CCR Magazine

CSA Top Banner
You are here  :Home arrow News arrow Giants of Digital Lending Link up to Help Lenders Improve Services Through Big Data
Contact Us Newsletter Signup RSS Feeds

Latest News Headlines

Headlines

 
Commercial Credit News

Headlines

 
Giants of Digital Lending Link up to Help Lenders Improve Services Through Big Data PDF Print E-mail
Thursday, 17 December 2015

Two rapidly expanding Tech companies leading the Northern powerhouse digital revolution have joined forces to offer increased credit application accuracy to lenders in a move which will help the industry became less reliant on traditional methods of credit scoring, fraud scores and identity checks.


The Nostrum Group which provides digital lending technology to banks, finance companies and retail brands is integrating with Hello Soda’s PROFILE software platform which will increase credit application accuracy, and improve inclusiveness.

This marks the beginning of an exciting relationship to improve lending services for consumers as demand for digital and more accurate and timely credit scores continues to grow.

Both companies have experienced incredible growth with Nostrum celebrating 812% growth in revenue in five years and Hello Soda growing its team 5-fold in just a few months as well as opening a New York office.

James Blake, CEO founder of Hello Soda said: “We are really pleased to be working with the Nostrum Group and for more lenders to have access to this cutting edge technology that benefits both them and consumers. Traditional credit rating models are not sufficient when assessing a loan applicant’s credit worthiness and lenders need to take into account the entire fabric of a person’s life. For lenders, they get a more accurate and up-to-date understanding of a person’s lifestyle, finances and habits and for loan applicants it means an increased chance of getting a loan that is more suited to their needs.”

Commenting on the alliance, Richard Carter CEO of Nostrum said: “When Nostrum selects companies to work with we look for innovators, those who not only understand the market but challenge convention and strive for improvement. Hello Soda is one such company who are working to close the gap in the credit industry and provide a human element to automated or underwritten decisions.”

The Hello Soda cloud-based product PROFILE predicts a person’s creditworthiness based on structured and unstructured data, enabling lenders to make more accurate decisions. It interfaces with different data-sources and third party data-providers to collect the digital footprint of a consumer, identifying personality traits from language-used across social media such as Facebook, LinkedIn, Twitter and Instagram, and applies psycholinguistic analysis to determine the likelihood of an applicant repaying a loan. By cross matching an applicant’s various social profiles, always with consumer consent, it can assess key metrics such as employment status, approximate address, pay date, and any other life changing events creating a more accurate resolution.

Richard Carter added: “The digital era has changed the way consumers operate, therefore the way in which we conduct business needs to evolve along with them. What’s important for Nostrum is that we embrace forward thinking companies like Hello Soda and work together to transform the industry. We believe there has never been a better time for organisations to join the data revolution.”

Existing Nostrum Group customers be able to take advantage of the social data scoring powered by Hello Soda, allowing them to make more accurate and informed decisions on lending applications.
 
Enghouse Side Banner

CSA side

 Forums International Ltd

Forums International Ltd

 Attendance at your first meeting is free of charge, and please quote reference 'CCR2016' to receive the special 10% discount off of your first annual subscription.

Find out more here.

latest issue

CCR Cover

The latest edition of CCR Magazine, the leading editorial publication in the UK credit industry, is out.

Read the latest issue online

CSA

subscriptions

CCR is the premier magazine for consumer and credit professionals. It provides an independent voice to the industry, breaking major news stories and running in-depth features.

As a magazine, it works with and campaigns on behalf of the credit industry to promote its importance as a centre of potential profit and business development to the wider business world.

Subscribe to CCR Magazine

CCR World Magazine


 

Providing information and analysis for thousands of senior credit professionals worldwide, every quarter.

Find out more

GTS Media Ltd
81 Cambridge Road
Southend-on-Sea
Essex
SS1 1EP

Registered in England No: 05483197