JUDI.AI accelerates loan applications with AI
Fintech startup JUDI.AI has released a press statement declaring its support for Canada during the financial strains caused by the COVID-19 pandemic.
Based in Vancouver, the company has a dedicated team of PhDs, data scientists, banking industry experts, SaaS developers, physicists and product strategists grouped together with a singular purpose: providing lenders with best-in-class insights into credit risk and financial health.
Believing that digital solutions can be transformative during difficult economic times, JUDI.AI’s credentials as innovators was put to the test recently when it had to design a solution for the government’s Canada Emergency Business Account (CEBA) scheme.
Delivering the solution in a compressed amount of time, the company has now processed more than $150mn in loan applications.
“During these unique times, it’s an important business decision to make to steer slightly away from your short-term product roadmap in order to continue to support Canada’s small business community,” said Gord Baizley, CEO.
“We have a platform that is engineered to enable us to be nimble and make rapid deployments – allowing us to adapt in real-time to the current market demand for support in operationalizing the BCAP loan programs.”
Supporting Canadian business
With loans for SMEs up by 49% across the board, JUDI.AI foresees further disruption to the nation’s economy and is pledging its support to keep small enterprises afloat.
As such, the company has formulated a navigational framework for financial institutions unsure of how to handle increased volumes of loan applications:
Utilise government-funded programmes
Employ remote tools
Monitor loan books in real-time
Supplement decision-making with real-time analytics
JUDI.AI notes that the above can be implemented with great flexibility - institutions have the freedom to choose all for a holistic solution, or select individual items for a more bespoke approach.
The company’s platform can be deployed in approximately two weeks, with the option of grafting certain elements onto an existing system if preferred.
Available services include automated underwriting, credit risk analysis and financial risk monitoring. All of JUDI.AI’s solutions employ cutting-edge AI-powered analytical software and automation capabilities, streamlining decision-making and speeding up the loan process.
As the COVID-19 pandemic continues, innovators like JUDI.AI could make all the difference to the Canadian business community’s continuity.
“We are extremely happy to be able to support the small business community and our valued lending customers through this situation,” added Baizley.
Intelliwave SiteSense boosts APTIM material tracking
“We’ve been engaged with the APTIM team since early 2019 providing SiteSense, our mobile construction SaaS solution, for their maintenance and construction projects, allowing them to track materials and equipment, and manage inventory.
We have been working with the APTIM team to standardize material tracking processes and procedures, ultimately with the goal of reducing the amount of time spent looking for materials. Industry studies show that better management of materials can lead to a 16% increase in craft labour productivity.
Everyone knows construction is one of the oldest industries but it’s one of the least tech driven comparatively. About 95% of Engineering and Construction data captured goes unused, 13% of working hours are spent looking for data and around 30% of companies have applications that don’t integrate.
With APTIM, we’re looking at early risk detection, through predictive analysis and forecasting of material constraints, integrating with the ecosystem of software platforms and reporting on real-time data with a ‘field-first’ focus – through initiatives like the Digital Foreman. The APTIM team has seen great wins in the field, utilising bar-code technology, to check in thousands of material items quickly compared to manual methods.
There are three key areas when it comes to successful Materials Management in the software sector – culture, technology, and vendor engagement.
Given the state of world affairs, access to data needs to be off site via the cloud to support remote working conditions, providing a ‘single source of truth’ accessed by many parties; the tech sector is always growing, so companies need faster and more reliable access to this cloud data; digital supply chain initiatives engage vendors a lot earlier in the process to drive collaboration and to engage with their clients, which gives more assurance as there is more emphasis on automating data capture.
It’s been a challenging period with the pandemic, particularly for the supply chain. Look what happened in the Suez Canal – things can suddenly impact material costs and availability, and you really have to be more efficient to survive and succeed. Virtual system access can solve some issues and you need to look at data access in a wider net.
Solving problems comes down to better visibility, and proactively solving issues with vendors and enabling construction teams to execute their work. The biggest cause of delays is not being able to provide teams with what they need.
On average 2% of materials are lost or re-ordered, which only factors in the material cost, what is not captured is the duplicated effort of procurement, vendor and shipping costs, all of which have an environmental impact.
As things start to stabilise, APTIM continues to utilize SiteSense to boost efficiencies and solve productivity issues proactively. Integrating with 3D/4D modelling is just the precipice of what we can do. Access to data can help you firm up bids to win work, to make better cost estimates, and AI and ML are the next phase, providing an eco-system of tools.
A key focus for Intelliwave and APTIM is to increase the availability of data, whether it’s creating a data warehouse for visualisations or increasing integrations to provide additional value. We want to move to a more of an enterprise usage phase – up to now it’s been project based – so more people can access data in real time.