Adewumi Ademiju 
Businesses require a variety of components to achieve success, one of which is funds. The ability to make the right decisions and mitigate risk effectively is key for small-scale lending institutions. To help solve the current challenge of default rates and inaccuracies in the lending process, an expert product manager Adebare Adedokun developed a timely app.
The product, Verify, is an AI-driven credit risk assessment tool which helps small-scale lending institutions and banks screen individuals thoroughly before extending credit to them.
Armed with years of experience and an exceptional team, the result was an accessible yet impactful initiative in the industry. It had notable features that set it in a class of its own.
“It offered a data integration feature which allowed for seamless incorporation with several data sources. These sources such as financial statements, credit reports, transaction history, and related activities enabled users to gather comprehensive information about the borrower before making a decision.
By employing technology in certain aspects of decision-making, the evaluation process was greatly streamlined and efficiency improved. Standards such as predefined risk thresholds, industry regulations, key indices etc. were set to reduce the inaccuracies associated with the manual method.
The predictive analytics feature on the platform helped to forecast future credit performance, identify potential defaults, and risks, and optimize operations. This was instrumental in adapting quickly to market trends and clients’ preferences.
The use of machine learning algorithms proved to be an excellent choice. Algorithms such as decision trees were used to analyze the strengths and weaknesses of each individual proposal.
It also enabled the detection of defaults accurately and quickly. It had features which displayed the current state of individual activities and financial ratings. This allowed organizations to monitor KPIs and rectify possible customer loss in a timely manner.
A misconception about technology is the inability to comprehend the rationale behind its decision-making. AI techniques in the product helped users understand the rationale behind assessments providing transparency.
A major challenge was communicating the security of business information, client data and ethical processes to their target audience. Some of the small-scale lending institutions were familiar with their traditional means of credit risk assessments and were skeptical about the affordability and reliability of the platform.
Her tactical leadership and continuous incorporation of feedback were instrumental in addressing this. By addressing their fears, providing affordable payment plans and showing the layers of security available in the initiative, users were convinced. Her outstanding team’s efforts and their resilience paid off in the long run. The results indeed speak for themselves.
She is confident that the product will continue to break boundaries. Its mission remains steadfast: to make financial technology processes simplified for various groups of institutions, enriching user experiences, and driving inclusion in society. With its distinctive features and friendly user interface, it will continue to make a tremendous impact in the fintech sector.
Adebare has proven that expertise is not enough to drive impact as a product manager. A product manager must be willing to lead excellently, take risks and build with the users in mind. Her impressive track record speaks volumes of her diligence, skills and leadership capabilities. It will be fascinating to see her future contributions to the fintech industry.
