Kreditech is an online banking platform that uses big data to calculate credit suitability instantly for anyone.
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We’ve seen examples of companies using alternatives to traditional credit history to provide wider access — for example, a mobile app allows Kenyans to claim loans based on smartphone use. Now, Germany-based Kreditech has built a vast catalogue of big data points to enable the rapid execution of credit applications for ‘underbanked’ customers.
Kreditech analyzes massive amounts of global data — including social networks and ecommerce records — to assess credit suitability. Their algorithms factor 8000 data points in real-time, and enables them to generate a credit score without using any external credit bureau information, since the identification, fraud detection and scoring mechanisms are based on vast, big data. Their integrated platform Monedo provides a customized suite of services including eWallets, all generated through their algorithms, so that any user with a smartphone or laptop can gain access to personal online banking services without prior credit history.
Could similar algorithms be developed for assessing insurance claims?