Alfa, the market-leading provider of software for the asset finance industry, has secured its first revenue-generating work for Alfa iQ Limited.
Alfa iQ is a partnership between Alfa and Bitfount Limited which combines decades of asset finance expertise with deep artificial intelligence and machine learning capabilities. The intelligence platform enables customers to make better decisions and to adapt quickly to changing market conditions through these methods.
Alfa iQ spent 2021 engaged in prototyping work with Alfa customers which successfully evidenced that there were significant business benefits of artificial intelligence and machine learning applications within the asset finance industry. Alfa iQ has now been engaged by two leading organisations, one providing automotive finance and the other business finance, to implement artificial intelligence and machine learning solutions within their businesses.
Andrew Denton, Chief Executive Officer of Alfa says, “I am delighted that, having proven the opportunity in artificial intelligence and machine learning in the lending industry last year, Alfa iQ is moving from that exploration phase into practical application, and generating revenue in 2022 as planned.
“Moreover, I am excited to be starting on the journey of applying artificial intelligence and machine learning to help our customers optimise service levels and improve the quality of decision making to increase returns and alleviate risk.”
The projects build on two different applications of artificial intelligence and machine learning in asset finance: improvements to originations and workflow optimisation. Plans for further applications are also being developed.
Blaise Thomson, CEO/Founder of Bitfount added, “It has been wonderful to start being able to quantify the impacts that machine learning and analytics can have on the asset finance industry. We are looking forward to our next stage as we start to realise those effects with live customers.”