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Banks Bank on Consumers’ Mobile Data for Credit Risk Assessment
December 01, 2017
Following the footsteps of other banking institutions from around the world, Indian banks have also started mining the data on the customers’ mobile phones to assess their credit profiles with better accuracy.
India’s competitive banks have teamed up with new-age Fintech companies to develop and create their version of a controversial yet effective technology that’s already being used by the lenders in China, Africa, and many other countries.
This technology is largely centered around phone-scanning apps that collect insightful data from the users’ smartphones. An example of this is the Lenddo which scans the contacts of a person and analyses how they interact with them in addition to 12,000 other data points.
