Heaptalk, Jakarta — Indonesia’s credit scoring startup SkorLife has reduced costs by 50% by harnessing Generative AI (GenAI) to transform its customer service operations. SkorLife’s GenAI-powered platform personalized financial advice to 750,000+ active users, helping them make informed financial decisions.
In Indonesia, the company has struggled to build its credit scores properly. In effect, society cannot realize proper upward and full socioeconomic mobility via access to loans and other financial instruments beyond savings accounts. This issue has been due in part to a lack of public clarity. While the nation’s credit bureaus possess the necessary information, there has never been a user-friendly way for consumers to access their credit data and make informed decisions to improve their standings. Consequently, nine out of every ten loan applications in Indonesia are denied.
“One of the core challenges is that the pace of technology has not been matched by the pace of regulatory frameworks in Indonesia, creating a variety of barriers that we need to navigate,” CEO and Co-Founder of Skor Technologies, Ongki Kurniawan conveyed.
For this reason, SkorLife addresses these challenges by providing users with unprecedented control over their credit information through its platform. The app implements a comprehensive approach to credit management, understanding, and disputing credit data, tackling long-standing issues of financial transparency and accessibility. As a result, its app has touched more than 1.5 million downloads since its initial launch in 2022.
Looking ahead, SkorLife is committed to expanding its impact by embracing open banking initiatives in Indonesia. This system will facilitate seamless data exchange between banks, financial institutions, and third parties, fostering a more integrated and user-friendly financial ecosystem.
The integration will allow non-financial companies, such as e-commerce giants like Shopee, Tokopedia, Bukalapak, and others, to embed customized financial services directly into their platforms. For instance, consumers could soon apply for a bank loan via Lazada’s mobile app while shopping for their kid’s back-to-school supplies. Besides, SkorLife aims to enhance the financial well-being of millions across Indonesia by continuing to collaborate with regulatory bodies and financial institutions.
“This is about more than just understanding one’s credit score; it’s about equipping individuals with the knowledge to make informed financial decisions, thereby fostering a more financially literate society,” Ongki added.
In 2023, the startup declared its newest achievement by seizing a seed funding round worth US$4 million. The startup will allocate the fresh injection to further its product development, build its brand awareness, expand its team, and propel company growth. The global tech investor Hummingbird Ventures is known to lead this funding, with participation from QED Investors. Multiple existing investors are also involved in this investment round, including AC Ventures and Saison Capital.
