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CredoApp
How long does it take to deploy CredoApp?

We can be up and running in pilot phase in less than two weeks. With it being a plug and play solution there is no need for long, cumbersome, integration.

CredoApp
How does CredoApp work to produce a score?

The CredoApp analyses the smartphone footprint only after the user has granted the required operating system's permissions and given her data privacy consent. Only at this point, the CredoApp proceeds with the credit analysis. The score is provided directly to the lender either via our web-based dashboard or the API. Our plug-and-play solution requires minimal IT integration and is light and fast for the borrower.

Scoring
What scoring technique does CredoLab use?

Our scoring solution utilises a proprietary Mobile App, CredoApp, developed to enable the launch of a digital scorecard. The app is used during the loan or credit card application process and provides CredoLab with a snapshot of the customer’s digital footprint. In combination with the bank's performance data, this enables the development of robust Big Data-based highly predictive scorecards that enhance the lenders' credit decisioning process.

CredoSDK
What is CredoSDK?

A simple plug and play data collection and credit scoring tool offered by CredoLab that can be easily integrated into your existing mobile application. Flexible APIs ensure that our scoring technology easily integrates with your existing IT infrastructure. CredoSDK enables companies to get started with AI credit scoring quickly with little hassle.

Scoring
What permissions need to be granted in order for the App to be able to collect data?

We collect data permissions from 8 main, broad categories-- Apps, messages, contacts, image and audio files, emails, calendars and downloads. We allow the customer to control which permissions they want to allow, and which they’d like to decline access to.

CredoApp
What is CredoApp?

CredoApp is a data collection and processing tool offered by CredoLab. The white-label app converts the customer’s smartphone metadata into credit scores, after getting explicit consent to access the device data. The score is then sent to your underwriting team for further assessment of the application.

CredoApply
What is CredoApply?

CredoApply is a comprehensive digital onboarding platform that facilitates all aspects of the customer application process. Built on CredoLab’s powerful AI credit scoring technology, CredoApply is packed with mobile intelligence to help manage all steps of the onboarding process, such as guiding customers through the application, KYC requirement completion, anti-fraud checks and digital credit scoring. With CredoApply, lenders can offer their customers a fully digitised and engaging onboarding experience. CredoLab’s advanced backend infrastructure ensures that customers enjoy a speedy time-to-yes while companies can profit from higher credit scoring accuracy.

Scorecard Development
What types of scorecards can we develop?

We can develop scorecards for all unsecured lending products including credit cards, personal loans, POS loan, payday loans, two-wheeler loans and auto loans. Our scorecards are effective with all user segments including new-to-bank and new-to-credit customers, and also to cross-sell to existing customers in developed and developing countries.

CredoWeb
What is CredoWeb?

A data collection toolkit that helps lenders score the applicants on desktop. The CredoWeb is a simple JavaScript that sits on the lender’s application web page to collect device fingerprint and behavioural data about the way an application form is filled in. The scoring algorithm uses a two-fold intelligence to assesses the creditworthiness of an applicant. It combines the device data insights with that of browser behaviour to get you a more predictable credit score for each applicant.

ScoreMe
What is ScoreMe?

ScoreMe is a light mobile app aimed at helping financial institutions generate demand for their loans and credit cards while improving the quality of the leads. Credo ScoreMe enables your applicants to see their digital credit score by simply downloading a mobile app on their smartphones. Our AI-algorithm identifies the best deserving customers and presents them with a link to the product of yours that they best qualify for.

Fraud Score
How does CredoLab generate the fraud score?

CredoLab has partnered with TransUnion, formerly iovation, to bring you the best in business anti-fraud solution. CredoLab and TransUnion, formerly iovation, have joined forces bringing a single mobile solution that uses smartphone device metadata to generate bank-grade digital scorecards and perform anti-fraud checks, in real-time.

CredoSDK
Why should CredoSDK excite me?

This is a no-fuss, simple plug-and-play digital scoring tool. This product is highly recommended for businesses who already have an existing app with a substantial active client base. Our flexible APIs ensure that our scoring technology easily integrates with your existing infrastructure. CredoSDK enables companies like yours to get started with AI credit scoring quickly with increasing approval rates, while keeping your risk under control and start accepting more customers with CredoSDK. Find out more here.

