Trust Science - Detailed Review
Finance Tools
Trust Science - Product Overview
Trust Science Overview
Trust Science is a pioneering FinTech company that specializes in AI-driven credit decisioning and risk assessment, primarily serving financial institutions, including banks, credit unions, and consumer finance companies.
Primary Function
The primary function of Trust Science is to help lenders make more accurate and informed credit decisions. This is achieved by leveraging artificial intelligence (AI) and machine learning (ML) to analyze a wide range of data sources, including alternative data, to assess the creditworthiness of potential borrowers. This approach is particularly beneficial for individuals with limited or no traditional credit history, often referred to as “Invisible Primes” or “Hidden Primes”.
Target Audience
Trust Science’s target audience includes a variety of financial service providers such as auto lenders, installment and single repayment lenders, property managers, and landlords. These institutions can benefit from Trust Science’s solutions to streamline their lending processes, expand their portfolios, and boost profits.
Key Features
AI-Powered Credit Scoring
Trust Science’s Six°Score™ is an AI-powered credit scoring system that goes beyond traditional bureau data to provide a more comprehensive assessment of a borrower’s creditworthiness.
Prescreen and Direct Marketing Solutions
These solutions 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, thereby improving marketing efforts and conversion rates.
Credit Bureau ™ Platform
This platform integrates various data sources, including loan application data, banking data, market data, bureau data, employer and job data, and public records, to provide a holistic view of a borrower’s credit profile. It is FCRA-compliant and supports automated credit decisions.
Banking Verification
Trust Science Banking offers instant bank verification, checking important banking data to reduce the risk of fraud and streamline the lending process.
Customizable Models
The company provides fully customizable machine learning models that can be integrated into any step of the lending decision process, allowing for automated decisioning and improved efficiency.
Explainable AI (xAI)
Trust Science’s use of Explainable AI ensures that the reasons for adverse actions are transparent and actionable for consumers, enhancing compliance and consumer trust.
By combining these features, Trust Science enables lenders to make more accurate, efficient, and compliant credit decisions, ultimately promoting financial inclusivity and reducing the risk associated with lending to underserved populations.
Trust Science - User Interface and Experience
User Interface and Experience of Trust Science
The user interface and experience of Trust Science, particularly in their finance tools and AI-driven products, are designed with a focus on ease of use, clarity, and efficiency.
Ease of Use
Trust Science’s platform is built to be intuitive and user-friendly. The Smart Consent™ platform, for instance, allows applicants to provide consent for banking data pulls through a simple mobile or web interface. This process is straightforward, requiring only the applicant’s login credentials for their bank, making it accessible and easy to use from anywhere.
User Interface
The interface is structured to provide clear and organized information. For example, the platform offers features like Instant Bank Verification, Income Verification through SixPay™, and Categorized Transactions, which are presented in a way that makes it easy for users to access and interpret the data. These features are categorized into distinct sections such as “Know Your Customer,” “Know the Applicant,” and “Insightful Data,” which helps in quick navigation and comprehension.
User Experience
The overall user experience is enhanced by the integration of various data sources and the use of AI and machine learning. Trust Science’s platform connects marketing and underwriting processes seamlessly, providing lenders with comprehensive insights into a borrower’s creditworthiness. This integration helps in making faster and more accurate loan decisions, which in turn improves the user experience by reducing wait times and increasing the efficiency of the lending process.
Security and Compliance
Trust Science prioritizes security and compliance, ensuring that the user experience is not only efficient but also secure. The platform operates within a secure cloud environment, has completed SOC 2 Type 2 security audits, and adheres to ISO 27001 standards. This commitment to security and compliance adds to the trust and confidence users have in the platform.
Conclusion
In summary, Trust Science’s user interface is designed to be user-friendly, with clear and organized features that make it easy for lenders to access and use the information provided. The platform’s focus on security, compliance, and efficiency contributes to a positive and engaging user experience. However, specific details about the visual design and interactive elements of the interface are not available from the provided sources.
