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Improving loan quality and acceptance rates by predicting credit behavior through social mediadata.

Objective

The problem: Credit Losses on Banks’ Loan Portfolios - Youngsters and 2nd generation immigrants still have difficulty in obtaining credit.

The solution: Our credit scoring model called Big Data Score assesses the credit quality of people and accurately predicts their payment behaviour based on data from social media (Facebook) and internet browsing behaviour.

Objectives of the overall innovation project:
1) Bring the present Technology Readiness from level 7 to 9.
2) Provide the system with complete access to real life data and Open Data made available from governments.
3) Development of a marketing and sales strategy based on two key principle: vertical approach and distribution approach.

Value Proposition: To help lenders to save money on credit losses and to make more money on increased acceptance rate.

Business Model: Business follows a simple and easily scalable model where lender pays for each score:
0.99 EUR per Facebook score and 0.20 EUR per browser score.

Users/Clients: Our target client is anyone who is taking a short to medium term (1-36 months) credit risk.

Competition: Traditional credit bureaus and innovative credit score (Kreditech, Leendo, ZestFinance).

Revenue Streams: 36M€ revenues at the 3rd year after commercialization.

Team: Big Data Scoring AS, Aasa Global AS.

Required funding: 1,5M€

Field of science

  • /humanities/history and archaeology/history
  • /social sciences/political science/public administration/bureaucracy
  • /natural sciences/computer and information sciences/data science/big data
  • /social sciences/sociology/demography/human migration
  • /social sciences/economics and business

Call for proposal

H2020-SMEINST-1-2014
See other projects for this call

Funding Scheme

SME-1 - SME instrument phase 1

Coordinator

BIG DATA SCORING
Address
Vahtramae Tee 12-1
11912 Tallinn
Estonia
Activity type
Private for-profit entities (excluding Higher or Secondary Education Establishments)
EU contribution
€ 50 000

Participants (1)

AASA GLOBAL AS
Estonia
EU contribution
€ 0
Address
Laeva Tn 2
10111 Tallinn
Activity type
Private for-profit entities (excluding Higher or Secondary Education Establishments)