Welcome to our X-Europe startup interview series. We have virtually sat down with a number of our founders from past cohorts to hear all about their solutions, vision for the future, and what made them tick during our X Europe programme. So whether you are a deep tech founder looking for startup support, an eagle-eyed investor, or simply interested in the possibilities that technology can bring to society, then we welcome you to take a read. Please meet SPIN Analytics, a startup that digitally transforms Credit Risk Management by leveraging predictive analytics, Artificial Intelligence (AI) and Machine Learning (ML) techniques on Big Data.
Can you briefly explain what your solution is all about? What’s unique about it?
RISKROBOT can help a Bank turn its risk modeling utility from an artisan workshop into an industrial factory. It provides process automation for all the tasks of credit model development, from data cleansing and database integration to model development, validation, and documentation. It also provides a uniform platform for all modeling projects, so that files, data, code, and decisions are stored consistently. This makes it easier for management, senior experts, and model risk to review the decisions made and allows one analyst to easily and quickly take over a project begun by another.
RISKROBOT has two levels of flexibility — senior risk experts can create workflows for common projects, including suggestions for key decisions and templates for documentation, while individual analysts can override any recommendations by the expert system as appropriate for the specific data and model use requirements.
While the platform is capable of hosting any type of analytical risk modeling, we have developed and fine-tuned a suite of workflows for a wide range of credit risk tasks, covering all types of regulatory models as well as many decision support tasks.
What led you to start or join your company? What is the key motivation and mission behind the startup?
RISKROBOT is a game-changing innovation for the Credit Risk Management industry, as it reduces model development and maintenance time by up to 90% and minimizes total direct and indirect costs by more than 70%.
Today this process is still manual in all Banks worldwide. We decided to take action and solve the challenge globally.
What’s the biggest milestone your startup has achieved so far, and what has surprised you most on this journey?
SPIN Analytics has gained significant early traction with many of the largest global banks and has been widely recognized as a leading FinTech company by some of the best FinTech Open Innovation initiatives including Accenture FinTech Labs in NY & HK, Plug& Play Frankfurt, Japan, and Abu Dhabi, ING BANK FinTech Village, MONEY20/20 in the USA, EUROPE, CHINA, SINGAPORE, BBVA Open Talent in AI, and Big Tech providers like Microsoft Azure, DxC Technology and Accenture.
How has X-Europe helped you during the past few months?
We have taken into consideration the valuable advice from our participation in X-Europe and this has helped us to develop our company more in both operationally and product directions.
What are your goals over the next 3, 6, and 12 months?
We are currently expanding in 3 continents (Europe, APAC, and the US). We have a specific plan for the next 12 months with new product add ons and Partnerships.
What advice would you give to an entrepreneur trying to pave his/her way in the Fintech landscape?
Be ready to keep changing your business plan as you are learning how to position your company and product.
What one piece of advice would you give your 21-year-old self?
You could try to work for different fintech as an intern to see from inside the world of entrepreneurship which will enhance you with new skills and a mindset.
What’s unique about the X-Europe program?
Multicultural teams.
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