Trust Science - Key Features and Functionality
Trust Science AI-Driven Finance Tools
Trust Science offers a range of innovative features and functionalities in its AI-driven finance tools, designed to enhance credit decisioning and lending processes. Here are the main features and how they work:
AI-Powered Credit Scoring: Six°Score™
Trust Science’s Six°Score™ is an AI-powered credit scoring system that combines data from traditional credit bureaus with alternative data sources such as rental payments, utility bills, and cell phone payments. This approach helps lenders assess the creditworthiness of individuals who may not have a strong traditional credit history. The system uses machine learning and predictive analytics to analyze a broader set of data points, providing more accurate insights into an individual’s credit risk and reliability.
Prescreen and Direct Marketing Solutions
These solutions use AI-driven credit scoring and risk assessment to help businesses, especially in the financial sector, with targeted marketing strategies and customer acquisition. The Prescreen solution identifies potential customers who are more likely to be eligible for and interested in specific financial products, such as loans or credit cards, thereby improving conversion rates and reducing marketing expenses.
Recommended Loan Amount (RLA) and Recommended Payment Amount (RPA)
Trust Science’s system provides lenders with Recommended Loan Amounts (RLA) and Recommended Payment Amounts (RPA) for payday and installment loans. These recommendations are based on the lender’s risk tolerance and the borrower’s risk, helping lenders make better decisions and maximize lending amounts while minimizing the risk of default.
Anna the Virtual Loans Officer™
Anna is an AI-powered virtual assistant that automates and enhances the loan application and approval process. It examines the applicant’s ability to repay regularly, recommends payment amounts for loan optimization, and offers custom rates and terms to ensure fair lending and an inclusive environment. Anna also uses risk-centric pricing tiers to reduce the risk of default.
Banking Verification and KYC
Trust Science’s Banking tool helps lenders verify applicant banking information and review income sources, providing cash flow insights to reduce risks. This tool enables instant bank verification, checks important information from banking data, and ensures smoother and more secure transactions.
Lead-to-Loan and One-Touch-Lending
These patented solutions by Trust Science follow the Fair Credit Reporting Act (FCRA) and are expandable and customizable. They integrate with Credit Bureau to automate credit decisions, saving time and improving the customer experience. These solutions help digitize the entire process from leads to lending, offering consumers a front-end digital service.
Explainable AI (XAI) and Compliance
Trust Science is committed to ensuring its technology is fully compliant with regulatory requirements. The use of explainable AI (XAI) provides transparency in the form of ranked, compliant, and easy-to-understand adverse action reasoning with actionable insights. This ensures that the scoring systems do not discriminate on any prohibited factors and promote increased inclusivity by considering a broader, more inclusive data set.
Automated Decisioning and Custom Models
Trust Science offers custom models and automated decisioning processes that integrate into any step of the lending decision process. These models evolve based on patented methods and can adapt over time as the business and industry change. This allows lenders to decrease defaults and increase originations by making more accurate and informed decisions.
Data-Driven Decisioning
The platform uses machine learning to score credit and other data, enabling lenders to make loan decisions quickly and profitably. It analyzes tens of thousands of data points beyond manual approaches, leading to more prediction accuracy and better assessment of risk compared to traditional methods.
By integrating these features, Trust Science helps lenders make better credit decisions, reduce default rates, and increase loan originations, all while ensuring compliance and fairness in the lending process.
Trust Science - Performance and Accuracy
Evaluating the Performance and Accuracy of Trust Science
Performance
Trust Science’s AI models have demonstrated significant improvements over traditional credit scoring methods. Here are some key performance highlights:- Accuracy and Predictiveness: Trust Science’s AI models have outperformed conventional models by 20-70% in predictive accuracy, as measured by statistical tests like the Kolmogorov-Smirnov (KS) test. This improvement translates to better risk assessment, increased approvals for deserving borrowers, and reduced defaults.