Scoring
How many data points does are collected from the smartphone device?

CredoLab's scoring algorithm collects millions of data points on average from the smartphone device. The number of data points collected depends on the permissions granted, the operating system (Android, iOS) and its version, and the actual usage of the mobile device. In any case, the more permissions granted, the more accurate the score, the higher your chances of getting a better score.

CredoApp
Why should CredoApp excite me?

The very first white labelled app to be introduced from the CredoLab assembly line, CredoApp's AI-based scoring processes converts metadata from mobile devices into predictable digital scorecards. With CredoApp, you can now judge the creditworthiness and willingness-to-pay of customers with little or no traditional financial history like new-to-credit (NTC), millennials, self-employed and small business owners. Find out more here.

CredoApply
Why should CredoApply excite me?

CredoApply is a comprehensive digital onboarding platform that facilitates all aspects of the customer application process. Built on CredoLab’s powerful AI credit scoring technology, CredoApply is packed with mobile intelligence to help manage all steps of the onboarding process, such as guiding customers through the application, KYC requirement completion, anti-fraud checks and digital credit scoring. With CredoApply, lenders can offer their customers a fully digitised and engaging onboarding experience. CredoLab’s advanced backend infrastructure ensures that customers enjoy a speedy time-to-yes while companies can profit from higher credit scoring accuracy.

Find out more here.

Scorecard Development
How do you integrate your digital scorecard with our existing one?

We offer three scorecard integration options: merge, dual, and input.

  1. Merge: you can merge your existing scorecard with a CredoLab digital scorecard to create a more powerful, enhanced score.
  2. Dual: you can run the CredoLab digital scorecard in parallel with your existing scorecard to assist in your decision making.
  3. Input: you can use the CredoLab digital score as one additional characteristic in your existing scorecard.

CredoWeb
Why should CredoWeb excite me?

Forward to our flagship offering, CredoApp, CredoLab brings you a two-fold intelligence tool that assesses the creditworthiness of your customers based on browser data, in addition to smartphone data. The new web toolkit combines the device data insights with that of browser behaviour to get you a more predictable credit score for each applicant with just a simple strip of JavaScript. Find out more here.

ScoreMe
Why should I use ScoreMe?

ScoreMe is a light mobile app aimed at helping you generate demand for your loans and credit cards while improving the quality of the leads. ScoreMe enables each applicant to see their digital credit score by simply downloading a mobile app on their smartphones. Our AI-algorithm identifies the best deserving customers and presents them with a link to the product that they best qualify for. Find out more here.

Fraud Score
Is the credit score and fraud check done at the same time?

Yes. While our scoring algorithm crunches the consented device metadata to provide you with a reliable credit score, TransUnion’s FraudForce uses device recognition and intelligence technology to track over 45 types of fraud and abuse. All this happens in a matter of seconds giving you the fraud score and the credit score on the applicant in real-time.

CredoSDK
How big is the CredoApp application?

The actual size would depend on the number of permissions your app is allowed to collect. On average, the SDK is about 250kb big and can be operated on both operating systems (iOS and Android).

Scoring
How long does it take to generate the credit score?

The process is completed faster than you can say "CredoLab". The app begins accessing data only after the customer has granted the required permissions. Within seconds the score is generated and sent to the underwriter. Do note that all CredoApp does is take a 'snapshot' of the device usage and does not track information over time. Once the score has been successfully sent to the backend, the app is defunct and can be deleted.

CredoApp
How big is the CredoApp?

The CredoApp 3.0 version is approximately 2MB in size.

CredoApply
What kind of data does CredoApply collect?

CredoApply collects two types of data: personal data and anonymous mobile digital footprint. The personal data is transferred right away to the financial institution via a secure API. No personal data is stored on CredoLab`s servers nor shared with other 3rd parties.

The mobile digital footprint is collected anonymously in the form of metadata. This metadata is only used only to calculate credit score and to determine the outcome of your application. We then determine the correlation between your applicant and the predicted default rate.

