LendIt Fintech Announces Finalists For Second Annual Industry Awards

“The prestigious awards will bring together 500 fintech influencers, entrepreneurs and thought leaders to honor outstanding achievements in financial services innovation. Finalists are currently being evaluated by more than 30 respected fintech industry experts including CEOs, investors and media. The winners will be announced during the LendIt Fintech Industry Awards Show and Dinner on April 10 at One Market in San Francisco..."

Excellence in Financial Inclusion

  • Kreditech
  • LendUp
  • LenddoEFL
  • Oportun
  • China Rapid Finance
  • Elevate Credit

Read the full article

LenddoEFL Among Fast Company’s Top 10 Most Innovative Companies in Finance

The magazine recognizes LenddoEFL’s positive impact on financial inclusion by leveraging digital and behavioral data for risk management

SINGAPORE (PRWEB) FEBRUARY 20, 2018

Fast Company has recently selected LenddoEFL, the leading technology platform powering data driven decisions for financial services in emerging markets, as one of the Top 10 Most Innovative Companies (MIC) in Finance for 2018.

Most Innovative Companies provides both a snapshot and a road map for the future of innovation across the most dynamic sectors of the economy. “This year’s MIC list is an inspiring and insightful window into how many companies have embraced innovation and are working to make meaningful change,” said Fast Company deputy editor David Lidsky, who oversaw the issue with senior editor Amy Farley.

LenddoEFL’s focus on financial inclusion led the company to innovate and develop a universal, digital credit decisioning platform, capable of effectively assessing anyone, anywhere, at any time, on any device, regardless of having available credit history. The company creates and collects opt-in digital and behavioral data combined with intelligent algorithms and AI to deliver highly predictive insights for real time decision making, helping financial institutions grow their businesses whilst managing risk and driving efficiency, resulting in increased profitability.

Beyond pioneering credit risk and verification to serve previously unserved individuals and small business owners in developing countries, LenddoEFL has consistently improved it’s algorithms, innovated with new data and continues to develop new products.

Fast Company’s Most Innovative Companies issue (March-April 2018) is now available online at http://www.fastcompany.com/MIC, as well as in app form via iTunes and on newsstands beginning February 27.

About LenddoEFL
LenddoEFL’s mission is to provide 1 billion people access to powerful financial products at a lower cost, faster and more conveniently. We use AI and advanced analytics to bring together the best sources of digital and behavioral data to help lenders in emerging markets confidently serve underbanked people and small businesses. To date, LenddoEFL has provided credit scoring, verification and insights products to 50+ financial institutions, serving 6 million people and lending $2 billion USD. Find more information at https://include1billion.com/.

New Peer-to-Peer Lending players in Vietnam

The establishment of Lendbiz comes on the heels of the launch of LenddoEFL in Vietnam. Orient Commercial Joint Stock Bank (OCB) announced last week that it will become the first bank to offer LenddoEFL’s psychometric scoring solution in Vietnam.  Read full article.

LenddoEFL psychometric scoring solution launches in Vietnam

LenddoEFL launches in Vietnam [Finovate.com]

OCB will be the first bank to offer LenddoEFL’s psychometric scoring solution in Vietnam, a region where many citizens lack traditional financial and credit information. Using the scoring tools, OCB aims to serve more self-employed and salaried banking members. “This partnership with one of Vietnam’s leading banks marks our launch in Vietnam and part of our expansion plans as we provide fast, affordable and convenient financial products for more than 1 billion people worldwide,” said Richard Eldridge, CEO of LenddoEFL.

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LenddoEFL and Orient Commercial Bank join together to serve the unbanked of Vietnam

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How email and smartphone data help you get a loan

What your phone habits reveal about you

SoFi is preparing to launch in Sydney, its first market outside of the US, and earlier this year the country's first loans and deposits marketplace, Lodex, formed a partnership with Singaporean start-up Lenddo to bring its social scoring technology to the country...