- Real-Time Data: The company uses real-time data to provide an updated view of each credit file’s default risk and risk trending, which enhances valuation accuracy and reduces reliance on stale credit files.
- Automated Processes: Trust Science automates source document verification and covenant testing, significantly reducing manual intervention and processing time by over 50%. This automation also improves consistency and accuracy in these processes.
- Custom Scoring Models: The Six°Score™ model developed by Trust Science has shown superior performance in identifying bad loans compared to traditional custom scores. It captured more bad loans at lower score ranges and provided better performance where it scored consumers higher or lower.
Accuracy
The accuracy of Trust Science’s models is supported by several factors:- Machine Learning: Their models are built on a machine learning platform that can learn from new data and adapt to economic changes, providing holistic and accurate assessments within seconds.
- File-by-File Reporting: The company offers detailed file-by-file reporting, which helps investors and lenders make informed decisions by guiding originators to book the correct deals.
- Compliance and Explainability: Trust Science’s models are fully compliant and provide explainable risk scores, even for individuals who were previously considered credit invisibles. This transparency is crucial for maintaining trust and ensuring fair lending practices.
Limitations and Areas for Improvement
While Trust Science’s products show strong performance and accuracy, there are a few areas to consider:- Data Dependence: The effectiveness of Trust Science’s models relies heavily on the quality and quantity of the data they process. Ensuring that the data sources are diverse, accurate, and continuously updated is crucial for maintaining high performance.
- Integration Challenges: Implementing new AI-driven models may require significant integration efforts with existing systems. Close collaboration with clients during development and integration, as seen in their case studies, is essential to ensure smooth adoption.
- Continuous Validation: To maintain trust and accuracy, it is important for Trust Science to continuously validate their models against new data and changing economic conditions. This ensures that the models remain predictive and relevant over time.
Conclusion
In summary, Trust Science’s AI-driven finance tools have shown substantial improvements in accuracy and performance, particularly in credit risk assessment and automation of financial processes. However, the success of these models depends on high-quality data and effective integration with existing systems. Continuous validation and adaptation to new data and economic changes are also essential for sustained performance. Trust Science - Pricing and Plans
The Pricing Structure of Trust Science
The pricing structure of Trust Science, particularly for their AI-driven finance tools, is not explicitly outlined on their website or in the available resources. Here are the key points that can be gathered:
No Publicly Disclosed Pricing
Trust Science does not openly disclose their pricing details or plans on their website. This lack of transparency makes it difficult to outline specific tiers or pricing models.
Customized Pricing
Trust Science typically engages directly with businesses to understand their specific needs and provides pricing structures based on those requirements. This means that the pricing is customized and not standardized into publicly available tiers.
No Free Options
There is no mention of any free options or trial plans available for Trust Science’s products. To get more information on their pricing models, potential customers need to contact Trust Science directly.
Features and Capabilities
While the pricing is not clear, Trust Science’s products include several features such as:
- AI-driven credit scoring and risk assessment
- Prescreen and Direct Marketing solutions
- Integration of alternative data sources like rental payments, utility bills, and cell phone payments
- Recommended Loan Amount (RLA) and Recommended Payment Amount (RPA) for loan optimization
- Anna the Virtual Loans Officer™, an AI-powered virtual assistant for automating the loan application and approval process.
If you are interested in learning more about the pricing, you would need to contact Trust Science directly through their provided contact information.
Trust Science - Integration and Compatibility
Integration with Existing Systems
Trust Science’s technology platform is designed to integrate with lenders’ existing Loan Origination Systems (LOS) and Loan Management Systems (LMS) without the need for extensive overhauls. This is achieved through their REST API, which automates data collection from borrowers via email/SMS notifications and coordinates with Smart Consent™. This integration minimizes disruption to current business processes, making it easier to implement and increasing the return on investment (ROI).
Compatibility Across Platforms
The platform is compatible with a wide range of programming languages, ensuring that it can be integrated into various workflows and decisioning processes. This flexibility allows lenders to use Trust Science’s solutions without having to change their existing infrastructure significantly.
