FinTech London 2014
FriendlyScore is a SaaS B2B solution that analyses social and online data to assess borrower risk and default probability, also known as social credit scoring. Social credit scoring is an alternative approach to credit scoring that is used to assess thinner-file borrowers such as students, foreign nationals, and underbanked populations.
While traditional credit scores work well, they exclude vast portions of the creditworthy population who lack historical data. Social media and online profiles are hubs of personalised, internationally standardised, verifiable data that can be easily packaged for lenders. This approach to credit scoring helps lenders increase approval and conversion rates, and offers borrowers better access to financing.