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Ica 2 Consumer Banking
Storyboard-Text
- I have a stable source of income and#160;I wish to try opening a shop.
- Can I get an unsecured loan to start a small business?
- Alright just let me check using the credit scorecard method.
- Looking#160; at the scorecard, John is 22, he lives in a flat and he is borrowing alone.We have a credit borrow policy of at least 30 and John's credit score does not reach this .
- John is a recent graduate of NYP, he has found a job and he now wishes to start a business.
- Can I get an unsecured loan to start a small business?
- Yes, you have a good#160; payment history.#160;From the information we have, we can see you pay your bills on time, you have a stable job status and you also don't make big purchases online. We feel that if we provide this loan to you have the ability and trustworthy enough to repay it.#160;
- He decides to apply for a loan at the bank. However, due to his lack of credit, he is unable to take out a loan despite his willingness and ability to pay.
- Thanks to that loan, I was able to start up my shop.
- Using the scorecard method, John would not be able to apply for the loan
- Through the usage of alternative data and modern modelling techniques, the bank can create a better credit profile of him and can find that John is actually able and willing to repay the loan due to factors such as him making more calls to family member and him have a full time job with many other factors also being considered.
- Thus, with alternative data and modern modelling techniques. The 2nd bank was able to tap into a previous underserviced market segment and John was able to get a loan to start a business.
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