Press Release (ePRNews.com) - SINGAPORE - Feb 01, 2017 - As of December, CredoApp is available for download from the Google Play Store in 7 countries in the SE Asia region. The state-of-the-art app, which is instrumental in our push for a more efficient, cost-friendly, and rapid credit scoring process, can now be downloaded onto Android smartphones in Indonesia, Vietnam, Singapore, Philippines, Thailand, Malaysia, and Myanmar, marking an important step forward in CredoLab’s quest to bring credit to the underbanked population of South East Asia. Additionally, with version 2.2 we recorded a 300% improvement in data collection time, significantly streamlining a bank’s time-to-yes which, as of now, could stand at an unprecedented 150 seconds with the implementation of our CredoApp. This affirms our commitment to continuously improve our products in a manner which creates potential for us as well as partner companies who stand to gain a competitive advantage by utilising our ground-breaking technology.
Furthermore, Credolab is currently involved in a data collection pilot project with one of the biggest retail lenders in SE Asia. The 3 month trial is the first real-life application of our visionary technology in Indonesia, and is producing very promising results. The clients’ data collected through CredoApp showed an exceptionally high correlation with repayment behaviour, culminating in a truly remarkable Gini coefficient of 0.71. “In my 20 years in banking, I have never seen anything as game-changing in credit scoring as our CredoApp” said Peter Barcak, CEO of CredoLab. In addition to showcasing the tremendous potential of our technology, the pilot serves as an opportunity for us to optimize our app and further enhance its functionality.
Another pilot is also running in the Philippines, where we have partnered with a top 5 bank. The pilot is set to begin in early February and is expected to give us the opportunity to produce a credit score for up to 10,000 applicants in the 2-3 month trial period and will serve as a yet another indicator of CredoApp’s suitability for integration into banks’ pre-existing credit scoring infrastructures.
Headquartered in Singapore, CredoLab Pte. Ltd. provides subscription-based tools and value-added services that enable consumer lenders to reduce the cost of risk, enable inclusion of previously unbanked population, increase operational efficiency, significantly increase market share and enhance profitability. Our subscription products harness the power of predictive analytics across big data as well as traditional data sets, to deliver superior risk assessment capability.