Finland's leading provider of innovative digital business and consumer information services, Asiakastieto chose to build a data-based credit assessment system to assist an industry move to open banking, comply with new European Union (EU) personal data protection regulations, and help overcome high levels of debt in the Nordics. Asiakastieto created the 'Account Insight' application with Red Hat OpenShift Container Platform and Red Hat Integration. Account Insight helps to minimize personal debt and payment defaults by providing a more accurate evaluation of a person's repayment capabilities.
With personal debt levels in the Nordic nations at all-time highs, one of Asiakastieto's company aims is to help citizens decrease their debt. Using data from applicants' bank accounts, lenders may more precisely assess an individual's capacity to repay loans via Account Insight. Asiakastieto may obtain this information reliably and securely through a centralized integration interface thanks to API-based links to other banks and credit suppliers managed by 3scale API Management. As a consequence, the firm may aid in the reduction of repayment defaults and the alleviation of some of the issues that excessive personal debt poses to both borrowers and society.
Asiakastieto has also shortened the time of the Account Insight development and deployment cycle by using the Red Hat OpenShift Container Platform as the scalable, flexible backbone of its collaborative development project. “OpenShift Container Platform let us share the test environment with the customers who collaborated with us on this project to do their integration testing,” explained Eero Arvonen, Solution Architect at The Asiakastieto Group. Additionally, 3scale API Management allows the firm to modify how its APIs are published, allowing it to develop and launch updates to its integrations more rapidly. Arvonen said, “We can test different end-customer pricing models for our APIs, all via configuration and without any need to build and redeploy code,”.
Benefits of Account Insight
1. Loan payment assessment accuracy improved, leading to fewer defaults and reduced debt levels.
2. Credit application development time has decreased.
3. A long-term relationship for collaborative innovation has been established.
Red Hat Services Used By Asiakastieto
Red Hat OpenShift Container Platform, Red Hat Integration, Red Hat Runtimes, Red Hat 3scale API Management, and Red Hat Data Grid are the Red Hat technologies used for Account Insight. Asiakastieto's teams interacted collaboratively with Red Hat during the project's collaborative development phase to utilize the attributes and features of OpenShift, 3scale, and other Red Hat products and services.
Asiakastieto is already contemplating upgrades to its application beyond the introduction of Account Insights in early 2020, such as switching from Thorntail to Quarkus to optimize its hardware utilization by improving microservice start-up times, memory use, and server density. The company expects Account Insight to become its universal solution for credit evaluation needs for enterprises and individuals across all market sectors once the app is released. It aims to leverage the solution's scalability to spread its usage—and the resulting individual and social benefits—across the whole European Union, rather than just Finland and Sweden. Asiakastieto intends to continue working with Red Hat on upgrades and new methods to develop with this objective in mind. “We’ve had a strong relationship with Red Hat for a long time and they’re a great support to us,” explained Arvonen.
Asiakastieto is a leading digital business and consumer information service provider based in Helsinki. Asiakastieto collects data and information and transforms them into analytical data models and insights that are employed in interactions between individuals, businesses, and society. Its services assist organizations and individuals with day-to-day decision-making processes such as finance, sales, and marketing. The company assists a variety of industries, the most important of which are banking and finance, small companies, retail commerce, and the service industry. Asiakastieto is part of the Enento Group, a Nordic knowledge firm with a revenue of 151 million euros and 430 staff spread over eight locations in Finland, Sweden, Norway, and Denmark.
As we saw in this case study, choosing the right technologies for your company's goals is a vital decision. For this reason, you should find the technology that will be suitable for the life cycle of the project you want to work on and integrate this technology into your company as Asiakastieto did with Red Hat technologies.
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