Naktergal.TECH: Building a consumer focused lending system
Technology has forged its way into the finance industry, giving rise to what we now refer to as FinTech. In this interview, we speak with Erik Bennerhult, CTO at Näktergal Financial Technology, a consumer-focused lending system, about how Artificial Intelligence and Machine Learning are playing an eminent role in the FinTech industry. We also learn about how Näktergal’s philosophy of collaboration got them chosen by Business Sweden to represent Sweden at Digital Enterprise Show 2017.
Tell us about the Magellan platform
Unlike other consumer lending systems that are about ‘lending’ and ‘systems’, the Magellan platform is about the consumer. Banks deliver poor customer experience due to legacy systems and technical debt. However, we improve customer experience by minimizing the application process from several days to a few minutes. Next, we’ve automated the entire credit process – enabling banks to lower interest rates. Additionally, we provide data and analytics to help banks understand their consumers and improve their offering. Our secret sauce is collaboration – we continuously scout and add the best functionality to our core lending system.
How is Artificial Intelligence (AI) and Machine Learning (ML) improving the FinTech industry?
We see Artificial Intelligence and Machine Learning as the natural progression of automation. Currently, we use AI and ML to improve customer scoring, finding and preventing fraudulent money laundering, assisting customers and using guided analytics. These are all amazing features, but we believe we are still just scratching the surface.
What are the latest tech advancements that will make banking, credit management and consumer lending more efficient in the future?
With tech advancing at such a rapid rate, that is something even we do not know. Instead of gambling on one tech advancement, we have designed our system and company for easy collaboration with multiple technologies.
You have been chosen by Business Sweden to represent Sweden at Digital Enterprise Show 2017 – DES2017. Tell us how you got selected for this prestigious program.
We truly believe in collaboration and sharing, and have constructively spent quite some time on finding partnerships, talking at events and connecting with people. It’s been fun-filled, and it works! People are now contacting us almost every day – research students wanting to do joint projects, IBM wanting to co-build things and Business Sweden about representing Sweden, to name a few. We absolutely love this, so don’t be shy if you have an idea you think we could help you with!
How has a .tech domain helped you create stronger FinTech brand?
.Tech just feels right for us. We haven’t had the domain long enough to say anything with certainty, but all the feedback that we have received so far is positive.