Product Overview of CredoLab
CredoLab is a pioneering Data and Analytics platform designed to enhance risk assessment, fraud prevention, and marketing processes for a wide range of industries, including banking, lending, e-commerce, travel, ride-hailing, and more.
What CredoLab Does
CredoLab specializes in generating insights and scores from smartphone and web behavioural metadata. This approach is particularly valuable for assessing creditworthiness, detecting fraud, and optimizing marketing efforts, especially in cases where traditional credit bureau data is limited or unavailable. The platform leverages over 80,000 data points, analyzed through advanced Machine Learning algorithms, to deliver highly predictive and real-time scores.
Key Features and Functionality
Data Collection and Analysis
- CredoLab collects and analyzes privacy-consented, non-personal, and anonymized data from smartphone and web interactions. This includes a wide array of metadata such as battery usage, app download patterns, typing biometrics, and device fingerprints.
Risk Scoring
- The platform provides robust risk scores that help businesses evaluate the probability of default. These scores are derived from micro-behavioural patterns and are particularly effective for assessing ‘thin file’ customers, such as millennials, small business owners, and new-to-credit individuals.
Fraud Detection
- CredoLab offers advanced fraud detection capabilities through fraud scores and checks. It identifies fraudulent applications and usage by analyzing device velocity, IP address velocity, IP mismatches, and other behavioural indicators. This helps in mitigating fraud costs and enhancing overall security.
Marketing Optimization
- The platform provides granular and fresh behavioural insights to optimize marketing efforts. It helps in lead generation, conversion optimization, and enhancing marketing spending efficiency through scores such as propensity to apply, probability to buy, and application engagement scores.
Integration and Deployment
- CredoLab solutions can be easily integrated into mobile apps and websites, requiring only a few man-days for implementation. The platform works as a standalone solution or can be layered on top of existing systems, including open banking and credit bureaus.
Advanced Analytics and Insights
- CredoLab offers a range of insights, including device insights, behavioural biometric insights, IP address insights, and application insights. These insights help businesses segment users, understand user behaviours, and make informed decisions across various touchpoints.
Benefits
- Reduced Credit Risk: CredoLab’s alternative risk scores offer higher predictive capabilities, leading to increased approval rates and decreased risk costs.
- Enhanced Fraud Detection: The platform efficiently identifies fraudulent activities, reducing fraud costs and enhancing security.
- Optimized Marketing: CredoLab’s insights drive more effective lead generation and marketing campaigns, optimizing conversions and marketing spending.
- Global Reach: With operations in over 50 countries and serving more than 200 clients, CredoLab supports businesses globally in achieving their goals.
In summary, CredoLab is a powerful tool for businesses seeking to improve their risk assessment, fraud prevention, and marketing strategies through the use of advanced behavioural metadata and Machine Learning algorithms. Its comprehensive suite of solutions makes it an invaluable asset for any organization looking to enhance decision-making processes and drive business success.