John and rose have just graduated from polytechnic
Hmm... I want to get married to my girlfriend soon but I am not sure if I can afford it!
At the bank ...
My loan might not get approved after all... I might need to look into other ways to get the approval
Hello, I would like to apply for a personal loan
Oh no! I have never applied for a loan before and my annual salary is under $20,000
We need to credit evaluate before we can approve the loan
The credit analysis might take a long time before the loan is approved as we want to make sure that we are approving the right people
I cant wait to do this! I wonder if my loan is approved yet?
Loan has been denied due to lack of financial security of the customer... contact xxx for more information
Your reservation for the marriage hall has been accepted.
I would like to help him... with the payments... maybe we could apply for a joint loan?
John wants to propose to Rose
Back at home the same evening
Hmm... what other data would prove me to be a good candidate?
Maybe I can use my social profile data, transaction data and utility data
John has never applied for a loan before and his annual salary is less than $20,000 annually therefore he feels like the chances of his personal loans being approved have gotten lower.
I would like to reapply for the loan along with supporting documents which the bank can verify during the process of credit evaluation...
Utility bills...social media particulars...
Hello sir, yes we call this alternative data, I will get back to you as soon as possible regarding the approval.
.Johns loan application gets rejected due to lack of faith in his ability to pay back.
Hello?
Hello, Mr John i am calling from XXX bank to inform you that the personal loan that you had applied for has been approved
RINGGG!!!!
John goes home and tries to google ways the company can evaluate him.
John submits his application again along with more supporting documents in hopes of getting his loan approved this time.
John is finally able to relax as his loan is now approved