Talk to FinTek today
There are a range of mistakes that lenders make and opportunities that they’re missing with online channels and applications for credit. The vast majority of these mistakes are preventable, so long as the lender has the appropriate information to make a more informed credit decision.
From our experience the majority of lending decisions are based on traditional credit reports (Veda and Centrix). Whilst this information does have value, it overlooks a range of easily available current data, that we believe provides a more precise assessment of an applicant.
FinTek has developed a credit scoring system that is customised for each lender and incorporated into their website and credit scoring model. It doesn’t ignore traditional credit bureau information, instead working with this data to provide much more accurate analysis of applicants.
It can be easily integrated with most modern websites, and it provides an easy to understand score that allows lenders to make faster, more informed decisions.
FinTek’s system also includes a Fraud Indicator option, which identifies a range of high risk behaviours and alerts lenders of potentially fraudulent behavior.
From our experience the majority of lending decisions are based on traditional credit reports (Veda and Centrix). Whilst this information does have value, it overlooks a range of easily available current data, that we believe provides a more precise assessment of an applicant.
FinTek has developed a credit scoring system that is customised for each lender and incorporated into their website and credit scoring model. It doesn’t ignore traditional credit bureau information, instead working with this data to provide much more accurate analysis of applicants.
It can be easily integrated with most modern websites, and it provides an easy to understand score that allows lenders to make faster, more informed decisions.
FinTek’s system also includes a Fraud Indicator option, which identifies a range of high risk behaviours and alerts lenders of potentially fraudulent behavior.
FinTek Application Scoring
After analyzing tens of thousands of credit applications, FinTek has broken the data into five primary categories outlined below:
CATEGORY 1APPLICATIONinformation provided and selected on the application form, identifying the more obvious characteristics of an applicant.
|
CATEGORY 2BEHAVIOURa range of complex data, recorded from the second they visit the website until they exit. This is generally subconsciously provided by the applicant.
|
CATEGORY 3LOCATIONconfirmation of their location and analysis based on a range of geographical traits. This confirms an applicant’s location and the risk of that location.
|
CATEGORY 4DEVICEa variety of information obtained by looking at the device they’re using and how they’re using it. This is telling information that applicants can’t falsify.
|
CATEGORY 5SECURITYusing NZTA data and our own modified data sets. The information here is extremely useful in combination with the application data.
|