First Access - Innovative Ways to Assess Client Credit-Worthiness
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First Access Inc. provides instant credit scoring services for informal markets through analyzing mobile phone data and other records with statistical models. The service generates optimal loan sizes, product eligibility determinations, and other recommendations for financial institutions in under three minutes. It also provides reporting and analytics on portfolio quality and profit margins to help clients improve results while maintaining consumer protection.
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First Access - Innovative Ways to Assess Client Credit-Worthiness
- 1. The first instant credit scoring service for informal markets
- 2. Our products Copyright 2014, First Access Inc. Standard Scoring Premium Scoring Reporting Analysis
- 3. How it works Financial Service Provider 3 Employees send loan applicant mobile numbers via SMS. 1 Time: < 3 minutes Recommendation delivered to employee via SMS and logged securely online. 2 1 Cloud software !instantly requests consent from loan ! applicant via SMS. Software buys records from mobile companies, analyzes with proprietary statistical models customized CLOUD to each Financial Service Provider, and generates: . Optimal loan size or product 2. Eligibility for immediate ! disbursal Results logged online securely for client and sent via SMS. Copyright 2014, First Access Inc. 3
- 4. How it works Copyright 2014, First Access Inc. 4
- 5. Credit Analytics - Reporting Portfolio Quality by Branch Copyright 2014, First Access Inc. 5
- 6. Copyright 2014, First Access Inc. Results 6 Profit Margin Current With First Access scores Losses Current With First Access scores
- 7. Smart Data First Access turns big data into smart data, separating the signal from the noise and delivering simple, reliable information that financial institutions can use right now. Copyright 2014, First Access Inc. 7
- 8. Copyright 2014, First Access Inc. Consumer Protection 8 Understanding full disclosure and informed consent is more important than ever.
- 9. Copyright 2014, First Access Inc. Thank you! 9 www.firstaccessmarket.com First Access Inc. 601 W. 26th Street Suite 325 New York, NY 10001
- 10. Copyright 2014, First Access Inc. Thank you! 9 www.firstaccessmarket.com First Access Inc. 601 W. 26th Street Suite 325 New York, NY 10001
Editor's Notes
- Credit underwriting is expensive Informal market leaves no trace Banks know and purport to understand….risk
- Baseline on loan performance information Banking algorith: loan size, IR, repayment rate Mobile Algorithm: airtime, mobile money, remittance, how mobile you are, rural/urban, number of people in network, calls/sms patterns
- Phone network, remittance money, mobile money transactions, everything costs money, indicative of other facets World bank has studes on mobile data and credit
- Scores they’ve purchased and impact of those scores on their portfolio - How does this work? Does it snc with my core banking system? What will it look like on a daily basis
- Asset quality, collateral coverage, geography, bank branch, loan officer, how fluctuates with interest rates, sector Decisions on portfolio management to help guide management decisions Anyone can go to the dashboard, go to the reports on Span traditional banks commercial MFI, asset financing companies, trasnprotation devices, sanitation devices -Access Bank, Finca Challenges: regulatory for the data, education that they need to take Dedication of consumer protection
- Increase profit margins 5-10x Reduce costs 18-80% Long-term commit from Vodacom Models for various business loans
- Innovations in Big Data. Harnessing predictability, looking for strongest correlation when we wput this all togethers Correlations really high for variables, but what does it mean, why does it work this way? Nicole can come in and say this is false correlation MACHINE learning. It gets better!
- Good Business CGAP Report