Established in Singapore in 2016, CredoLab is on a mission to make credit available to all. It has powered over US$ 2 billion in loans to date using cutting-edge technology to analyse over 1 trillion data points across 21 countries. CredoLab develops digital scorecards for any business that needs to make better risk decisions such as banks, lenders, e-commerce, travel, ride-hailing, e-wallets, insurance and retail companies from the best alternative data source: privacy-consented and permissioned, smartphone and web behavioural data.
Built on over 22 million credit applications across more than 70 lending partners, CredoLab’s artificial intelligence-based algorithm crunches millions of features to find the most predictive micro-behavioural patterns, before converting them into risk scores. Matching the customer’s device patterns to these scores enables any business to make the most granular risk assessments possible of their prospective customers, even in the absence of credit bureau scores.
CredoLab also addresses the lack of predictive data for underwriting and fraud detection purposes in emerging and developed countries alike. Supported by the increasing penetration of smartphones and the ongoing shift from physical transactions to digital ones, CredoLab provides a behavioural risk score built on data that supplements existing credit risk models to facilitate the approval of ‘thin file’ customers including millennials, small business owners, new-to-credit and new-to-bank individuals. To date, CredoLab has maintained its predictive power even in the presence of payment holidays.
As previously announced, GBG has entered into a commercial partnership with CredoLab to accelerate its delivery of customer solutions by leveraging. GBG's Instinct digital risk management and intelligence platform. With GBG Instinct, banks, lenders, and mobile wallets can leverage an orchestration layer to perform multiple data callouts including to CredoLab’s cloud service. The partnership has already seen an uplift in digital scorecard predictiveness by up to 40%, a drop in cost of risk by up to 22% and an increase in approval rates of up to 32%.The partnership forms part of GBG’s continued commitment to offering end-to-end digital fraud and compliance solutions for any business looking to onboard and transact with their customers quickly, safely, and securely.