Smart Real-Time Data
2020 undermined predictive analytics models based on historical data. Both people and companies have seen rapid changes in their financial situations: this was the period of financial trauma and recovery alternating at unexpected times. Information was becoming outdated so quickly that it needed to be tracked in nearly real-time for decision-making.
Smart Real-Time Data
2020 undermined predictive analytics models based on historical data. Both people and companies have seen rapid changes in their financial situations: this was the period of financial trauma and recovery alternating at unexpected times. Information was becoming outdated so quickly that it needed to be tracked in nearly real-time for decision-making.
The client’s financial stability as a whole has become an important consideration for financial institutions. In addition to credit history, they also started looking at current income and expenses as well as any additional factors that may affect the solvency of a person or company. However, more data leads to an increased load on data departments, driving up computing costs.
In response to the growing need for up-to-date information, the development of analytical and scoring products will include real-time insights and the ability to calculate historical scoring and make predictions based on big data.
Open banking solutions enable banks to react more quickly to changing income and spending dynamics. This includes the lack of normal wages and an increase of smaller payments from freelancer income.
Credit Kudos
Credit Kudos helps lenders not only determine the exact time and extent of a borrower's income decline but also forecast how the situation will change in a particular industry.
Upstart
Upstart takes into account the quality of education and career achievements when assessing the users' creditworthiness. For example, the university the person graduated from, academic degree, and work history are all considered.
TrueLayer
TrueLayer introduced the Insights API service this year. It collects and analyzes user financial behavior based on open banking data.
Cuvva
Cuvva specializes in time-based car insurance for short trips. For risk assessment, insurtech also uses telematics based on real-time data.
Wrisk
Wrisk offers usage-based car insurance: customers switch to a mileage-based car insurance type, with an additional flat fee when cars are parked.
DueDil
DueDil builds connections between affiliates, their management, and owners in a similar manner as social media. This helps banks and insurance companies to identify not only financial but also, for example, regulatory risks.
Aggregion
Aggregion's decentralized databases allow users to securely compare information from different companies while maintaining control over the data and without centralized storage.
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