The Fiji Development Bank (FDB) has launched an innovative AI-assisted credit assessment tool designed to help small business owners access loans more easily, thereby improving engagement with financial services. This initiative represents a key aspect of FDB’s strategy to harness technological advancements to enhance financial solutions across various sectors, including agriculture and micro, small, and medium enterprises (MSMEs), as well as larger commercial entities.
At the launch event, FDB’s Chief Executive Officer, Filimone Waqabaca, emphasized that this pilot program marks the bank’s first step towards a more AI-integrated approach in providing financial services. He pointed out that digital transformation is crucial for boosting operational efficiency, especially in speeding up the loan application process. The initiative aligns with FDB’s strategic goals and national development plans aimed at meeting Sustainable Development Goals.
Waqabaca stated, “A new era of artificial intelligence has dawned… it presents an opportunity for FDB to increase operational efficiency and facilitate improvements in our loan application process.” The program will be implemented in two phases, with the initial phase targeting existing customers who already have a credit profile with the bank. The outcomes of this phase will guide the rollout of phase two, which will eventually extend these services to new customers, thereby expanding FDB’s reach throughout Fiji.
The AI-driven credit assessment tool will be accessible via FDB’s mobile app and website, offering clients an efficient and intelligent method for preliminary loan application evaluations. By leveraging up-to-date customer data alongside existing banking information, the tool intends to create a smooth user experience that emphasizes both speed and convenience. Clients can apply for loans of up to $100,000, including unsecured loans of up to $10,000, provided they meet essential eligibility criteria.
Waqabaca expressed his appreciation to the Market Development Facility and Third Rock for their collaborative effort in bringing this project to life. This initiative signifies FDB’s commitment to enhancing financial services and improving access to capital for small businesses in Fiji, which will contribute to economic growth and strengthen local communities.
FDB’s previous initiatives also include partnerships that support local enterprises with machinery and programs aimed at promoting entrepreneurship, particularly among women and youth. These efforts underscore the bank’s ongoing dedication to empowering local businesses and fostering sustainable economic development within Fiji.
The Fiji Development Bank’s embrace of AI technology heralds a promising future, enhancing financial accessibility and empowering small business owners as they navigate the challenges of securing funds and managing their operations effectively.