"AdviceRobo is a psychographic risk scoring. Adds information to assess creditworthiness of thin file customers applying for loan. Increases acceptance at better risk levels. Connected via API"
FinTech AdviceRobo offers an innovative credit scoring. Looking for possibilities to give more people access to a loan at same risk? The AdviceRobo Psychometric Credit Scoring provides additional data to assess the creditworthiness of thin-file applicants so a lender can increase acceptances and decrease defaults in their loan portfolio.
Our experience is that assessing the creditworthiness of applicants for credit can be quite a challenge, especially for thin-file segments like self-employed, start-ups and millennials. This is because of the lack of reliable data and hickups in onboarding due to the paperwork, that leads to high rejects rates.
Based on academic research, we developed an online psychometric credit test to measure creditworthiness. The risk profiling is based on behaviour and motivation, because we know it is not only about the ability to pay but also about the willingness to pay.
In the test, applicants fill out a 10-minute online questionnaire and within seconds the lender gets the applicants credit score and a short profile.
AdviceRobo offers an integratable white label plug-in for a seamless customer experience. Within seconds, the lender gets the applicant’s credit score and a short profile via an application programming interface (API). Based on this, the lender can instantly either approve or reject the applicant.
This technology has been proven to increase acceptance (+18%) at same or better risk levels (up to 38% lower than average default rate).
Also, AdviceRobo provides continuous risk monitoring to predict default and churn based on Machine Learning models. It enables you to pro-actively service those customers that do need attention which improves the customer lifetime value.
The AdviceRobo technology has also been embraced by a wide partnership base that includes Microsoft, KPMG UK and KPMG Netherlands, Mambu and Endava, who offer AdviceRobo's solutions to their customers.
Founded in 2013, AdviceRobo has a client base comprising next-generation banks, credit card providers, mortgage independent financial advisers (IFAs), and microfinance and crowdfunding platforms.
With offices in Amsterdam and London, the company has operations across Europe.
Regional Restrictions: Global
Lenders (mortgages, instalment loans, micro loans), Tier 1 & 2 Banks, Challenger Banks.
Service does offer an API.
To assess the creditworthiness of (thin file) applicants so lenders can increase acceptances and decrease defaults.