Credit Bureau and Data Integration
Trust Science’s Credit Bureau 2.0® and Credit Bureau ™ solutions integrate traditional credit bureau data, alternative data, and user-permissioned data. This comprehensive integration of diverse data sources provides lenders with a holistic view of a borrower’s creditworthiness, enhancing the accuracy and efficiency of credit assessments.
Automated Decisioning and Workflow
The platform automates credit decisions from screening leads to approving or declining loans, and even recommends loan amounts and term structures. This automation is facilitated through a cloud-based API infrastructure that integrates directly with lenders’ systems, streamlining the lending process and reducing the need for manual intervention.
Compliance and Security
Trust Science ensures compliance with regulatory requirements such as the Fair Credit Reporting Act (FCRA) in both the US and Canada. The platform undergoes regular audits to maintain compliance with consumer protection, privacy, and fair lending regulations. Additionally, it has completed a SOC 2 Type 2 security audit and a suitability review in accordance with ISO 27001, ensuring high security standards and minimal downtime.
Open Banking Compatibility
Trust Science’s Smart Consent™ solution is Open Banking-compatible, which facilitates the gathering of banking data and other financial information in a legally compliant manner. This enhances the accuracy of credit decisions and reduces the risk of fraud.
Overall, Trust Science’s integration capabilities and compatibility across different platforms make it a versatile and efficient tool for lenders, helping them to make better credit decisions and improve their lending processes.
Trust Science - Customer Support and Resources
Customer Support Options
Trust Science provides several customer support options and additional resources to ensure their clients have a seamless and supportive experience when using their AI-driven finance tools.
Customer Support Channels
Clients can reach the Trust Science support team through various channels. Here are the primary contact methods:
- Phone: You can contact them using their toll-free number at 1 (866) 687-8789 or their direct line at 1 (587) 393-6619.
- Email: For any inquiries or support needs, you can email them at marketing@trustscience.com.
- Contact Form: Users can also fill out a form on the contact page of the Trust Science website to initiate contact.
Additional Resources
Trust Science offers several resources to assist clients in using their products effectively:
- Articles and Information: The website provides articles and information from various financial institutions to help clients better understand and utilize the services offered by Trust Science.
- Website Content: The company’s website is a valuable resource, offering detailed information about their products, features, and how they can be integrated into lending processes.
- Custom Support: While there is no live chat or FAQ section mentioned, the availability of contact information suggests that clients can request specific support or guidance directly from the support team.
By providing these support channels and resources, Trust Science aims to ensure that their clients can efficiently use their AI-driven tools to make better credit decisions and improve their lending processes.
Trust Science - Pros and Cons
Advantages of Trust Science
Improved Credit Decisions
Trust Science utilizes artificial intelligence (AI) and machine learning (ML) to combine various data sources, providing lenders with accurate and comprehensive information to make better credit decisions. This approach helps in identifying creditworthy borrowers, even those with limited or no traditional credit history, through its AI-powered credit scoring system, Six°Score™.
Enhanced Efficiency
The platform streamlines the decision-making process by integrating marketing and underwriting with a risk-based approach, leading to more loan originations and fewer defaults. This efficiency can result in a significant return on investment (ROI), ranging from 20-200X.
Comprehensive Data Aggregation
Trust Science aggregates a wide range of data, including banking data, loan application data, market data, bureau data, employer and job data, and public records. This holistic approach ensures that lenders have a thorough understanding of a borrower’s creditworthiness and probability of default, all while complying with fair lending regulations.
Reduced Risk
The platform helps lenders verify banking information, review income sources, and gain cash flow insights, reducing the risk of fraud and defaults. This is particularly beneficial for auto lenders who need to consider multiple factors beyond just creditworthiness.
Fair and Ethical Scoring
Trust Science’s system ensures that credit scoring is fair and unbiased, especially for groups like immigrants and millennials who might be overlooked by traditional scoring systems. This fairness is achieved through customizable products and AI-driven credit scoring.
