Brankas, Southeast Asia’s leading open finance technology provider, and CRIF have announced a strategic partnership to launch the APAC region’s first open finance credit score product, ‘New Evaluation Open Suite’ (N.E.O.S.). The N.E.O.S. credit scoring system analyzes alternative data sources to provide more accurate assessments of potential borrowers and improved credit risk management for financial institutions.

Brankas Indonesia’s Country Manager, Husni Fuad commented: "Lenders' credit policies that mainly rely on traditional credit data can result in the exclusion of borrowers that may be financially sound but which don’t have a credit history. In this way, lenders can potentially lose out on thousands of these potential borrowers every month. To resolve this, Brankas and CRIF have joined forces to co-create N.E.O.S. This move will improve financial inclusion, decisioning automation and the customer experience, helping financial institutions to reduce credit risk and generate enhanced customer insights through open banking technology solutions and analytics."

Simone Lovati, Managing Director, CRIF Asia, added: “Financial institutions lack the data to build critical knowledge and valuable insights to expand their market reach and serve the new-to-credit population. Brankas and CRIF’s open banking suite will allow banks and Fintech players to fill this gap, enabling them to make relevant and reliable credit decisions, while improving the potential for upselling to existing customers. The alternative credit scoring revolution has just begun.

What is the product?

N.E.O.S is a risk score based on verified customer identity and transaction data from bank accounts, all powered by CRIF’s world class categorization engine. N.E.O.S. is an essential enabler of financial inclusion, unlocking credit access for applicants with a limited credit history such as micro-entrepreneurs, freelance and gig economy workers, and many more.

How does it work?

Brankas enables the collection of consent and a secure and smooth connection to bank statement data and other alternative data sources through a simple and secure user experience. CRIF then applies an advanced machine learning algorithm that provides an innovative credit score. Brankas’ open banking secure data sharing solutions unlock next generation alternative credit scoring. As a result, users benefit from instant and automated statement retrieval over a secure and compliant platform.

How can it benefit your industry/company?

With over 400 Key Performance Indicators (KPIs) developed for the assessment of creditworthiness and business opportunities, businesses can identify any red flags much earlier and thus improve default prevention.

Lenders get access to up to 12 months’ worth of income and expenditure data to help understand customer spending behavior across categories such as groceries, electricity bills, investments, memberships, insurance, loan repayments, and subscriptions, in a much-reduced overall turnaround time.

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