Product Overview of Trust Science
Trust Science is a cutting-edge FinTech SaaS platform designed to revolutionize the lending industry by providing lenders with advanced tools to make more accurate and informed credit decisions. Here’s a detailed look at what the product does and its key features.
Mission and Vision
Trust Science’s mission is to help deserving individuals, particularly those who are underbanked or financially stressed, access the loans they need. The platform aims to enhance financial inclusivity while boosting lender profitability through fair, ethical, and compliant credit scoring methods.
Key Features and Functionality
AI-Powered Credit Scoring
Trust Science employs artificial intelligence (AI) and machine learning (ML) to combine various data sources, including traditional credit bureau data, alternative data, and user-permissioned data. This holistic approach is encapsulated in the Six°Score™, a dynamic credit scoring system that assesses a borrower’s probability of default using thousands of data points. This system is particularly effective for evaluating “Invisible Prime™” borrowers who cannot be accurately assessed by conventional credit scoring methods.
Data Aggregation and Integration
The platform aggregates a wide range of data, including:
- Banking data: Verifies borrower details such as income and employer information.
- Bureau data: Leverages traditional credit bureau information.
- Market data: Incorporates geographic and economic data relevant to the industry and region.
- Employer and job data: Uses employment records to assess stability.
- Public data: Utilizes public records, including court files, in compliance with fair lending regulations.
- Proprietary data: Combines all these sources to provide comprehensive insights.
Prescreen and Direct Marketing Solutions
Trust Science offers Prescreen and Direct Marketing solutions that use AI-driven credit scoring and risk assessment to help lenders identify potential customers who are more likely to be eligible for and interested in specific financial products. This targeted approach improves marketing efforts, increases conversion rates, and reduces marketing expenses.
Automated Loan Underwriting
The platform provides automated loan underwriting solutions, enabling lenders to make quick and accurate credit decisions. It integrates with Loan Origination Systems (LOS) and Loan Management Systems (LMS) via APIs, significantly reducing manual entries and enhancing efficiency.
Explainable AI and Compliance
Trust Science’s use of explainable AI ensures transparency in its credit scoring models, providing intuitive and ECOA-compliant reason codes. The platform is fully compliant with regulations governing Credit Reporting Agencies in both Canada and the US and undergoes regular audits to ensure adherence to consumer protection, privacy, and fair lending standards.
Banking Verification and Risk Assessment
The Trust Science Banking tool verifies applicant banking information, reviews income sources, and provides cash flow insights to reduce the risk of fraud and defaults. It also offers instant bank verification, making the lending process smoother and more secure.
Personalized Marketing Campaigns
Trust Science helps businesses create targeted and personalized marketing campaigns by tailoring messages and offers to specific market segments. This personalization drives better response rates and improves the overall customer experience.
Automated Decisioning
The platform features an automated decisioning engine, known as Anna™, which can implement lending rules and make end-to-end credit decisions, from screening leads to approving or declining loans, and recommending loan amounts and term structures. This automation integrates seamlessly with existing lending systems via a cloud-based API infrastructure.
Benefits
- Improved Efficiency: Streamlines the lending process, reducing the time and effort required to assess creditworthiness.
- Enhanced Accuracy: Provides more accurate credit assessments by leveraging a wide range of data sources.
- Increased Financial Inclusivity: Helps underbanked and financially stressed individuals access loans they deserve.
- Compliance and Security: Ensures full compliance with regulatory requirements and maintains robust security measures, including SOC 2 Type 2 and ISO 27001 certifications.
In summary, Trust Science is a powerful tool for lenders, offering advanced AI-driven credit scoring, comprehensive data aggregation, automated loan underwriting, and personalized marketing solutions, all while ensuring compliance and security. This platform is designed to revolutionize credit assessment, making it more inclusive, efficient, and profitable for both lenders and borrowers.