Getting credit or a mortgage declined is a big concern for many of us. In fact, most of us will need to use credit at some point in our lives, so it’s a big deal when we are declined. That’s why credit scores are important – to improve our chances of gaining access to credit and enabling us to navigate quickly through life’s twists and turns.
The shared goal of most developers is to become better at the techniques they use. Being better means being more efficient, which results in greater work motivation and fulfilment. For a developer, that usually means jumping from junior to proficient and from proficient to senior.
In this article, I’ve listed some tips on how to improve yourself to become a better developer.
This year has been named by Forbes as ‘the year of open APIs’. The implementation of open APIs in all sectors of the financial industry (FI) from banks to FinTechs has exploded around the world. FIs and governments are evaluating how open APIs can encourage industry openness and competitiveness, whilst simultaneously providing consumers with better user experiences.
The name of the game is Open Banking and the UK has been a leader in this expanding global movement: there are already over 22 jurisdictions across the world that have begun to consider, or have implemented their own Open Banking initiative.
In 2018, a concerning 60% of consumers in Sweden abandoned their financial applications. What is even more worrying is that this number has been increasing globally over the past few years. For example in the UK, the number of applicants who abandoned applications leapt from 40% in 2016 to 56% in 2018.
Brand loyalty is decreasing as consumers show a willingness to jump ship in search of the easiest application process. Established financial service institutions can no longer rely solely on consumer trust in an industry that seems to be disrupted daily by the latest tech solutions from challengers and start-ups.
At Instantor we want to contribute to a more inclusive and fair financing market. We do this by making people's financial lives easier and helping organisations to understand their customers’ true financial capacity, using transactional data.
Our client, Lendify – Sweden’s largest marketplace for loans – wrote a great opinion article on how traditional credit assessments need to be updated. How new technology, like our AI credit predictor – Insight – can provide a more accurate and detailed risk analysis for lending organisations and be a force for a healthier lending market. Please enjoy a translated version by us that was originally published in Swedish by Realtid.se in October 2018.
What does it mean to be a part of something bigger? To us, it means working together as a team towards one mutual goal. In our case, that goal is to allow financial organisations to help more, at less risk.
On our quest towards financial inclusion, occasionally we encounter certain challenges – challenges that are sometimes resolved by the fact that we are such a diverse and multicultural team, and sometimes caused by it.
Topics: Instantor News
For many of the world’s poorest countries, financial inclusion is a big problem. Large numbers of people have trouble just getting a bank account, let alone access to credit – particularly in non-OECD countries like Colombia, Ukraine and Vietnam, just to name a few.
AI has been gaining popularity in recent years, particularly as it’s been improving in leaps and bounds for a whole range of tasks: from predicting the risk of child abuse in a given family to beating world champion Go players.
However, one critical problem with using it for decision making in business is that the machine learning models can't explain the predictions they make: a customer might, reasonably, want to know why their cred it card or home loan application was denied.
Our latest solution, Instant Access, gives you the power to analyse transactional data through PSD2. This data is used to digitalise credit risk processes – without requiring you to invest in any tech resources or spend any time on system integration. Moneyveo is the first lender in the Ukrainian market to use this solution and our very first partner in Ukraine.