Cybertonica and Credit Kudos partner using AI to disrupt consumer lending
6 June 2019
Cybertonica and Credit Kudos announced at Money20/20 a new partnership using their combined platforms to automate credit scoring, harnessing Open Banking. Credit Kudos is an FCA-authorised challenger Credit Bureau and Account Information Service Provider (AISP) that uses financial behaviour to measure creditworthiness. Partnership with Cybertonica, and the use of their new ScreenWiZe™ product will enable new features and behavioural analytics, improving scores and speed by more than 30%.
“Working together with Freddy and the Credit Kudos team we will disrupt the future of real-time credit scoring and lending and make consumers’ and merchants’ experiences seamless.”
Using Open Banking standards, transaction data combined with biometric and behavioural modelling means rapid approval of an application and near zero fraud and default rates. The Cybertonica-Credit Kudos team will reduce non-paying lenders by 50% or more, while actually growing approval levels across a portfolio that grows 20% faster. Ruling out bad applicants in real-time and providing credit decisions real time changes the game.
Alan Nagle, Chief Commercial Officer of Cybertonica said:
“Credit Kudos is a new kind of Credit Bureau that uses financial behaviour to measure creditworthiness, their way of scoring e-commerce applications in a digital world significantly disrupts today’s more process-heavy underwriting services. The Cybertonica team are really excited to be aligned with this cutting-edge technology by adding our ScreenWiZe™ product to enhance their already new age technology for years into the future, ScreenWiZe™ is a biometric mouse movement monitoring technology that works symmetrically with Credit Kudos adding value in different verticals.”
“We’re thrilled to partner with the team at Cybertonica, combining the power of transaction data, alongside biometric and behavioural modelling to further advance the measurement of creditworthiness. Our platform takes the pain out of scoring e-commerce applications for both the applicant and lender, and now teamed with Cybertonica’s ScreenWiZe™ product we look forward to seeing the advancements that can be made through this partnership.”
Cybertonica uses Machine Learning and Artificial Intelligence to manage risk and fraud, increasing trust and growing frictionless banking and m/e-payments globally. Cybertonica’s service increases conversion and sales by up to 25% while managing card-not-present and other categories of fraud at world-class compliant standards. The recent introduction of ScreenWiZe extends our suite into behavioral analytics and makes secure devices part of the defence against AML, Fraud and account-takeover. Our goal is to build Trust in TransactionTM. Cybertonica has won numerous distinctions and awards since its product came to market, including the “Best Use of Payments Data Award” at Emerging Payments Awards 2018 and the “Best Data Analytics and Science Award” at Merchant Payments Ecosystem Awards 2018. Cybertonica also was named finalist for the “FinTech Start-up of the Year Award” at EWPN Awards 2019 and received the “Best New Back Office Innovation Award” at the Emerging Payments Awards 2017.
About Credit Kudos
Credit Kudos is an FCA-authorised credit bureau and AISP that uses financial behaviour to measure creditworthiness. Through direct connections to the UK’s largest banks, Credit Kudos aggregates and interprets transaction data for use by lenders, brokers, and financial institutions. Credit Kudos goes beyond traditional scoring, providing a comprehensive view of a borrower’s creditworthiness. We transform complex sets of information in our easy-to-use, digital first tools to help everyone make better lending decisions. Credit Kudos’ recent awards include Best New Innovation in Consumer Lending’ by FDATA Global 2018, ‘Innovation of the Year’ at the Consumer Credit Awards 2018 as well as ‘FinTech Innovator of the Year’ by TechWorld at the Techies 2019.