Customer Experience
By providing quick and accurate credit assessments, Trust Science improves the customer experience by reducing the time borrowers have to wait to access credits. This streamlined process enhances customer satisfaction and loyalty.
Disadvantages of Trust Science
Pricing Transparency
One of the notable drawbacks is the lack of transparency in their pricing models. The website does not provide clear information on pricing, which can make it difficult for potential clients to assess the cost-benefit analysis of using the service.
Customer Support
The absence of an FAQ section or live chat on the website can hinder the customer experience. This lack of immediate support can be frustrating for users who need quick answers to their questions or assistance with the platform.
Dependence on Technology
While the use of AI and ML is a significant advantage, it also means that the platform is heavily dependent on technology. Any downtime or technical issues could disrupt the service, although Trust Science operates within a secure cloud environment to minimize such risks.
In summary, Trust Science offers a range of benefits that enhance the efficiency and accuracy of credit decisions, while also ensuring fairness and compliance. However, it falls short in terms of pricing transparency and customer support, which are crucial for a seamless user experience.
Trust Science - Comparison with Competitors
Unique Features of Trust Science
Trust Science distinguishes itself through its use of artificial intelligence and alternative data sources to improve credit decisions. Here are some key features:- Alternative Credit Scoring: Trust Science’s Six°Score™ uses AI to provide an alternative credit assessment method beyond traditional bureau data, helping lenders identify good borrowers even with limited credit history.
- AI-Powered Credit Decisions: The platform leverages machine learning models to assess each customer’s risk level and other factors, enabling lenders to make informed decisions quickly. This includes tools like Anna the Virtual Loans Officer™, which automates and enhances the loan application and approval process.
- Prescreen and Direct Marketing: Trust Science offers solutions that use AI-driven credit scoring and risk assessment to help businesses with targeted marketing strategies and customer acquisition. This helps lenders focus their marketing efforts on individuals more likely to be eligible and interested in specific financial products.
- Real-Time Data and Banking Verification: Trust Science’s Banking tool provides instant bank verification, checks important banking data, and offers cash flow insights to reduce risks and make the lending process smoother.
Potential Alternatives
While Trust Science is specialized in credit decision-making and alternative credit scoring, other tools focus on different aspects of financial management and AI-driven capabilities.Vena Solutions and Planful
These tools are more focused on Financial Planning and Analysis (FP&A). Vena Solutions offers Vena Copilot, an AI-driven solution for automating data analysis and insights, particularly suited for finance teams. Planful, on the other hand, provides Planful Predict, which features AI-powered solutions for smarter financial decisions, error detection, and forecasting.Datarails
Datarails is known for its robust AI capabilities in budgeting, forecasting, and reporting automation. It centralizes data and provides accurate insights and sophisticated predictive models, which can be an alternative for businesses needing comprehensive financial analytics.Anaplan and Pigment
Anaplan and Pigment are strong in corporate finance AI, especially for complex scenario planning and data visualization. Anaplan supports advanced modeling and is scalable, while Pigment offers intuitive interfaces and collaborative features. These tools are more geared towards large organizations with extensive forecasting needs.Workday
Workday’s AI suite is integrated with its cloud infrastructure, providing real-time data insights and predictive analytics. It is particularly suited for large enterprises with complex financial operations, offering a holistic approach to financial management. However, it may be too comprehensive for smaller organizations.Key Differences
- Focus Area: Trust Science is primarily focused on credit decision-making and alternative credit scoring, whereas tools like Vena Solutions, Planful, Datarails, Anaplan, and Workday are more broadly focused on FP&A, budgeting, forecasting, and overall financial management.
- Target Market: Trust Science is particularly useful for lenders and the subprime lending industry, while the other tools cater to a wider range of financial institutions and businesses, including mid-sized and large enterprises.
