New Tech Prevents Excessive Debt Incursion

Nov 27, 2018 / by Raiha Buchanan

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.

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Topics: Alternative Credit Scoring, Financial Inclusion, Credit scoring, Credit report, Risk

How the SHAP Model can be Used to Answer the Question ‘why’

Nov 5, 2018 / by Helene Stafferöd Westerlund

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. 

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Topics: AI, Risk, Tech, ML, Credit scoring, SHAP values

Instant Access: Now on the Ukrainian Market

Nov 1, 2018 / by Raiha Buchanan

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. 

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Topics: Lending, API, Credit scoring, PSD2, Instantor news

The Benefits of Democratising Data

Sep 20, 2018 / by Mariana Wille

Just a few years ago, only a few people in the financial industry had access to an individual’s banking data. Data was ‘owned’ by a few major players such as large financial institutions, and all access had to go through these information gatekeepers. Limited sharing of data has resulted in a stagnated offering of banking products to customers that have not significantly changed in decades: people are paying too much for their overdrafts or money sits in current accounts earning little, or sometimes even no interest. To summarise, customers are not happy.

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Topics: Tech, Credit scoring, Banking, Payments, Compliance, PSD2, GDPR

5 Ways Alternative Credit Scoring Aids Financial Inclusion

Sep 10, 2018 / by Sarah Kok

To eliminate extreme poverty, many leading global organisations have made financial inclusion a top priority. Business leaders and policymakers have dedicated themselves to improving the quality of life for the world’s poorest, and they believe economic and social progress starts with an inclusive financial system that meets the needs for all income levels.

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Topics: ML, AI, Tech, Credit scoring, Lending

How Alternative Credit Scoring can Give Refugees a Second Chance

Aug 7, 2018 / by Sarah Kok

The traditional credit scoring system has long been used as the primary method to rate a person’s creditworthiness. The current rating system is led by a select handful of major credit bureaus and agencies within each country, who hold the power to determine an individual’s credit eligibility. Yet new systems, known as alternative credit scoring methods, make a strong case for providing a fairer and more modern scoring system and are already making huge strides in shaking up the industry.

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Topics: Tech, Credit report, Credit scoring

The Impact of AUC and Gini on Credit Risk Models

Jul 19, 2018 / by Aleksandra Khokhlova

For several years, we at Instantor have helped consumer finance organisations make the most profitable decisions through our digitalised financing processes. We understand that your main challenges are in day-to-day operations: limited loan acceptance, fraud, bad loans, and default, and consequently, a reduced profit. In this article, we will dive into calculating risk to demonstrate how Instantor is helping clients reduce credit losses by a quarter.

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Topics: ML, AI, Credit scoring, Risk

Alternative Credit Scoring as a Force for Good

Jun 28, 2018 / by Sarah Kok

An effective digitalisation process creates meaningful change through exciting new areas of technology. Many of the technical benefits of such a shift are apparent, such as better user experiences and faster load times. Technology is transforming economies, pushing companies to adapt and forcing governments to reconsider its implications. But what about the social benefits? What are some of the impacts of digital transformations on society?

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Topics: Tech, Credit scoring

Could your late-night behaviour Impact Your Credit Score?

May 29, 2018 / by Sarah Kok

Using transactional behaviour to calculate your credit score is not a new phenomenon. In fact, in a bid to make credit scoring fairer and more accessible to all, it is one of many alternative methods to traditional credit scores.

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Topics: Credit scoring, Finance, Risk

Ultimate Guide: GDPR Impacts on Credit Ratings

May 11, 2018 / by Raiha Buchanan

The rate of data growth is quite staggering. According to George Lee, CIO at Goldman Sachs, 90% of the world’s data has been created in just the past two years alone. With more and more data available, many agree that stricter regulations are needed to protect the rights of consumers’ personal data. Particularly in light of the recent Facebook data breach, it is important that measures are put in place to protect consumers’ rights as well as clarify how companies can interpret data to ensure these rights are protected.

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Topics: Credit report, Credit scoring, Data, Risk, GDPR