You can get more information on how we handle the data under our privacy policies.

Scorecard Development
What is the Gini coefficient of an average CredoLab scorecard?

The Gini coefficient of CredoLab's scorecards varies from client to client. As of today, CredoLab has consistently delivered scorecards with an average of 30% higher Gini coefficient than the traditional scorecards used by the client.

CredoWeb
What is the two-fold intelligence that CredoWeb provides?

CredoWeb focuses on two levels of analysis: Behavioural Application Analysis of the user and Anti-Fraud Checks of the device.

ScoreMe
How big is the ScoreMe application?

The ScoreMe application is approximately 2MB in size.

Fraud Score
What are the different kinds of fraud checks conducted by the fraud check algorithm?

Our fraud check algorithm protects you from 45 types of fraud and abuse:

  • Payment fraud
  • New Account Fraud
  • Application Fraud
  • Policy Violation
  • Account Takeover
  • Claims Fraud
  • Loan Default
  • Identity Theft
CredoSDK
What is the size of the average datasets?

The file containing the metadata used to calculate the credit score is no bigger than 120kb.

Scoring
Can the App collect data in the background?

No. The only time the app is active is when the customer initiates the scoring process. Once the score is sent to the backend, the app is defunct. It does not access any data or remain active in the background. The customer is free to delete the app right after the scoring is done.

You can get more information on how we handle the data under our privacy policies.

CredoApp
What is the size of the average datasets?

The file containing the metadata used to calculate the credit score is no bigger than 50kb.

CredoApply
How big is the CredoApply App?

The App is approximately 7Mb in size.

Scorecard Development
How does CredoLab develop its digital scorecards?

We have arrived at this 7 step process of developing a scorecard after years of analysis of what goes into designing the perfect engine that can assess the creditworthiness of each applicant efficiently. Each step is executed closely with your team to ensure its customized to your objectives, business, and markets amongst other relevant factors. Here's a snapshot of what the process looks like:

CredoWeb
What does Behavioural Application Analysis entail?

CredoLab’s Behavioural Application Analysis is a new solution that assesses users while they apply for a loan or credit card on a lender’s or aggregator’s website. CredoLab’s Behavioural Application Analysis uses behavioural metrics to build profiles of users’ behaviours that include:

  • How they type, the keys that they press and how they press them?
  • How they move the mouse on the screen?
  • How quickly they answer questions that they should know?
  • How slowly they answer questions that they may not know immediately?
  • How they swipe left to right on a mobile platform or utilize other gestures?
  • How uniform is the typing rhythm?

Through the behavioural monitoring of a user’s loan or credit card application, we provide lenders with a new credit assessment tool based on users’ actions. We crunch these metrics with an algorithm that also accounts for behavioural variances across platforms and can detect if automated activity might be involved (for instance, a bot for application form completion or past e o r autocompletion tool).

CredoLab’s Behavioural Application Analysis seamlessly integrate in any mobile app and website. It collects behavioural metrics via a simple JavaScript that enriches the credit assessment without introducing any friction in the user experience.

ScoreMe
How does ScoreMe function?

Once downloaded, the ScoreMe requests for permissions to be granted to access the metadata of the smartphone and process the data into a credit score. On approving the access, the customer can immediately see his/her score. The customer is then presented with possible products that they are eligible to apply for. On picking their preferred product, the request for application and the score is sent to your team. This provides a pre-approved list of quality leads for your sales and underwriting team to process further.

Fraud Score
Does the fraud score check any additional data access?

No. The fraud check is done with the same meta data accessed after explicit consent is taken from the customer. The customer is given full information on how and for what purposes the metadata collected will be used while requesting for access. We believe in complete transparency and do our best to ensure your customers know they are in full control of their data – even though its non-identifiable metadata.

CredoSDK
Once I have integrated the SDK into my app, how can I start scoring my customers?

Refer to Scoring to know more on how to kick off scoring your customers. Watch the video below to get a quick understanding how the customer would use the app once ready.

Scoring
What if the customer refuses to grant permissions to access the device data?

