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A Data-Driven Decision Support System to Automate Innovation Scoring Process in the Financial Sector

sofia 4.0


SOFIA is a cooperative Decision Support System (DSS) used to convert Innovation Scoring methodology to Innovation Scoring Models and Scorecards. These entities are used to automate the Innovation Scoring process, assist in KPI-based Project Success Assessment, estimate Risk and Benchmarking.

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 to:

  • Identify Company progress through time and Innovation trends in industry sectors.
  • Suggest Bank thresholds & priorities in case of limitation in funding sources.
  • Suggest Innovation Models & factor weights.

The experiment will also host an “IT challenge” to create awareness and kick-off the development of new features, during autumn of 2022.


I-Space Coach


I-Spaces Involved

Main Objectives

SOFIA uses Innovation Scoring Models and Scorecards to automate the Innovation Scoring process in any business sector.

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. Through this process, SOFIA will introduce records of business Innovation progress and trends, assist financial institutions in funding decision-making, and analyze data about Innovation Scoring factors.

Main innovations

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.

SOFIA will affect the Financial Data Space through:

Innovation: New Indicators on Innovation Level and Project/Company Assessment.

Market transparency: Metrics for developing new financial products for Innovative Companies, increasing access to funding & bankability.

Sustainable finance: Innovation factors to identify project and team social, economic environmental and cultural impact.

Access to finance: An alternative to Credit Scoring, facilitating access to finance and creating new business opportunities and job openings.

Key Exploitable Results (KERS)

KER01: SOFIA 4.0. Core product, developed and evolved through time. SOFIA is a B2B decision support system for human resource evaluations
KER02: Innovation Scoring Models. They will be produced during the fine-tuning of SOFIA, through the joint project of RENVIS with Hellenic Development Bank (HDB). It is planned to use KER02 to position RENVIS as a B2B market innovator, delivering B2B Cloud Solutions based on concrete scientific analysis.

Technical KPIS

1: Create new datasets to identify trends, estimate risk and produce suggestions: 3
2: Number of formally interested financial institutions to use the Service: 20
3: Number of use cases from financial institutions using SOFIA: 200
4: Number of awareness events: 1


RENVIS provides data-driven cloud-based B2B solutions for effective decision making. Our DSS (SOFIA) offers customized Scoring Models and Scorecards, facilitating the monitoring & automation of Scoring processes. We support initiatives for ICT Sustainability, AI competitiveness and innovation.