tbi bank reduced the time needed to analyse SME financial statements by 8 times with Prime Dash automation solutions

SMEs play a major role in the European economy, as they account for more than 99% of the total number of companies, according to Eurostat data. At the same time, in Romania, due to their smaller size and a complicated economic environment, they usually find it difficult to obtain financing, mainly because of excessive red tape.

tbi bank, a Southeastern Europe leading challenger bank, reduced the time needed to analyse the financial statements of SMEs from 40 to 5 minutes, thanks to the automation solutions from Prime Dash, a fast-growing fintech startup from Romania and a participant in the Visa Innovation Program.

Prime Dash leverages technologies such as AI, Machine Learning (ML), Robotic Process Automation (RPA), and Advanced Analytics to facilitate real-time financial decision making for the small and medium enterprises. Via automation tools, the fintech allows SMEs to receive hyper personalized credit products from the financial institutions.

”SMEs are the backbone of an economy and their financing needs are often only partially met. The agreement with Prime Dash allows us to quickly provide them with the help they require and thus make an important contribution to the smooth running of the Romanian economy”, said Andrei Hoinarescu, Head of Business Banking, tbi bank.

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The main goal of the partnership is for tbi bank to reduce the time spent on financial risk assessment and monitoring via automation. Moreover, the bank can better serve its SME clients with specially developed credit offers based on their specific needs and profile.

“Our main mission is to optimize the Financial Risk Assessment in the internal bank process using those technologies and we have greatly reduced the average time spent in this process. This partnership brought a great value to our company, because we can have a bigger impact on the business environment and help SMEs to improve their proposition. We can tailor our products towards different customers and help financial institutions to better help the economy as a whole”, says Catalin Rus, Co-founder and COO of Prime Dash.