Then CredoLab will not be able to generate a score for that applicant. The score is generated based on the information allowed to access.  The more permissions granted, the more accurate the score will be reflected and thus, higher the chances of getting a better approval score.

CredoApp
How does CredoApp function?

CredoApply
What permissions need to be granted in order for CredoApply to be able to collect data before scoring?

We collect data permissions from 8 main, broad categories-- Apps, messages, contacts, image and audio files, emails, calendars and downloads. We allow the customer to control which permissions they want to allow, and which they’d like to decline access to.

Scorecard Development
What info can I see during the scorecard development phase?

During the scorecard development phase you will be able to monitor the progress of datasets uploaded but will not receive a score. The very purpose of the data collection phase is to collect enough dataset required to tailor-make the scorecard model. After you approve the scorecard, we then put it into production and starts charging a fee per requested score. At the end of the pilot you will receive the scorecard and the underlying features.

CredoWeb
What does the Anti-fraud Checks of CredoWeb entail?

CredoLab’s Anti -Fraud Checks help you assess the devices used to apply for a loan or a credit card. In collaboration with TransUnion, previously iovation, CredoLab’s new anti-fraud solution analyses the context of an application on mobiles, computers, and tablets and helps answer the following questions:

  • Is this a new device or have we seen it before?
  • Is device being evasive?
  • Are there geolocation risks?
  • Are there device risks present?
  • Does device have history of fraud?
  • Is device associated with other devices that have fraud history?

Through mobile device intelligence, we offer a new anti-fraud tool that helps you accurately separate the fraudsters from your good customers by identifying:

  • Evasion techniques: Transactions originating from TOR networks, use of a proxy server, or use of mobile
  • Device anomalies: Location mismatches, time zone and IP address changes, and transactions that originate from known high risk locations, IPs, or ISPs.
  • Risky device behaviours: High transaction volumes, too many accounts and/or geolocations per device, and past history of fraud or abuse.

CredoLab’s Anti-Fraud Checks seamlessly integrate in any device. It collects metrics via a simple JavaScript that enriches the credit assessment without introducing any friction in the user experience.

ScoreMe
What permissions need to be granted in order for Credo ScoreMe to be able to collect data before scoring?

We collect data permissions from 8 main, broad categories - Apps, messages, contacts, image and audio files, emails, calendars and downloads. We allow the customer to control which permissions they want to allow, and which they’d like to decline access to.

CredoSDK
What permissions need to be granted in order for the App using your SDK to be able to collect data before scoring?

We collect data permissions from 8 main, broad categories-- Apps, messages, contacts, image and audio files, emails, calendars and downloads. We allow the customer to control which permissions they want to allow, and which they’d like to decline access to.

CredoApp
What permissions need to be granted in order for CredoApp to be able to collect data before scoring?

We collect data permissions from 8 main, broad categories-- Apps, messages, contacts, image and audio files, emails, calendars and downloads. We allow the customer to control which permissions they want to allow, and which they’d like to decline access to.

CredoApply
What if the customer refuses to grant permissions to access the device data?

Then CredoLab will not be able to generate a score for that applicant. The score is generated based on the information allowed to access.  The more permissions granted, the more accurate the score will be reflected and thus, higher the chances of getting a better approval score.

Scorecard Development
What happens during Data Collection?

Data collection is the process consisting of two steps: Gathering information from customers and Gathering information using the performance data.

In the first step, information is collected from the customers using White-label CredoApp, White-label CredoApply or CredoApp SDK. During this phase you can monitor the datasets uploaded onto CredoLab' servers to check it's quality (no duplicates etc). The data collected is used to train the AI algorithms used to select the most predictive delinquent behavioural patterns.

In order to build a tailor-made scorecard, you also need to provide us with performance data for the disbursed credit alongside the collected metadata from the customers. This performance data file should contain a binary target indicating if a borrower is “good” or “bad” (from credit risk perspective).

Given the behavioural nature of the score, we will tailor-make each scorecard based on the particular population and product that you want to assess.

CredoWeb
How big is the CredoWeb JavaScript?

