By: Richard Eldridge, LenddoEFL CEO
Data privacy and security is a top priority at LenddoEFL and with the General Data Protection Regulation (GDPR) deadline coming up, we wanted to share our thoughts on this topic.
Our work toward a more financially inclusive future for one billion people brings with it important responsibilities, none more important than keeping customer data private and secure.
Privacy is one component of a broader set of responsibilities we have as a global financial technology company.
1. Customer Protection and Privacy
We follow these five principles across our operations:
Customer Data Ownership: Data we collect will always remain the property of the customer who shared their information with us and we will always safeguard the data as if it were our own. LenddoEFL uses world-class security standards in the transfer, storage, and processing of information to ensure that customer data is kept secure at all times. We never store data for longer than is necessary or authorized. Any information we permanently store is anonymized and encrypted. Where third party services are required, we only enlist the assistance of industry recognized players that adhere to the same or stricter standards than we do. In addition, security checks and penetration testing are conducted on a regular basis to ensure the security of our platform. See our full Security Policy here.
Consent-Driven Access: LenddoEFL only accesses data that customers share with us and all information gathered requires their explicit consent.
Inclusive Use: Data shared with LenddoEFL is used with the sole purpose of enabling greater financial inclusion for each customer.
Transparent Handling: Data shared with us is not--and will never be--shared without the consent of the person to whom it belongs. We will never share a customer’s data or sell it to another third party except their financial institution that is our client. Furthermore, we will only use the data for purposes the customer has agreed to.
Unbiased Application: When building a credit model, no discriminatory variables—such as gender, race, and political or religious preferences— are taken into consideration.
2. Responsible Lending
When used properly, credit is a powerful tool for alleviating poverty, stabilizing income inequality, and empowering people to thrive. When used irresponsibly, credit can result in over-indebtedness, default, and economic instability. At LenddoEFL we are dedicated to building robust, proven models for our financial institution clients that enable safe, responsible data-driven decisions across the customer lifecycle with the goal of building a stable economy.
3. Customer Choice and Control
Lastly, we believe in giving people options for financial inclusion, where they did not exist before. This involves using their own data to unlock access to savings, insurance products, and credit. With Europe’s second Payments Services Directive (PSD2) paving the way for open banking, people have increasing control over their data, and we know from experience that data can open doors to better, more affordable financial services. It makes sense to let each individual decide if and when to share their data. LenddoEFL’s credit scoring and verification tools are designed with this choice and control in mind. We allow customers to choose which data they want to share, if any, to get access to financial services from our clients. The more data someone grants us access to, the better we can understand them, and the better financial institutions can match them with appropriate offerings (pricing, terms, amount, etc).