Asteria Revolutionizes SME Finance with IBM Watsonx

Asteria, a Stockholm-based fintech startup and IBM Business Partner, is transforming cash management for small and medium-sized enterprises (SMEs). Recognizing that SMEs often lack the financial expertise of larger corporations, Asteria set out to bridge this gap by providing access to sophisticated cash management systems previously unavailable to them. By collaborating with banks, Asteria aims to bolster the resilience of SMEs in their business operations.

In partnership with IBM Client Engineering through the FintechX program, Asteria developed the Asteria Smart Finance Advisor, a virtual assistant designed to be accessible 24/7 via online banking portals. Powered by IBM watsonx Assistant, IBM Watson Discovery, and IBM watsonx.ai, the advisor delivers real-time insights into a business's financial health, answering financial questions and recommending suitable products. This innovation addresses the time-consuming and manual processes previously required of bank advisors.

The pilot program demonstrated a significant reduction in the time spent on loan application advisory. The automation of customer profile analysis and product recommendations, facilitated by IBM watsonx, slashed the advisory process time by 33%. This allows bank advisors to concentrate on more intricate aspects of customer advisory and relationship management, enhancing the overall service quality and efficiency.

Looking ahead, the virtual advisor is expected to empower SMEs with improved profitability, financial stability, and acumen. Simultaneously, it provides banks with new avenues for marketing financial services and enhancing customer education. Asteria's commitment to innovation continues to drive advancements in AI-powered cash flow management, setting new standards for SME financial empowerment.

Value Results:

• 33% Reduction in Advisory Time: Accelerated loan application advisory through automation.

• 24/7 Availability: Continuous access to financial guidance via virtual assistant.

• Enhanced SME Empowerment: Improved profitability, stability, and financial acumen for SMEs.

• Improved Bank Efficiency: Freeing up agents to focus on complex advisory and relationship management.