2024-07-09
Consid and Ikano Bank team up for Considition 2024
Sustainable financing takes center stage when Considition 2024 takes place this fall. The organizers, IT company Consid and Ikano Bank, have developed a concept based on how AI and Machine Learning can be used to optimize financial decisions with a focus on sustainability.
“It feels incredibly inspiring to do this together with Ikano Bank. The financial sector faces significant challenges where digital tools and digitized processes can be key to better meeting the future. Our hope is that through Considition, we can find just the tool that gives Ikano Bank new opportunities to create an even better everyday life for its customers going forward,” says Amanda Heldring, project manager for Considition.
During the competition period, the finance and loan market will be in focus. The competing teams will take on the role of Ikano Bank and create an algorithm to enable automatic loan application assessment. The competition consists of several stages, each presenting increasing challenges.
By rigorously testing the algorithm throughout the competition period, the goal is to find a model that uses AI and Machine Learning (ML) to evaluate financing and loans with a focus on sustainability from three perspectives: ecological, social, and economic. The premise is to optimize financial decisions through AI and ML while promoting sustainable alternatives, in line with Ikano Bank’s business idea: “Together we create opportunities for a better everyday life by offering simple, fair, and affordable services, for a sound economy for the many people and businesses.”
“Participating in organizing a hackathon is a new and exciting opportunity for us. By exploring and testing new concepts and technologies, we can find ways to improve our services. We see great potential in using AI and ML to create even greater value for our customers,” says Mikael Andersson, Chief Digital Officer, Ikano Bank.
