- Big Data scoring technology from the company Kreditech attracts a lot of industry attention
- CEO Sebastian Diemer will present the new paradigm in scoring innovation at one of Europe’s most prestigious start-up events
Kreditech will present the next era of scoring technology as part of the renowned investor and start-up event, NOAH. On November 7th founder and CEO Sebastian Diemer, will be speaking about early game changers structurally transforming the credit industry.
“The credit issuance business has existed nearly as long as mankind itself. We are playing one of the oldest games, which has not undergone the same dramatic shifts and technological liberation that has become a reality in other sectors. Simplyput, the profitability is still high, due to regulations and capital barriers of entry that the industry does not feel a painful need for innovation. Whereas most industries have been pressured to innovate through the online paradigmshift, credit products are still being issued the same way they were 50 years ago. Although most banks have added the internet, as distribution channel, the scoring and the processes remain unchanged and rely mostly on basic credit bureau data and manual approval.”
Kreditech has developed a new approach to scoring with a simple vision: Make scoring faster, fairer and more sustainable to the use of big data.
Kreditech is able to process 8.000 data points per seconds and thus yield an instant credit decision. Based on that decision, payments and repayments are triggered. “The entire process is managed
100 % automatically and is scalable into any volume, geographical region orindustry sector”.
The data points that are relevant for scoring are derived from social media, e-commerce patterns, mobile usage, location statistics, behavioural data and many more. […]