SamePage Group Ltd Selected For IBM’s Watson Build Challenge

SamePage begins development on a cognitive business solution using IBM Watson APIs on IBM Cloud to underwrite loan applications and improve risk assessment

Cardiff, UK – 14 Sep 2017: SamePage Group Ltd has been selected in phase two of the Watson Build challenge to develop its cognitive business plan, which applies IBM Watson APIs to automatically underwrite loan applications and improve risk assessment, into a working prototype on the IBM Cloud. IBM will provide SamePage with access to IBM development tools, business mentors and cognitive specialists to bring its concept to life.

The Watson Build challenge is IBM’s first cognitive challenge designed solely for Business Partners. In phase one, IBM received hundreds of business plan submissions from business  partners around the world. In phase two, select Watson based solutions were chosen to progress to the next phase where partners will build working prototypes to demonstrate these cognitive products and services.

The response to our first-ever Watson Build challenge for business partners has been phenomenal,” said John Teltsch, General Manager, IBM Global Business Partners. “We congratulate SamePage for presenting a strong business plan centered around IBM Cloud and Watson and progressing to the next round of the challenge. We look forward to supporting SamePage as they work on a prototype for their digitally enabled Loan Origination Platform, with the goal of bringing it to our joint clients”.

SamePage offers a business-empowered software solution for financial institutions. As a result of the Watson Build challenge, it also plans to incorporate Watson APIs as part of the ris assessment process, which the company expects will consequently lower the cost of managing credit and loan applications while significantly improving the accuracy of credit risk assessment. The SamePage platform supports an entirely digital end-to-end process including the quote, application (via web, mobile and electronic channels), assessment, pricing, fulfilment and issue of funds. This process is optimised to deliver significant benefits in terms of speed of service
and cost of processing.

The SamePage Watson Build prototype will initially focus on using Watson APIs to provide product functionality based on previous spending behaviour, income sources and certainty of payment. To do this, SamePage will use several IBM Watson APIs, including:
• Watson Discovery,
• Watson Natural Language Classifier,
• Watson Tone Analyser and
• Watson Natural Language Understanding.

Robert Evans, SamePage Product Director, said “We are thrilled to have been selected for phase two of this prestigious project and the potential value it will deliver within our innovative platform”. SamePage Technical Director, Gavin Johns, also added “We see the use of AI in underwriting and risk assessment as a logical next step in our business plan to improve and simplify the entire financial application process. The IBM Watson Build program offers us a proven platform upon which we can further build our machine learning and AI technical strategy”.
This is SamePage’s first time developing a solution with AI technologies, and initial feedback from customers has been overwhelmingly positive. As lenders evolve their risk assessment strategies and processes, they are looking at newer fintech solutions to support data analysis and enrichment and also patterns that can identify good, poor or even fraudulent applications; AI — and IBM Watson in particular — is a key component capable of delivering such strategies. With its Loan Origination Platform prototype, SamePage aims to use IBM Watson to deliver a platform with unique, cognitive capabilities in the loan application market.

SamePage Group Ltd is an IBM Business Partner in IBM PartnerWorld, a program that gives channel partners the resources and tools they need to succeed in the Cognitive Era.
For more on the Watson Build, click here.

About SamePage Group Ltd

SamePage Group Limited is an independent Financial Technology company based in Cardiff,
United Kingdom. For more information, visit: www.samepagegroup.com.

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