The core product of goscore is a credit scoring technology/engine. It collects data, generates insights, and analyzes it to estimate creditworthiness, willingness to pay, and probability of default. Currently, the engine has multiple connection and has integrations to access the following data:
Basic profile data fr om public registers;
PSD2 data fr om the PSD2 bank aggregator; and
Merchant data from the Mastercard and Google Maps.
Next up is to build connections to collect data directly from the banks (loan repayment data) and LinkedIn (CV and education information).
Our core technology/engine allows us to make multiple value propositions or add-ons for different consumer segments to:
Improve consumer onboarding. Using basic profile data from public registers, this solution helps lenders to onboard customers with a single click instead of filling in multiple forms, reduces a drop-off rate, and brings them more verified data with a single BankID. It’s currently available solution with 1 bank already signed and integrating, another one in the onboarding process and 4 more in the pipeline.
Next step is to add bank transactions (PSD2 data from the bank aggregator) as an additional data source. This allows us to bring even more insights/indicators to lenders. Using only insights, derived from the consumer’s bank transactions, allow lenders to evaluate customers, who can’t get the traditional credit scoring, approve more applications, and reduce default rate.
Predict invoice payments for debt collection companies. Using data collected using our onboarding solution and/or shared with us by debt collection agencies (invoices, repayment transactions, case status history and communication history) we can predict full case repayment in the first 60 days (calculate probability of the payment).
Build a complete financial profile. With bulk access to the public data (compared to the onboarding solution wh ere access is given by an explicit consent fr om individual customers) and authorization from Datatilsynet, goscore can deliver risk indicators and analysis to the customers considering their creditworthiness and perform assessment. We make a portal and integration options wh ere customers can get a complete financial overview of the consumer’s financial status and risk associated with a particular consumer.
Predict consumer’s affordability and default accurately with a human credit score. The most important KPIs for lenders are: conversion rates, application approval rate, and consumer default rate (% of non-performing loans). Our human credit score combined with the onboarding solution give an incredible boost of all these KPIs, e.g. 19% increase in loan approval rate alongside with default rate reduction of 49%. It also could be applied to the consumer segment wh ere a traditional credit score couldn’t be calculated, e.g. for consumers with payment remarks.
Some of the financial forecasts for the next 5 years:
Onboarding: (EUR) 5,000 + 0.2/per transaction
Invoice prediction: 15,000 + 0.5/transaction
Human credit scoring: 75,000 + 1/transaction
Total revenue: (EUR) 15,586,400