FinScore utilizes telco data and advanced analytics to create alternative credit scoring models that assess creditworthiness based on 400 variables, including call patterns and transaction history. This approach enables financial institutions in the Philippines to enhance approval rates, minimize defaults, and access previously underserved market segments.
Funding
Funding not disclosed
Founders
Product
Problem
Traditional credit scoring methods often exclude individuals with limited or no formal credit history, hindering their access to financial services. This is particularly prevalent in regions with a large unbanked population, where many creditworthy individuals are overlooked due to a lack of conventional financial data. Financial institutions face challenges in accurately assessing the creditworthiness of these individuals, leading to higher perceived risk and lower approval rates.
Solution
FinScore provides alternative credit scoring and fraud detection solutions by leveraging telco data and advanced analytics. The company's proprietary algorithms analyze over 400 variables derived from mobile phone usage, including call patterns, top-up history, location data, and SIM card age, to assess creditworthiness. This approach enables financial institutions to evaluate applicants beyond traditional credit scores, extending financial inclusion to the unbanked and underbanked populations. FinScore's solutions also include fraud detection tools that utilize telco data to verify identities, detect inconsistencies, and prevent fraudulent activities, helping financial institutions mitigate risk and improve the accuracy of their lending decisions. The platform offers an API for seamless integration into existing systems, providing real-time credit scoring and fraud detection capabilities.
Target Audience
FinScore primarily serves banks, financial institutions, digital lenders, and credit bureaus seeking to improve their credit risk assessment, expand their customer base to include the unbanked, and reduce fraud.
Features
- Telco Credit Score: Assesses creditworthiness using over 400 telco data variables, including call patterns, top-up history, and SIM card age.
- FindSocial: Social media lookup tool that confirms identity using email addresses and mobile numbers across 20+ social media platforms.
- Geo-location Fraud Flag: Matches declared addresses against geo-locations detected by the mobile operator to verify applicant truthfulness.
- Contact Person Fraud Flag: Compares the applicant's contact person's mobile number with their most frequently contacted numbers to assess honesty.
- Social Circle Fraud Flag: Compares the applicant's most contacted numbers with a partner-provided fraud list to identify connections to known fraudsters.
- Customer Record Profile: Provides key telco metrics based on subscription type, SMS, top-up, mobile data, and time with the operator for marketing analytics and fraud prevention.
- CrediView: Provides insights into loan inquiries made by an applicant across multiple financial institutions.
- KYC Base Check: Cross-checks personal data against multiple external databases to identify fraudulent accounts.
- API Integration: Enables seamless integration of FinScore's solutions into existing systems for real-time credit scoring and fraud detection.