Lenders to have already adopted the new tool include Admiral and 247 Money.
Credit Kudos has dispatched Signal, an Open Banking and machine learning-based credit score that it says empowers lenders specialists to expand acknowledgment of recently declined clients and diminish defaults. Singal utilizes a mix of machine learning and Open Banking-gathered transaction data to anticipate a singular’s likelihood of repayment. The model has been prepared on transaction data and loan outcomes gathered for over six years and enables lenders to score all candidates, in addition to those with financial record.
“Our technology is transforming and modernising the lending sector to benefit both credit providers and borrowers,” Angus Clacher, head of product at Credit Kudos, said.
“Our latest solution – Assembly – helps credit providers to scale by growing their loan book without having to increase operational costs, while borrowers benefit from much faster decisions. We’re hugely excited by Assembly – it promises to re-engineer the lending process by giving credit providers the power of an entire data science team in one simple, inline solution.”
Assembly allows lenders to build lending policies based on Credit Kudos’ open banking and loan outcome data, helping to reduce defaults and increase acceptances.
“Assembly will be a real game-changer for us – allowing us to drill into the customer data available in the rich Open Banking environment to better automate, and speed up, our decision-making processes,” Nicholas Jones, head of customer fulfilment at Admiral Financial Services, added.
“This will make us more operationally efficient by significantly reducing the time spent on manual processes, but will also allow us to extend our services to more people thanks to the more comprehensive picture of affordability that the system provides.”
Admiral Financial Services is using Assembly to further automate its underwriting process, while 247 Money is using it to address its current underserved applicant population.
Through using Credit Kudos’ new tool, 247 Money found that the new process gave it the ability to make instant risk assessments on thousands of potential customers, most of which have very limited credit file information. Recently, Credit Kudos teamed up with Curve to help power its “Klarna rival”, Curve Credit.
The partnership will see Kudos assessing the affordability and creditworthiness of customers who apply for Curve Credit.
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