Credit scoring underpins our financial system. Before any money is given out as a loan, banks need to perform some kind of risk assessment.
A credit score is formulated in order to reduce all the risk factors and provide decision makers with a single number.
Traditional credit scores work well for people who can be easily validated because they have accumulated a lot of financial transactions. But young people, such as those just out of college, have a real problem getting banks to loan them money because they have still not been validated as part of the local banking system. The same goes for new immigrants who may have had no problem getting access to loans in their home countries but face real difficulties in their newly adopted countries. This is because banks lean heavily on traditional financial data points when assessing the risk associated with a new loan applicant.
Our goal at ConfirmU is to change the way banks assess the risk associated with this population segment by taking into account a wider range of data points that include what we believe to be a more realistic psycholinguistic analysis of the loan applicant whenever the bank needs to evaluate a credit score.
What We Do
Confirmu is a data analytics startup whose mission is to enable lenders score people with no financial history through alternative credit scoring.
Our product is an holistic platform that features seamless integration to lenders thus enabling a smooth and transparent analysis with a more accurate final score.
Our Credit Score as a Service for lenders is given in a form of a Mobile SDK as a white label solution.
Currently, many people in developing countries get their salary paid in cash, after which they convert it to a prepaid card. They then use their digital wallet to carry out transactions which also creates a “financial footprint” of data points. This enables lenders to improve their credit scoring for these loan applicants.
Our Scoring analysis is a hybrized model which enable lenders to score any person with no credit history or digital footprint through a new technology that generates data from the following sources:
- 1) Geolocation Extracting geolocation history movements for tracking recurring patterns
- 2) Payments history through digital apps. we build a financial profile based on the persons payments history
- 3) Conversational User interfaceText replies in a form of a mobile Chatbot that gives the lender an indication of applicants ” willingness to repay a back loan.
- 4) Potential Employement opportunities- through social media. We build a risk profile based on the persons current employment ,education ,skill set and open positions nearby an outstanding risk that help lenders evaluate better likelihood of default
- 5) Voice for Credit risk scoring analytics Use of voice detection for predicting fradulent patterns
CEO & Co Founder
ConfirmU gained in the past year recognition from well know financial institutions like: CITIBANK T4I accelerator and not too long ago shortlisted and received prize from Singapore Fintech hackcellerrator.
BRINGING AI TO FINANCIAL INCLUSION
Our advanced mobile SDK enables lenders to benefit from advanced Machine Learning algorithms which can save them money and more accurately assess the credit scores of potential customers.View All News
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15 Menora St. Givaataim ,Israel 53490
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