The author has developed a side project that extracts unstructured financial data from German limited companies' statements on the Unternehmensregister, converts it into structured data using the ChatGPT API, and utilizes a Random Forest algorithm to predict the probability of company default, ultimately providing credit reports similar to established providers in the market.
Random Forest Algorithm, ChatGPT API, Web scraping, Data Structuring
2024-12-13
- website
Highlight 1
Bonscore uses the ChatGPT API to transform unstructured financial statements into structured data, which works well for a majority of companies, providing valuable insights.
Highlight 2
The Random Forest model that estimates the probability of default performs well, with an impressive AUC score of 0.87, ensuring accurate predictions.
Highlight 3
The platform’s focus on German companies and its use of publicly available financial data creates a niche product with high potential value for businesses needing credit reports.
Improvement 1
The website is only available in German, which limits its accessibility for non-German speaking users.
Improvement 2
The website could benefit from a more user-friendly design, such as clearer navigation and a more intuitive interface.
Improvement 3
Currently, only 2,000 companies are available for analysis. The platform should work on scaling its database to offer more comprehensive coverage.
Product Functionality
Expand the database of companies to provide more comprehensive credit reports. Incorporate features that allow users to download reports or view historical data for better tracking.
UI & UX
Improve the website’s user interface by simplifying the navigation and making the layout more intuitive. Adding a search function and filters would help users find relevant companies quickly.
SEO or Marketing
Increase visibility through targeted SEO strategies focused on keywords related to credit scores, financial health, and German business data. Engaging in content marketing through blogs or articles could also help attract more visitors.
MultiLanguage Support
Implement multi-language support, especially English, to broaden the user base. This could include automatic language detection and the ability to toggle between multiple languages.
- 1
What is Bonscore?
Bonscore is a platform that provides credit scores for companies by analyzing their publicly available financial statements using machine learning algorithms.
- 2
How does Bonscore calculate a company's credit score?
Bonscore uses a Random Forest algorithm to analyze a company's financial statements and estimate the probability of default based on the data extracted from the Unternehmensregister.
- 3
Is Bonscore available in languages other than German?
Currently, Bonscore is only available in German. However, users can use Google Translate for assistance.