Sizing is minimal as we simply implement a few lines of coding to embed the data collection and scoring algorithm into the application web page.

ScoreMe
How long does it take for ScoreMe to collect and process the data, and generate the credit score?

The process is completed faster than you can say "CredoLab". The app begins accessing data only after the customer has granted the required permissions. Within seconds the score is generated and presented to the customer. Do note that all ScoreMe does is take a 'snapshot' of the device usage and does not track information over time. Once the score has been successfully generated, the app is defunct and does not scrape any data in the backend.

You can get more information on how we handle the data under our privacy policies.

CredoSDK
How long does it take for the App with your SDK to collect and process the data, and generate the credit score?

The process is completed faster than you can say "CredoLab". The app begins accessing data only after the customer has granted the required permissions. Within seconds the score is generated and sent to the underwriter. Do note that all the app needs to do is take a 'snapshot' of the device usage and does not track information over time. Once the score has been successfully sent to the backend, the app needn’t access any more information for scoring.

You can get more information on how we handle the data under our privacy policies.

CredoApp
How long does it take for CredoApp to collect and process the data, and generate the credit score?

The process is completed faster than you can say "CredoLab". The app begins accessing data only after the customer has granted the required permissions. Within seconds the score is generated and sent to the underwriter. Do note that all CredoApp does is take a 'snapshot' of the device usage and does not track information over time. Once the score has been successfully sent to the backend, the app is defunct and can be deleted.

You can get more information on how we handle the data under our privacy policies.

Scorecard Development
Is there any specific requirements for the data being used to train the AI algorithm?

In order to build a robust scorecard, we recommend to collect metadata of about 5,000 users of which at least 300 to 500 are defaulters. The total number of uploaded datasets will depend on default rate, approval rate, and penetration of the mobile apps.

CredoApply
What is the difference between the light and full versions of CredoApply?

The CredoApply comes in two versions- full and light. The former offers a longer application which requires the customer to fill in more data, whilst the latter is quicker to fill in and requests lesser data.

CredoWeb
What permissions need to be granted in order for CredoWeb to be able to collect data before scoring?

No permissions are needed because our web solution only monitors the customer's behavioural pattern within the process of application. It is essentially a single-session data capture process.

ScoreMe
Can the ScoreMe collect data in the background?

No. The only time the app is active is when the customer initiates the scoring process. Once the score is sent to the backend, the app is defunct. It does not access any data or remain active in the background. The customer is free to delete the app right after the scoring is done.

You can get more information on how we handle the data under our privacy policies.

CredoSDK
What if the customer refuses to grant permissions to access the device data?

Then CredoLab will not be able to generate a score for that applicant. The score is generated based on the information allowed to access.  The more permissions granted, the more accurate the score will be reflected and thus, higher the chances of getting a better approval score.

CredoApp
Can the CredoApp collect data in the background?

No. The only time the app is active is when the customer initiates the scoring process. Once the score is sent to the backend, the app is defunct. It does not access any data or remain active in the background. The customer is free to delete the app right after the scoring is done.

You can get more information on how we handle the data under our privacy policies.

Scorecard Development
What happens in Data Preparation phase?

Data Preparation involves processing the raw data so that machine learning algorithms can uncover insights and make predictions. CredoLab uses proprietary software and algorithms to transform the raw data collected during the data collection phase into millions of  features which are a foundation of all further steps of a modelling process.

CredoWeb
From what instance does the JavaScript start capturing the data?

Data collections begins from the moment the customer begins the filling in application form and ends once the form is submitted.

ScoreMe
What if the customer refuses to grant permissions to access the device data?

Then CredoLab will not be able to generate a score for that applicant. The score is generated based on the information allowed to access.  The more permissions granted, the more accurate the score will be reflected and thus, higher the chances of getting a better approval score.

CredoSDK
Can CredoSDK be integrated into my app via the Ionic framework?

Yes. Please get in touch with us at info@credolab.com for more information on this.

CredoApp
What if the customer refuses to grant permissions to access the device data?

Then CredoLab will not be able to generate a score for that applicant. The score is generated based on the information allowed to access.  The more permissions granted, the more accurate the score will be reflected and thus, higher the chances of getting a better approval score.