Read more: http://www.afr.com/technology/how-email-and-smartphone-data-could-help-you-get-a-loan-20171212-h02zi0#ixzz534zFfQmg 

Artificial Intelligence Applications for Lending and Loan Management

Lenddo – Digital Footprint Analysis

One startup aggressively using advanced machine learning to comb through vast sources of alternative data to predict an individual’s creditworthiness is Lenddo. The company started in 2011 and focuses on emerging markets where rising middle classes often lack traditional credit histories or even bank accounts. They claim 5 million people receiving loans via their partners because their system was able to evaluate their creditworthiness.

Three ways alternative data will become more mainstream in 2018

Overseas lenders can develop credit scores based on mobile and web data
FICO uses LenddoEFL’s credit scoring model overseas, which includes email, mobile and web data to assess of thin-credit file consumers in overseas markets. This is the technology behind FICO’s recently launched X Data Score in India, which generates a score based on a consumer’s mobile and digital footprint, including email data. FICO also has a traditional score in India as well.

Can behavioral traits help financial institutions assess creditworthiness?

The Problem: Financial Exclusion

Financial inclusion is a defining challenge for this generation. Many governments and supranational agencies are investing to solve this problem. Even fintech companies are trying to help, but what is the real problem and how could it be solved?

The World Bank states “Around two billion people don’t use formal financial services and more than 50 percent of adults in the poorest households are unbanked. Financial inclusion is a key enabler to reducing poverty and boosting prosperity.”

You might ask, why isn’t this population going to financial institutions to improve their living conditions, and why haven’t financial institutions served them? From a business perspective the opportunity at a global scale is massive.

Reaction from Mahindra Finance: this merger will help FIs reach out to a billion Indians for their lending needs

" Lenddo & EFL both are global pioneers in using non-traditional data, be it social, mobile or psychometric evaluation. Their coming together opens up new frontiers of collaboration with financial institutions that will help financial institutions to reach out to a billion Indians for their lending needs across customer segments."

- Tina Singh  - Chief Digital Officer, Mahindra Finance.

Reaction from World Bank: the merger "promises an impact greater than the sum of its parts"

The merger between EFL and Lenddo is tremendously exciting. Both firms offer technologies that can push the frontiers of financial inclusion, and help reach the unbanked around the world. The combination of their technologies and implementation capacity promises an impact greater than the sum of its parts – and we look forward to seeing the results of this partnership on increasing access to finance in the years ahead.

- Salman Alibhai, Operations Officer, World Bank

Reaction from CaixaBank: new tools from EFL + Lenddo will make inclusive credit a scalable and therefore sustainable segment

"I am very happy for the alliance between EFL and Lenddo. This will ensure that psychometric, mobile and social data driven products continue growing and improving. This challenge is important because it allows us to create information from nothing and use it to predict human behavior. Not for nothing did the famous physicist Neil deGrasse Tyson say: "In science, when human behavior enters the equation, things go nonlinear. That's why Physics is easy and Sociology (and I would add risk management) is hard."
Microbank is confident that the full power of the new tools developed by EFL and Lenddo will make inclusive credit a scalable and therefore sustainable segment."

- Roman Weissmann Bermann, Risk Director, CaixaBank (MicroBank)  

"Me alegro mucho por la alianza entre EFL y Lenddo, que seguramente permitirá seguir  creciendo y potenciando productos basados en datos psicometricos y aquellos provenientes de la interaccion del usuario en redes sociales y moviles. El reto es importante ya que se trata de crear informacion de la nada y usarla para predecir comportamientos humanos. No por nada el famoso fisico Neil deGrasse Tyson afirmaba que  "en las ciencias, cuando el comportamiento humano entra en la ecuacion, las cosas se transforman en no lineales. Por eso la fisica es facil y la sociologia ( yo añadiria, y la gestion de riesgos) dificil."
Microbank confia en que toda la potencia de las nuevas herramientas desarrolladas permitan hacer de la inclusion crediticia un segmento escalable y por tanto sostenible."

 - Roman Weissmann Bermann, Risk Director, CaixaBank (MicroBank)