If there is one common issue that between a loan-taker and a loan-giver it is the lack of means to assess creditworthiness. Among this 7.8 billion population, almost half of the people are unable to take loans because there are not appropriate ways to prove creditworthiness. Similarly, bank officials and investor companies also have to face fraudulent loans. As it is said ‘necessity is the mother of invention’, Credolab was made with this purpose.
What is Credolab?
Credolab aims to make an AI technology that could provide digital scorecards based on some alternate data. This scorecard would then be used by banks, lenders and investors to give loans to the people. Credolab scores people based on real-time data. The arrangement is such that money exchanges happen based on which the credibility of the customer is understood.
Since it is a beneficial application, millions of users started using Credolab. With more users also comes a bigger risk. However, Credolab was also successful in addressing that. With Credolab fraud SDK, Credolab can detect fraud customers to reduce any kind of financial burden. All of this is done without affecting the customer’s experience. It has also helped in reducing the number of people who even miss their first monthly payment.