Country
- Nigeria
Product
- DataRobot AI Cloud
- AutoML
- Automated Time series
Tech Stack
- Machine Learning
- AI Cloud
- Automated Modeling
Implementation Scale
- Enterprise-wide Deployment
Impact Metrics
- Cost Savings
- Productivity Improvements
Technology Category
- Analytics & Modeling - Machine Learning
- Platform as a Service (PaaS) - Data Management Platforms
Applicable Industries
- Finance & Insurance
Applicable Functions
- Business Operation
Use Cases
- Fraud Detection
Services
- Data Science Services
About The Customer
Carbon Digital Bank provides access to financial services for all Africans. The bank empowers individuals with access to credit, simple payment solutions, high-yield investment opportunities, and easy-to-use tools for personal financial management. Carbon Digital Bank is headquartered in Lagos, Nigeria, with operations extending to Ghana and Kenya. The bank was launched in 2012 by financial industry veterans Ngozi Dozie and Chijioke Dozie to serve the underserved Nigerian market, where 40 percent of Nigerians lacked bank accounts and only about five percent held credit cards. In 2020, the bank processed $240 million in payments.
The Challenge
Carbon Digital Bank, a financial institution serving the underserved African market, needed a way to quickly determine credit risk for individuals without prior credit. The bank also wanted to empower its data science team to take on additional business challenges. The bank had committed to a data-first strategy and looked to AI as an integral part of its decision-making. However, assessing customers' credit worthiness was a major challenge. The bank needed to expedite decisions on hundreds of thousands of loan applications every month.
The Solution
Carbon Digital Bank chose DataRobot’s AI Cloud platform to amplify the efforts of its global data science team. The platform automates much of the process and is continuously evolving with new capabilities. When a consumer submits an application on the Carbon Digital Bank mobile app, models leverage a diverse set of data from first-, second-, and third-party sources to build a credit score within five minutes. Those with better scores gain access to better rates and higher limits. The bank has developed multiple models to help expedite decisions on loan applications. The Carbon Digital Bank algorithms also take into account fraud and anti-money laundering practices, which are prevalent in the Nigerian market, serving numerous guardrails.
Operational Impact
Quantitative Benefit
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