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CredoLab develops bank-grade digital scorecards for banks, lenders, pay later, e-commerce and ride-hailing players, and any other industry at the intersection of financial services. Built on over 22 million loan applicants, their AI-based algorithm crunches millions of features from opt-in, anonymous smartphone and web behavioural metadata to find the most predictive behavioural patterns before converting them into credit scores. Established in 2016 in Singapore, CredoLab has over 70 customers and is operational in 21 countries.

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CredoLab and Mambu use anonymous smartphone and web behavioural metadata to generate a behavioural score for the customer that predicts her probability of defaulting. By accessing anonymised, metadata our AI-powered algorithm sends the financial institution the score of the applicant in a matter of seconds. In doing so, we not only open a whole new segment of customers for businesses, but we also bring down their cost of risk, speed up the processing time, and increase their overall predictive power.

CredoLab offers a set of easy to integrate, plug-and-play solutions that give decision makers all the information they need in real-time. The data collection is done through either a standalone white-labeled mobile app, the CredoApp, or through a light CredoSDK library that integrates seamlessly with the financial institution’s existing app, or through CredoWeb, the Web Javascript able to capture web application form behavioural data. Once installed, and the explicit data privacy consent is given by the customer, the app proceeds to analyse the anonymous data.

Built on CredoLab’s powerful AI alternative credit scoring technology is its newest and most intelligent offering, the CredoApply. CredoApply is a digital origination solution packed with mobile intelligence. Via a white labelled, gamified and easy-to-use mobile app, CredoLab helps lenders even without an existing app manage all steps of the onboarding process - from choosing the desired financial product to initiating the application, KYC requirement completion, anti-fraud checks and finally completing digital credit score assessment based on smartphone metadata plus application form behavioural data. This ensures that customers enjoy a speedy time-to-yes while companies can profit from higher credit scoring accuracy.

Through one simple API CredoApply can integrate with any existing decision engine, core banking, loan management, and loan origination system to enable a customized, powerful digital onboarding app. Lenders go live with our solution in less than 60-days and start seeing the business results immediately.

Built keeping the end customers’ best interest in mind, CredoLab ensures none of the applicant’s personal information is used. The algorithm reads and analyses the metadata without moving any files or information out of the phone and only after receiving explicit permission to access the non-personal metadata. The result of the analysis is sent exclusively to the financial institution. Nothing is sold or shared with any third party.

Key benefits:

  • Super light IT integration.
  • Lower cost of risk with digital scorecards.
  • Faster decision with a lightning fast time-to-yes.
  • Higher predictive power by using behavioural data to assess customers’ willingness to repay.
  • Increased market share in target segments not covered by traditional credit bureaus.
  • Automated AI powered fraud scoring checks.
  • KYC & credit scoring in one touch point.
  • Seamless digital onboarding.

What sets CredoLab apart:

  • Data sources: CredoLab uses non-intrusive metadata to arrive at the credit score. No private nor sensitive information of the applicant is accessed or moved out of the mobile phone.
  • One-time analysis: Unlike many alternative data-based scoring solutions, CredoLab’s algorithm analyses data only once, at the time of application after explicit consent is received from the applicant. Other players that rely on browser data or social media data scrape the personal information of the customer on a regular basis for a long period of time, some perpetually.
  • Scalability: The AI-based algorithm learns and becomes more accurate and predictable as more data is fed into it. Therefore, the larger the set of data observed, the better the scoring.
  • Privacy: Applicant’s data is of the utmost importance to CredoLab. They explain what data they access, why they access it, and how they process it in full transparency. The Privacy Policy is publicly accessible to all users in multiple languages. Furthermore, CredoLab’s app does not proceed with any credit analysis unless the privacy consent and the necessary mobile Operating System’s permissions are given. Once these are received, the app captures only metadata, not private or sensible data. Once the data is analysed, the result is shared only with the lender tagged to a unique, randomly generated identifier, and not shared with any third party.

For more information, visit partner website.

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