HonestAI BaaS AI Loan Applications Surge to 1,000 Daily

Financial specialized AI platform company Honest AI (HAI) is injecting a fresh breeze into the financial sector by introducing its innovative BaaS AI lending platform, 'Honest Fund,' through the financial regulatory sandbox. Launched on May 26th, the platform immediately garnered an enthusiastic response, experiencing overwhelming customer interest with over 1,000 loan applications pouring in daily. This achievement is attributed to HAI's self-developed AI credit evaluation model. It successfully provided substantial loan opportunities by accurately assessing the actual repayment capabilities of individuals with mid-to-low credit scores and those with limited financial history (thin-filers), who were often underserved by traditional financial institutions. Building on this success, HAI plans to expand its network of partner financial institutions by the end of the year and increase the supply of credit loans through the advancement of its AI lending platform, aiming to more actively address the demand for mid-interest rate loans. HAI's BaaS AI lending platform enables financial institutions to easily build AI-based loan assets through capital investment, without the need for large-scale IT system construction or complex organizational expansion. This offers innovative growth opportunities, particularly for small and medium-sized savings banks that have struggled to enter the personal credit loan market due to initial setup costs and a lack of screening and management capabilities. By entrusting the entire loan process to HAI's AI platform, these savings banks can maximize operational efficiency, rapidly acquire AI competitiveness, and enjoy the benefits of an improved profit structure. At its core is HAI's AI credit evaluation system, 'Lending Intelligence.' This system automates over 95% of the entire process, from loan screening to post-management, dramatically boosting operational efficiency and significantly reducing default risk. Its technological prowess has been recognized with prestigious awards, including 1st place in Samsung Financial C-lab Outside and the Financial Services Commission D-Testbed Grand Prize. Technical verification with 24 financial institutions further confirmed its remarkable ability to reduce bad debt costs by up to 60% compared to existing Credit Scoring Systems (CSS). Customers can conveniently apply for loans anytime, anywhere, not only through Korea's top 6 major fintech loan comparison platforms but also via Honest Fund's own website and mobile app. Seo Sang-hoon, CEO of HAI, expressed his ambition, stating, "This is the first successful case demonstrating that data and AI technology can resolve inefficiencies in the financial market and open up opportunities for inclusive finance to more people." He added, "While ensuring stable service operations and meticulous risk management, we will also strive to encourage more financial institution partners to join this innovation."