ICA 2
Storyboard Tekst
- Yes, then?
- A loaner's traditional dataCredit HistoryTypes of creditCredit utilizationCredit checksCredit repayment trendDefault recordsBankruptcy recordsClosed or terminated credit accountsAggregated outstanding balancesAggregated credit limitsExamined by credit scoring algorithms
- Credit score is an indicator for the bank to gage your ability to repay loans correct?
- Exactly...
- A loaner's alternative data (also known as Big Data)Bills payment historyUtility, Rental, Insurance, etcSocial media usageEmployment historyTravel historyE-commerceGovernment transactionsProperty recordsExamined by advanced technologies such as machine learning and AIFaster process
- The problem with using only traditional data is that a sizable portion of the population has minimal or no credit history, rendering them credit-invisible, like Tommy
- Fun Fact: Character is one of the five C’s of credit risk
- FASTER YOU SAY!
- A loaner's alternative data (also known as Big Data)Bills payment historyUtility, Rental, Insurance, etcSocial media usageEmployment historyTravel historyE-commerceGovernment transactionsProperty recordsExamined by advanced technologies such as machine learning and AIFaster process
- Since combing through all these data would be extremely taxing, not to mention the significant risk of human error or oversight. Banks' are using new technologies such as machine learning and artificial intelligence to process these data faster
- The use of alternative data is to show the loaner's spending habits, preferences, behavior, and character
- I know right! A much faster and more convenient process for consumers. No need for much documentation like last time. Not only that, customers like Tommy can now apply for a loan, allowing the bank to reach out to more consumers.
- I better go home soon, I forgot to tell Tommy about what Lisa told me
- WOW! The banks systems' has really improved. I didn't know all these.
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