MONIX took the FINNIX app to win two international awards: Best AI Initiative from The Digital Banker's Global Retail Banking Innovation Awards 2022 and Best in Future of Intelligence from IDC Future Enterprise Awards 2022. The FINNIX app makes excellent use of AI and Big Data to create opportunities for those under banked people whose have low income to access legal loans in 5 minutes, as well as provide financial discipline through gamification when keeping good credits. All of this is to alleviate informal debt for the society.
Miss Thiranun Arunwattanakul, Chief Operating Officer of MONIX stated that these two awards are trophies of success from all the team's hard work and dedication in implementing technology that addresses customers' pain points and simplifies the credit application process. We have an advanced and accurate underwriting model that is entirely powered by AI and ML, allowing us to approve loans that are best suited to our customers in 5minutes using only alternative data. Furthermore, to make the application process easier, we offer e-KYC (Electronic Know Your Customer) self-services via our FINNIX app, removing the unnecessary burden of customers visiting offline branches for such activity. Low-income people benefit greatly from this because they save time and money.
Best AI Initiative from the Global Retail Banking Innovation Awards 2022, hosted by The Digital Banker, a leading global media publication. Through the power of AI and machine learning, FINNIX app enables the underbanked to apply for legal loans and receive disbursements in as little as 5 minutes. The entire loan application process can be completed online at any time, from any location, with only an ID card. No pay slips, collateral, or guarantors are required.
Best in Future of Intelligence from IDC Future Enterprise Awards 2022, hosted by IDC, global market intelligence firm. This strengthens MONIX's position as a significant future organization that uses technology and artificial intelligence as the core process in levitating financial lives and financial inclusion for those with lower income. This award also demonstrates the company's expertise in using data for decision making a tall levels.
"We are proud to have helped over 600,000 underbanked people obtain legal access to loans without falling prey to loan sharks. We also promote financial responsibility by employing a gamification feature that rewards those who maintain good credit. In addition, we educate our users about financial literacy and collaborate with our partners to create job opportunities. MONIX currently has over 10 billion Baht in disbursements while keeping our NPL (non-performing loan) rate in the single digits. We are dedicated to improving and enhancing our FINNIX app in order to better people's lives," Miss Thiranun concluded.