Some time ago I was struck by the fact that a colleague, who had recently moved country for work, was unable to obtain a personal loan. My colleague is an intelligent professional, well qualified, in a secure job and had, previously, been well served by the financial sector.
The issue? He had left his credit history behind and lenders had no way of assessing his financial conscientiousness without knowledge of his previous payment history.
It made me wonder how many people are affected by the traditional scoring system’s reliance on previous credit history.
I went on to learn that there are 3 billion consumers worldwide who do not have access to the financial services they need. This means that lenders miss out on $2 trillion of revenue.
Armed with this information I began my journey to democratize lending and change lenders paradigms, to find a way to enable lenders to look beyond numbers and history, to effectively evaluate their customers.
Working with the ConfirmU team is inspirational, as a group we truly believe that the individual should be valued for and able to achieve their life goals and objectives through financial inclusion.
Our solutions do not rely on credit history so we are able to provide a consumer risk assessment regardless of age, location or history.
Thanks for taking time to visit our site and I hope that we can engage further in our mission to democratize lending.
Yatir Zaluski
About
ConfirmU
ConfirmU is on a mission.
There are 3 billion consumers worldwide that cannot access the financial services they need because credit risk assessment depends on historic payment information.
This means that a consumer cannot access credit unless they have had credit before. We believe this is wrong and that everyone should be able to access the products and services they need regardless of age, location or past performance.
Our
mission
3 billion consumers unbanked
$2 trillion of commerce for lenders
3 minutes at a time
Who
we are
ConfirmU brings together a unique and highly experienced, diverse group, each a specialist in their own field.
We have experts from the fields of psychology, psychometrics, technology, data science, gamification and risk analytics all contributing to create a highly predictive tool for credit risk.
Our team
The
science
After conducting extensive primary research into theories of psychology, ConfirmU has created a hybrid model bringing together traits that are most likely to predict financial conscientiousness.
Through focus groups and external testing, high performing variables were selected to form the basis of an expert credit risk model. This model is currently deployed and being used for consumer and SME risk assessment. The data has and will continue to be validated against extensive payment performance data.
The
evidence
ConfirmU has proven > 80 % correlation for selected psychometric traits that relate to financial conscientiousness.
In addition, behavioural traits including intelligence, planning and organisational skills were evaluated and proven to have > 75 % positive correlation.
In real time, applicants known as 'thin files' were assessed using ConfirmU's interactive game with 60% falling within the lenders risk appetite and went on to be accepted based on psychometric data alone. Furthermore, where a bureau score existed ConfirmU's score correlated > 83% of the time indicating the efficacy of psychometrics for credit risk.
What our clients say
Bridge2Capital has been working with ConfirmU for some time, testing their psychometric credit score as an affirmation tool of a potential customer's willingness to repay. We have found that the test sample of customers who have been on boarded using the psychometric test haven't defaulted during the Covid period. This has reaffirmed our belief in ConfirmU. We are making their service an integral part of our under-
writing process.
We think that this approach could help enhance financial inclusion in emerging markets
Global credit bureau Experian is pleased to announce its partnership with ConfirmU.
The partnership, focusing initially on India, will investigate the impact of psychometric traits in credit risk assessment.
Data generated through a short game which is embedded into the credit risk process enables a unique approach to credit risk scoring that will evolve and benefit an increasing number of credit worthy applicants who have previously been excluded from the financial services they need due to a lack of credit history.
This is an exciting partnership between experts in traditional credit scoring and an innovative start up designed to increase financial inclusion globally.
MyFugo, Kenya, is pleased to announce that it has entered into a partnership with ConfirmU
Allan Tollo, CEO, says "the more we know about our customers and applicants the better placed we are to deliver value and a customised experience.
MyFugo seeks to empower the vulnerable among the community and this partnership will help us to develop a unique approach to credit risk scoring that will benefit an increasing number of creditworthy applicants and drive financial inclusion"
Contact
us
If you would like to learn more about ConfirmU, the data we can generate, the interactive consumer experience and the predictive credit risk models designed for your business, please contact us using the form to the right:
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