FinTech social data company, Hello Soda, which allows lenders to utilise applicants’ digital footprint in deciding the outcome of their loan application, has integrated with financial software firm Anchor Computer Systems.
This will enable hundreds of businesses to access the platform this year.
Financial software firm, Anchor Computer Systems is now live with Hello Soda’s software ‘PROFILE’ a cloud based, unstructured data engine designed to help lending companies make more informed decisions on loan applicants. It uses social media interactions and online behaviour to help lenders identify key personality traits when assessing loan applications.
Taking all available information from web and social media platforms, and blending it with other third-party data sources (including credit risk profiles, fraud scores and personality indicators) allows a full reputation score to be created.
It’s not just the companies that benefit; by injecting an element of human behaviour into a typical computer-led lending application process, consumers get quicker decisions more accurately aligned to their circumstances.
Existing Anchor Computer Systems customers are able to immediately upgrade their platform to include the social data scoring powered by Hello Soda, allowing them to make more accurate and informed decisions on lending applications.
Having already undergone its first Anchor customer integration with short-term loan provider Shelby Finance, the enhanced Anchor Platform is proving to be a success.
Anchor Computer Systems CEO Mike O’Sullivan said: “We are really pleased to have had the opportunity to integrate Hello Soda’s ‘PROFILE’. We were really impressed with the capabilities of the data engine and could see the huge benefit for us and our customers. The integration has proved to be a success with this initial roll out and we look forward to rolling it out to more customers.”
James Blake CEO of Hello Soda added: “We are really pleased to be working with Anchor Computer Systems and for more lenders to have access to this cutting edge technology that benefits both them and consumers. Traditional credit rating models are no longer sufficient when assessing a loan applicant’s creditworthiness and it’s crucial that lenders take into account the entire fabric of a person’s life. For lenders, it means they get a more accurate and up-to-date understanding of a person’s lifestyle, finances and habits. For loan applicants it means an increased chance of getting a loan that is more suited to their needs.”