New technologies and solutions have been applied to a number of long-running services. These always try to make them more accurate, faster and issues-free as far as they can go, and they have achieved (in most cases) an impressively high hit rate. The latest comes in the shape of a new revolutionising solution able to sort out a psychographic credit score based on cultural and behavioural principles besides the well-known economic data. AdviceRobo's team are behind such invention and it is said to give another twist to a controversial metric measure. AdviceRobo demoed at FinovateEurope 2019 its revolutionizing solution to "assess credit quality by applying smart psychographic credit processing, artificial intelligence and the internet of things. This is world's first solution that integrates lifestyles, attitudes and beliefs of people and other behavioural data into smart credit software," they said in a press release.

The UK fintech market is experiencing a new wave of innovation. Developments in artificial intelligence and machine learning are giving rise to a new generation of fintech startups. Prop trading houses and hedge funds have been using machine learning techniques for years to beat financial markets. It's interesting to see A.I. making its way into mainstream fintech. Companies are leveraging the technology to make sense of large volumes of data, making financial products and services more accessible for the end user.

AdviceRobo combines the worlds of artificial intelligence scoring and robo-advisory to create a solution for the next-generation of financial institutions. The Dutch firm, with its London office at Level39, uses data and machine learning to support lending for millennials and SMEs. The tech is white-label and backed by specialists in finance, AI, behavioural science and software development. The Seedrs funds will be used to grow the firm's UK presence – find out more and take part in the campaign here. The data explosion and the use of new technologies such as Machine Learning can help to predict risk at an individual customer level.' says Diederick van Thiel, CEO of AdviceRobo,.

Robo-advisors are currently a prominent topic in fintech as they are disrupting the wealth management industry with their easy-to-use low-cost passive investment management service, which has grown in popularity amongst investors. However, 'robo-advice' is no longer just specific to the wealth management industry. According to Diederick Van Thiel, co-founder of Dutch fintech company AdviceRobo, banks could also use'robo-advice' to predict the creditworthiness of its customers, through the use of artificial intelligence and machine learning. This could be especially beneficial for challenger banks that tailor their services primarily towards millennials who may have limited credit history or no credit score at all. In this case, using the traditional model of assessing a customers credit risk, by taking into account 16 variables of structured data, would not be an effective way of predicting a customer's credit risk.