- Integration and Automation: While all these tools use AI for automation, Trust Science’s integration with banking data and real-time verification sets it apart in the lending sector. Other tools, like Workday and Vena Solutions, offer more comprehensive integration with existing financial workflows and systems.
Trust Science - Frequently Asked Questions
Frequently Asked Questions about Trust Science
What is Trust Science and what does it do?
Trust Science is a financial technology (FinTech) company that specializes in AI-driven credit solutions. It provides a platform called Credit Bureau ™, which uses Explainable AI (xAI) and statistical learning technology to generate highly accurate and FCRA-compliant credit scores. This helps lenders identify and serve historically underserved populations, such as Invisible Prime™ and Hidden Prime™ borrowers.How does Trust Science’s Credit Bureau ™ work?
Trust Science’s Credit Bureau ™ automates credit decisioning using explainable AI and machine learning. It analyzes alternative data to produce predictive credit scores, even for borrowers who might be misclassified by traditional credit scoring methods. This system can also obtain consented mobile data using patented data collection methods, providing lenders with more accurate assessments and reduced default rates.What are Invisible Prime™ and Hidden Prime™ borrowers?
Invisible Prime™ and Hidden Prime™ borrowers are individuals who are often misclassified or overlooked by traditional credit scoring systems. These borrowers may have good creditworthiness but are not accurately reflected in conventional credit reports. Trust Science’s technology helps identify these borrowers, enabling lenders to extend credit to deserving individuals who might otherwise be excluded.How does Trust Science ensure compliance with regulations?
Trust Science is deeply committed to compliance with global consumer protection and privacy regulations. The company integrates productionized Statistical Learning via a scalable MLOps framework and uses unique Smart Consent™ technology for ethical data acquisition. This ensures that all data collection and analysis are done in a manner that respects consumer privacy and adheres to regulatory standards.What kind of impact does Trust Science have on lenders?
Trust Science significantly boosts lenders’ bottom line by providing superior decision-making tools. The company’s technology can deliver risk-adjusted returns on investment (ROIs) as high as 201x and substantial increases in key financial metrics such as return on equity (ROE) and return on assets (ROA). Additionally, it helps reduce default rates and operational expenses through automation and fewer human errors.How many patents and trademarks does Trust Science hold?
Trust Science holds over 75 patents and trademarks across 19 countries, with many more pending. This intellectual property protects their innovative technology, including their data collection methods and AI-driven credit scoring algorithms.What awards and recognitions has Trust Science received?
Trust Science has received several notable awards and recognitions. It was named one of the Top Growing Companies by The Globe and Mail for multiple years, achieving a three-year growth rate of over 2,100%. The company also won the Red Herring North America Top 100 award and was recognized as one of the “Smartest Companies to Watch” by Cherokee Media.How does Trust Science’s technology benefit borrowers?
Trust Science’s technology benefits borrowers by providing them with access to capital that they might not otherwise receive. By accurately identifying creditworthy individuals who are often overlooked by traditional credit scoring systems, Trust Science helps extend financial inclusion and drive economic mobility, particularly for systemically excluded, thin-file, and ‘no hit’ applicants.Is Trust Science’s AI technology transparent and explainable?
Yes, Trust Science’s AI technology is based on explainable AI (xAI), which means that the decision-making process is transparent and not a “black box.” This transparency helps lenders and borrowers understand the reasoning behind credit decisions, avoiding vendor lock-in and ensuring fairness and accountability.How does Trust Science’s technology reduce lending risk?
Trust Science’s technology reduces lending risk by providing highly accurate credit scores and detailed risk assessments. By analyzing alternative data and using machine learning, the system can identify potential risks more effectively than traditional methods, leading to lower default rates and better loan adjudication.What kind of support and integration does Trust Science offer to lenders?
Trust Science offers comprehensive support and integration for lenders. The Credit Bureau ™ platform can be integrated with existing systems, and it provides tools for automating credit decisioning, reducing operational expenses, and improving loan origination volumes. The company also ensures that its technology is compliant with various financial and regulatory standards.