With the application AQClients360, Danish banks have a new intelligent tool for assessing customers. Through smart utilization of data and algorithms, the software supports the customer risk management.
The new tool for banks has been launched by AQRisk. Just a few years after company founder and director Morten Virenfeldt got the idea for the application, a number of Danish banks have already implemented the new tool. Among others, Frøs Sparekasse, Sparekassen Thy, Salling Bank and Fynske Bank are using AQClients360. 18 Danish banks are expected to use the platform by the end of the year, and international scaling is planned from 2021.
“The application AQClients360 gives banks a valuable 360-degree assessment of customers, optimizes the management of the banking business and supports the assessment of the right price for the individual customer through intelligent utilization of data and calculations,” explains Morten Virenfeldt, who has developed AQClients360 in a close strategic partnership with the software house Uptime Development. Morten Virenfeldt states that Uptime Development was chosen as partner because of high quality coding and short implementation times. “They are among the best software houses in Denmark by quality. We avoided myriad of expensive iterations,” says the director of AQRisk, who is pleased with the collaboration with the Vejle company.
Based on information about the customer in combination with the bank’s own conditions, AQClients360 calculates the individual interest rates.
Among software development and other tasks, Uptime Development is responsible for technical implementation in close collaboration with three major data centres BEC, SDC and Bankdata.