SINGAPORE, October 19, 2022 /PRNewswire/ — Brankas, the leading open finance technology provider in South East Asia and CRIF, a global leader in credit bureaus, business information and credit risk solutions, today announced a strategic partnership to launch the APAC region’s first open financial credit scoring product, “New Evaluation Open Suite” (NEOS). The NEOS credit scoring system analyzes alternative data sources to provide more accurate assessments of potential borrowers and better credit risk management for financial institutions.
Country Director of Brankas Indonesia, Hosni Fouad commented, “Borrowers who might be financially strong but with no credit history may be barred from access to credit by lenders’ credit policies that rely primarily on traditional credit data. Thus, lenders are losing thousands every month of these potential borrowers. To address this issue, Brankas and CRIF have joined forces to co-create NEOS. This move will improve financial inclusion, decision automation and customer experience, helping financial institutions reduce risk and generate better customer insights through open banking technology solutions and analytics.”
Added Simone LovatiGeneral director, Asia from CRIF: “Financial institutions lack the data to gain critical insights and valuable insights to expand their market reach and serve the credit-rookie population. Brankas and CRIF’s Open Banking Suite will enable banks and players fintech companies to fill this gap, empowering them to make relevant and trusted credit decisions, while improving upsell potential to existing customers. The alternative credit scoring revolution is just beginning.”
What is the product?
NEOS is a risk score based on verified customer identity and bank account transaction data, all powered by CRIF’s world-class categorization engine. NEOS is a critical lever for financial inclusion, unlocking access to credit for applicants with a limited credit history such as micro-entrepreneurs, self-employed and gig-economy workers, and more.
How it works?
Brankas enables consent collection and secure, seamless connection to bank statement data and other alternative data sources through a simple and secure user experience. CRIF then applies an advanced machine learning algorithm that enables an innovative credit score. Brankas Open Bank’s secure data sharing solutions unlock next-generation alternative credit scoring. As a result, you benefit from instant and automated statement retrievals on a secure and compliant platform.
How can this benefit your industry/business?
With more than 400 KPIs (Key Performance Indicators) developed for the assessment of solvency and business opportunities, companies would be able to draw red signals much earlier and thus improve failure prevention.
Lenders would have access to up to 12 months of income and expense data and help understand customer spending behavior in categories such as groceries, electricity bills, investments, memberships, insurance, loan repayments and subscriptions in a very short overall time. time.
Be an early adopter
Be the first financial institution in South East Asia benefit from an open banking score from a credit agency, thereby increasing HB’s competitive advantage. We are looking for early adopters who can benefit from this product and companies would receive a free trial period!
Want to know more about this product? Email us at firstname.lastname@example.org.
Brankas is the leading open finance technology provider in South East Asia. We provide API-based solutions, data and payment solutions for financial service providers (such as banks, lenders and e-wallets) and online businesses. Brankas partners with banks to build and manage their open financial infrastructure, producing APIs for real-time payments, identity and data, new account opening, remittances, and more. With Brankas’ secure open banking technology, online businesses, fintech companies, and digital banks can use Brankas’ APIs to create new digital experiences for their users.
CRIF is a global leader in credit reporting, business intelligence and credit risk solutions. Created in 1988 in Bologna, Italy, CRIF operates in 40 countries on four continents. More than 10,500 banks and financial institutions, 82,000 corporate clients and 1,000,000 consumers use CRIF’s services daily. Since 2016, CRIF has been part of the prestigious IDF FinTech Top 100 ranking.
The CRIF is strongly present in Asia with the regional headquarters in hong kong and Singaporeas well as in key cities, including beijing, BishkekCebu, Dushanbe, Hanoi, Ho Chi Minh City, JakartaKaohsiung, Kuala Lumpur, Manila, Bombay, Pune, Shanghai, Shenzhen, taipeiTaichung, Tashkent, and Zhongli. For more information on CRIF Asia, please visit www.crifasia.com.
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