SOFIA 4.0: A DATA-DRIVEN DECISION SUPPORT SYSTEM TO AUTOMATE INNOVATION SCORING PROCESS IN THE FINANCIAL SECTOR
SOFIA is a cooperative Decision Support System (DSS) used to convert Innovation Scoring methodology to Innovation Scoring Models and Scorecards. With the execution of the experiment, SOFIA’s data will be collected, anonymized, and combined with datasets from EUHubs4Data and external open data. Subsequently, classification, pattern recognition, and algorithms will be implemented.
Start date: 05/01/2022
Duration in months: 9
Problem Description
The aim of the experiment is to collect, anonymize, and combine SOFIA’s data with datasets from EUHubs4Data and external open data. Subsequently, classification, pattern recognition, and other algorithms will be implemented to identify company progress through time and Innovation trends in industry sectors,suggest Bank thresholds & priorities in case of limitation in funding sources andsuggest Innovation Models & factor weights.
Goals
New services
Challenges
SOFIA will be used to calculate Innovation Scoring and act supplementary to the traditional banking credit and investment evaluation criteria, to offer an alternative to conventional Credit Scoring, facilitating access to finance, especially for Micro-sized companies.
Innovation results
SOFIA is an Innovative Scoring system that offers customization without complexity and low implementation costs.The new SOFIA version will provide suggestions based on existing, external, and newly created datasets, create added value to data entered and will introduce:-An Innovation Scoring tool at international level.-ML models stemming from financial banking transactions, consumer behaviors, and macro-economic company datasets.-An alternative Scoring process for companies.
Business impact
Confidential