b-ilty Qorus Banking Innovation Awards 2023

b-ilty is a digital ecosystem which includes a wide range of financial and credit services, such as traditional banking transactions, credit and debit card services, short-term credit options, factoring for working capital financing, and medium to long-term credit for investment purposes. Additionally, it provides insurance coverage tailored to protect both entrepreneurs and their businesses. These services are delivered directly by the illimity Group or through partnerships with qualified providers. Recognising the diverse needs of entrepreneurs across different sectors, b-ilty adopts a data-driven approach combined with the industry expertise of illimity's Growth Credit division. This approach enables b-ilty to design credit solutions that consider the unique characteristics of individual companies and the specific industries they operate in. It offers both short-term and medium-to-long-term credit options. Leveraging advanced technology and industry experts from LendTech, b-ilty can swiftly analyse numerous indicators, which will continuously adapt to cater to the specific requirements of various economic sectors. Furthermore, b-ilty acknowledges the importance of providing entrepreneurs with comprehensive and easily understandable information to support their business decisions. It offers a user-friendly dashboard that allows entrepreneurs to access real-time financial data, monitor income and expenditure trends, and even view account activity across multiple banks, thanks to PSD2 functionalities. The dashboard will evolve to include innovative tools such as predictive cash flow analysis. Entrepreneurs can also grant access to their platform for their employees, streamlining collaboration within the company and with external professionals like accountants. b-ilty is an adaptable, open platform designed to meet the management needs of each unique business. Furthermore, b-ilty offers a completely digital and user-friendly experience, allowing entrepreneurs, CFOs, and accountants to efficiently manage their company's finances right from their offices. This eliminates the need for paperwork, branch visits, and dependence on others' schedules. Additionally, b-ilty places great emphasis on human interaction. Every b-ilty customer is assigned a dedicated Relationship Manager who is an expert in the relevant industry. These Relationship Managers are readily available to provide tailored advice and guidance as needed. Furthermore, b-ilty features a professional call center called Smart Care, which operates seven days a week to assist customers. In 2022, b-ilty went through a rigorous testing phase during which the credit engine was trained using over EUR 375 million worth of evaluated loan applications. This intensive training resulted in the successful completion of the parallel run phase for the credit engine, allowing for fine-tuning of the tool's credit assessment logic. In May 2023, illimity introduced a new tool named the "Credit Engine," which the bank utilises for assessing creditworthiness. This advancement enables b-ilty to have a quicker loan request processing, objective decision-making, and faster fund disbursement. The Credit Engine relies on a proprietary algorithm powered by artificial intelligence and machine learning, enabling loan approvals in under five minutes. It comprises four components: a user-friendly front end for clients to input information, an automated verification component for anti-money laundering checks, an evaluation model at the core prioritising speed and transparency in credit decisions, and an automated contract component with digital signatures. Furthermore, Credit Engine is accessible to both new and existing clients and businesses. Clients also gain access to current accounts, payment tools, and collection instruments for their day-to-day operations, effectively becoming b-ilty customers. Each b-ilty customer enjoys technical and professional support from a dedicated relationship manager and access to a seven-day-a-week smart care service. The offering continues to evolve and, through an open banking approach, includes not only illimity's products but also selected financial and non-financial partners.