Finovate Europe 2020 | Genie Advisor


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ITSCREDIT presented in Berlin, at Finovate Europe - the world's largest financial technology fair - an innovative app that aims to help bank customers to manage their savings and loans to achieve short-term financial goals, such as changing their car, going on holiday or renovating their house.

Called Genie Advisor, the app combines information on monthly financial availability and the effort rate of bank customers (obtained through an analysis that combines personal financial data, the European PSD2 directive and information from other banks) with their recent financial profiles, goals and attitudes/behaviors.

Based on these assumptions, the app presents a forecast of the user's financial situation, which in turn will allow the automatic suggestion of the best approach available in the market regarding savings options and the recourse to finance/loans.

"Based on the latest market trends, customer feedback and our innovation strategy, we have developed Genie Advisor, a tool capable of managing the financial life of banks' customers, helping them to achieve their short-term goals. For banks and financial institutions, this innovation provides considerable efficiency gains, leading to an increase in loan volumes", considers João Lima Pinto, CEO of ITSCREDIT.

The presentation of Genie Advisor took place on the morning of February 12 on the main stage of Finovate Europe, the world's most prestigious financial sector-oriented technology fair, in a live demonstration that had to meet the challenge of not exceeding 7 minutes in duration.

"On stage, we carried out the simulation of a car purchase and a summer vacation, in which Genie Advisor performs a quick analysis of the fixed expenses and available savings of a hypothetical bank customer. Based on these elements, the tool proposes to save on the available monthly funds, move to a loan or combine these two options, giving the client a broad and clear view of the most viable option and suggesting savings and loan products that facilitate decision making", explains João Lima Pinto.

Taking also as an example the case that ITSCREDIT simulated on the Finovate stage, besides recommending an amount for the purchase of the car and holidays (based on the user's financial situation), the application suggests the monthly value to save so that the objectives can be achieved, given the time horizon.

If the bank customer chooses to use a loan, Genie Advisor simplifies the whole bureaucratic process of the operation, allowing to upload documents online, accept and confirm the conditions of each credit with a simple click. At this stage, the signing of the respective credit contracts is only pending the receipt of an SMS with a code to authorize the operation.

Taking place in Berlin, Finovate Europe is the European edition of an event focused on technology-oriented to the financial sector, which annually unfolds in five editions to be held in America, Europe and Asia, capturing the attention of the cream of the financial industry on a global scale to learn about the latest solutions proposed by the most innovative Fintech worldwide.