Technology company Nostrum Group is to integrate credit and data analytics company Hello Soda’s Profile software into its offerings.
The Profile software from Hello Soda helps predict a person’s creditworthiness based on structured and unstructured data enabling lenders to assess risk. It uses consumer ‘digital foot prints’ to identify personality traits from language used across social media, and applies psycholinguistic analysis to determine the likelihood of an applicant repaying a loan.
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By cross matching an applicant’s various social profiles, always with consumer consent, it can assess metrics such as employment status, approximate address, pay date, and any other life changing events in creating its resolution.
James Blake, chief executive officer and founder of Hello Soda, said: "Traditional credit rating models are not sufficient when assessing a loan applicant’s credit worthiness and lenders need to take into account the entire fabric of a person’s life. For lenders, they get a more accurate and up-to-date understanding of a person’s lifestyle, finances and habits and for loan applicants it means an increased chance of getting a loan that is more suited to their needs."
Richard Carter, chief executive officer of Nostrum Group, said: "The digital era has changed the way consumers operate, therefore the way in which we conduct business needs to evolve along with them."
Nostrum said the deal markets the beginning of a relationship between the two companies, and that existing Nostrum customers would be able to use the social data scoring powered by Hello Soda.
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