ORIX Credit and AdviceRobo collaborate on credit scoring in Japan
ORIX Credit Corporation and Innovative Financial Risk Specialist AdviceRobo have announced today that they are working together to explore the potential of innovative alternative credit scoring in ORIX card loan services. ORIX Credit plans to incorporate AdviceRobo’s psychographic credit scoring solution into its loan application process in Japan.
«We expect the experimental use of AdviceRobo’s credit scoring for our loan card products to help perfect our credit knowhow and that the solution will offer the potential to expand our loans to many customers», comments Yoshinori Kimura, director at ORIX Credit Corporation. «We are excited about this collaboration with ORIX Credit. ORIX is one of the most innovative global financial services companies with strong entrepreneurial spirit. As one of the most innovative global financial risk specialists, the potential offered by working with AdviceRobo looks perfect for me: In the digital era where consumers expect seamless access to loans and other financial services, this perfect combination will support the strong growth of ORIX Credit», said AdviceRobo CEO Diederick van Thiel. Read the full Press Release in English or Japanese (10 June 2020).
The problem we solve, the solution we offer
In the storm of this COVID-19 crisis governments and banks are spending awesome amounts of funds in new credit to support the economy. But who is actually capable of paying their borrowed money back? Who is aware that money has to be put aside? Who has the skills to do it smartly without digging deeper financial holes? Who is actually willing to pay back the borrowed money?
For lenders this creates a never seen before huge risk in never getting their money back as traditional credit assessments are not working anymore. It’s more important than ever before to provide risky customer segments with alternative scores. Customers applying for a payment holiday should be scored. People who are in arrears should and all new applicants for a credit should be psychometrically assessed. Not only to help lenders to better asses the risk in these weird times of crisis. But also to prepare personalized communication strategies for collection of loans in default. This can really safe lenders billions of Euros in operational costs in the upcoming years. Read the full article (12 May 2020).
We have made it!
After 6 months working alongside 7 high calibre start-ups & scale-ups we completed the Think Forward Initiative Growth Track. The Think Forward Initiative wants to financially empower millions of European citizens.
The AdviceRobo team is super grateful and wants to say thank you to all involved. We have been turned into true ambassadors of TFI. We hope to further explore growth opportunities together for this eco-system (8 May 2020).
AdviceRoboTimes April 2020 Special is out now
We are all searching for the “next normal”. Navigating towards new and better times. How would that look? In these uncertain times, we would like to share some inspirational articles we came across lately. To support you and hopefully give some guidance. Get it or Sign up (24 April 2020)
Let’s fight the crisis together!
Assessing risk of new customers is even more difficult in this time of COVID-19. Probably, every lender already had some doubts about the reliability of traditional data in risk assessment. Due to the pandemic traditional risk-management becomes somewhat obsolete. It might not help on the journey to the next normal we all are searching for.
“The core question in this time of crisis is if the customer is going to pay back his loan! Looking at personality and behaviour of people when it comes to money, gives a deeper, objective and full picture of a customer’s likelihood to pay back. The challenge now for lenders is to enrich credit assessments with non-financial data that says something about the ability and willingness to pay back. That will make credit decisioning smarter, more reliable and future proof. In these disruptive times, using alternative credit scoring will help granting credit to self-employed and SME’s across the world”, says Diederick van Thiel, CEO of AdviceRobo. Let’s fight the crisis together! Read the full article (21 April 2020).
Demo Day FE Xcelerate Vietnam
FE Xcelerate inaugural cohort concludes on March 26.
Honoured to be part of co-creating innovative solutions for the largest consumer finance player in Vietnam – FE Credit. Supported by GoMedici (19 March 2020).
Nominated: Credit Management & Collection Awards
We are honoured to be nominated for the Credit Management & Collection Awards, category Technology Innovation.
The fifth edition will be held on March 12, 2020 in Milano, Italy. The Credit Management & Collection Awards is an initiative of StopSecret Magazine (18 February 2020).
CreditRobo Questionnaire available in >15 languages
The CreditRobo questionnaire is currently available in English, Spanish, Dutch, Czech, Polish, Turkish, Italian, French, Japanese, Russian, Vietnamese, Sinhalese, Bengali, Ukrainian, Georgian, Romanian and Filipino/Tagalog. More information on CreditRobo in Spanish or Japanese (10 February 2020).
Artificial intelligence credit risk prediction
Global consumer lending has seen a compound annual growth rate of 4.8% forecasted to 2020. The financial system is once again at risk; it is a decade since the credit crunch, yet the causes have not been solved; however, the outstanding amount of credit doubled compared to the lending volume of 2008.
Read all about AI tools for risk prediction in “Artificial intelligence credit risk prediction: An empirical study of analytical artificial intelligence tools for credit risk prediction in a digital era” by Diederick van Thiel, CEO of AdviceRobo.
The article is published in Journal of Risk Management in Financial Institutions (6 February 2020)
MyCreditRobo currently available in 10 languages
MyCreditRobo tool is currently available in 10 languages: English, Spanish, Dutch, Czech, Polish, Turkish, Italian, French, Japanese and Russian. More to come…
Want to take MyCreditRobo for a test drive? You get 20 psychographic scores for free when you sign up. (23 January 2020)