Source: Orix Credit
ORIX Credit Corporation and Innovative Financial Risk Specialist AdviceRobo have announced that they have started to work together to explore the potential of innovative alternative credit scoring in ORIX card loan services.
ORIX Credit plans to incorporate AdviceRobo's psychographic credit scoring solution into its loan application process in Japan.
Leveraging its financial services industry expertise and AI capabilities, AdviceRobo has built several innovative credit scoring methodologies. AdviceRobo credit scoring helps with a broad-based credit scoring mechanism beyond the traditional parameters employed by agencies and credit bureaus. The biggest beneficiaries of this innovative credit scoring are consumers who are new to the credit and financing ecosystem. For such new consumers, there is no sufficient centralized data available. But that doesn’t mean that they cannot avail of credit. AdviceRobo uses other tangible factors like, in the cooperation with ORIX, a psychometric profile to determine the creditworthiness of a new customer.
AdviceRobo was founded in the Netherlands in 2015 and initially launched a psychographic credit scoring solution in the UK. Over the past five years, the company has developed innovative credit scoring solutions that leverage alternative data and artificial intelligence to extend their reach to 15 countries for lenders, including global Tier1. Through collaboration with ORIX Credit, AdviceRobo explores the new possibilities of Japan's credit screening system.
"We expect the experimental use of AdviceRobo's credit scoring for our loan card products to help perfect our credit knowhow and that the solution will offer the potential to expand our loans to many customers.", comments Yoshinori Kimura, director at ORIX Credit Corporation.
"We are excited about this collaboration with ORIX Credit. ORIX is one of the most innovative global financial services companies with strong entrepreneurial spirit. As one of the most innovative global financial risk specialists, the potential offered by working with AdviceRobo looks perfect for me: In the digital era where consumers expect seamless access to loans and other financial services, this perfect combination will support the strong growth of ORIX Credit", said AdviceRobo CEO Diederick van Thiel.