Featuring the launch of MyCreditRobo, our commitment to empower people to make better financial choices, the announcement of two (!) new AdviceRobo partnerships, and more…. 🌍
[ #REVOLUTION ]
As of last week, psychographic credit scoring is not only affordable for big banks, but for smaller lenders as well. Credit unions, P2P lending platforms, NextGen banks, FinTech start-ups and other lenders providing credit to consumers as well as SME’s can assess creditworthiness using psychographics.
Diederick van Thiel, CEO of AdviceRobo: “We fully support lenders applying new digital tools like psychographic credit scoring. Assessing creditworthiness making use of additional data and new technologies, is available and affordable for all lenders. This is a revolutionary step into the future for all lenders”.
MyCreditRobo is a fully automated tool, delivering scoring data real time. Super easy to integrate in the online application process. Lenders can customize the look & feel and will get access to the online dashboard, 24/7. MyCreditRobo is a solution based on a monthly licence for a maximum of 100 scores p. month. The questionnaire is currently in English, Dutch, Turkish, Russian, French, Spanish, Italian, Czech, Slovak and Japanese. Download the MyCreditRobo onepager.
Want to take MyCreditRobo for a test drive? You get 20 psychographic scores for free. No strings attached.
Thrilled to be selected as 1 of the top 8 finalists for this year’s Think Forward Initiative. The Think Forward Initiative aims to empower people to make better financial choices because 42% of all EU households, approximately 215 million people, are not financially empowered and have difficulty to make ends meet.
We are excited to support the initiative to help people to make better financial choices. The initiative is powered by Amazon Web Services, CEPR, Deloitte, Dell Technologies, IBM and ING. ⚡
Happy to announce the strategic partnership with Abbrevia. “We are proud that AdviceRobo has chosen us to start this new adventure in Italy”, says Cosimo Cordaro, CEO of Abbrevia. Read the press release(in Italian).
Abbrevia is specialized in whether a debtor has the economic and financial capacity to settle the obligation. Therefore, Abbrevia evaluates consumers and businesses.
TWO
A second partnership is with Istanbul based Kredico. “AdviceRobo will enable us to offer an unbanked scoring solution to the finance industry that we have not been able to provide for banks until now”, says Hurcan Coskun, CEO of Kredico.
Kredico developed credit risk scoring platforms for different industries e.g. finance, retail, telco and energy. Hurcan: “We designed credit scoring solutions by combining different parts of a puzzle, but we have not completed one part of the big picture as we do not have an unbanked scoring solution. With AdviceRobo, we will complete the puzzle and offer a comprehensive credit scoring platform to the market. We are convinced that this collaboration with AdviceRobo will be a perfect match in Turkey and the close region".
Hurcan Coskun, CEO of Kredico visited us last month. Here with AdviceRobo Banu Genc.
In the collaboration, Kredico resells AdviceRobo products, integrates the CreditRobo solution in the Kredico platform and offers new products globally.
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[ #MUSTREAD ]
In 2018, global bank lending grew by 4.4%, the slowest rate over the past five years the McKinsey Global banking annual review 2019 revealed. And even more worrying: “margins have been declining for some time, but the pace of deterioration has quickened recently”. One of the lessons is that “banks must invest in advanced analytics and artificial intelligence capabilities to support early alerts, enabling banks to monitor emerging trends and distress.”
Some McKinsey figures we want to share with you ▶️▶️▶️
▶️ Machine learning (ML) can improve predictive accuracy in identifying the riskiest potential customers by 35% compared to traditional models.
▶️ Banks can use advanced analytics and ML models to pre-empt risk. The existing credit risk models have a Gini of 50. ML-based scoring models have a Gini of 86. Gini value is a measure of predictive power, a perfect crystal ball would be 100%.
▶️ ML based scoring identifies 66% of charge-off’s within the riskiest 10% of accounts.
That is the power of ML. And that is why AdviceRobo data guys and girls are possessed to work with this new stat-of-the-art techniques!
AdviceRobo launched CatRobo, a PSD2 Categorisation Robot. With this, we offer lenders a brand-new PSD2 API for transactional data categorisation and default prediction per customer.
CatRobo is Europe’s first pan-European API that helps bank to use transactional data for advanced credit decisioning. AdviceRobo CEO Diederick van Thiel says he is very proud with this new revolutionizing API. “It serves the need in credit risk management to get more grip on the quality of the customer base. Also, the close cooperation with KPMG in this makes me proud. It shows the power of our cooperation to create a more financially healthy world.”
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