Scorecard Development
What happens in the Segmentation phase?

Segmenting, or clustering, is an unsupervised machine learning algorithm where the target is not known. CredoLab always tests different types of segmentation to make sure the data is homogeneous from a digital footprint point of view. Typically, we use Android version, data availability, device brand and other features to build homogeneous segments in order to increase the overall predictive power of an ensemble of scorecards. This step ensures that demographic information about the individual phone user is NOT included. Variables such as age, sex, income level, etc. are NOT considered for modelling nor extracted from the mobile device for any other purpose.

CredoWeb
Does the JavaScript monitor the browser activity before or after this?

No. The JavaScript is activated when the customer starts filling application form and stops the moment the form is submitted.

ScoreMe
How many languages can ScoreMe support?

Currently the app supports 7 main Asian languages; Simplified Chinese, English, Indonesian / Malay, Thai, Burmese, Vietnamese and Tagalog. To change the language, simply tap on the relative icon in the menu.

CredoSDK
Does CredoSDK support integration via Flutter?

Yes. Please get in touch with us at info@credolab.com for more information on this.

CredoApp
How many languages can CredoApp support?

Currently CredoApp supports 7 main Asian languages; Simplified Chinese, English, Indonesian / Malay, Thai, Burmese, Vietnamese and Tagalog. To change the language, simply tap on the relative icon in the menu.

Scorecard Development
What happens in the Feature Selection Phase?

Feature selection eliminates irrelevant or redundant features with the aim of increasing accuracy of the scoring model. We typically reduces the number of features from 1,300,000 to about 5,000 via fast and greedy algorithms. We then apply sophisticated proprietary algorithms to accurately select a few dozens of the most predictive and stable features. We always use a few different feature selection algorithms to ensure that we focus on features that are relevant to the problem we are trying to solve (predict risk).

CredoSDK
Does CredoLab provide SDK in React Native?

No. Our SDK is available in Android native library only (CredoApp SDK).  However, SDK module can be integrated into an application written on React Native.

Scorecard Development
What happens during Model Building?

Credit risk models are built to provide a quantitative estimate of the probability that a customer will display a defined behaviour as provided by the bank with their performance data. In our modelling stage, we always divide the available data into a training set, a validation set, and a test set. Consistent with industry practices, the training set is used for fitting the model, the validation set is optionally used to optimize parameters, and the test set is used for reporting the accuracy of the final model with its chosen parameters. Dividing up the dataset in this way for different purposes serves to provide better estimates of actual model performance on individuals who are either new-to-credit or new-to-bank.

CredoSDK
What is the Xcode version compatible with CredoSDK?

Xcode 11.3.

Scorecard Development
What happens during Model Deployment?

This step is carried out by you along with our assistance.

Model deployment in data science refers to the application of a model for prediction using new data. Depending on your requirements, the model deployment phase can be as simple as generating a report or as complex as implementing a repeatable data science process.

We will provide you with a manual for this step. The manual contains the details of the datasets being used for model building, the subset of features being selected as the most predictive to be included in the final model. The manual also includes the model performance (train vs. test) and the charts summarizing the distribution of the users per risk score.

CredoSDK
What is the Swift version CredoSDK supports?

Swift version 5.2 and higher.

Scorecard Development
What happens during Model Calibration?

Model calibration is done after a model is deployed in production. Model calibration is the process of fine-tuning and improving the model with new data coming from the same bank. Tuning a model involves changing parameters such as learning rate or optimizer. Or model-specific architecture factors such as number of trees for random forests and number of and type of layers for neural networks.

During the first 12 months, we recommend you share the performance data on a monthly basis. With this data, we can fine tune the model and improve it. As the portfolio matures, we recommend to perform a quarterly or semi-annual calibration.

Part of the calibration process is again out-of-sample and out-of-time validations. These are important steps to avoid overfitting, the practice in which the model fits the empirical data too well which results in less accurate predictive results for the new set of input data.

Couldn’t find an answer to your query? Get in touch with us directly at faqs@credolab.com.