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The Future of Finance is Faceboo...
The Future of Finance is Facebook – how social data is used by credit companies
- Affirm, founded by Max Levchin (co-founder of PayPal) – who use all sorts of unusual data, such as contributions to code library GitHub
- Movenbank, who have started with Facebook, Twitter, Google and LinkedIn, but are looking to include more data as the technology develops
- The Chinese government, who plan to institute a nationalised system of social credit scoring and rank every Chinese national by 2020
- Branch, who focus on East Africa for their customer base, and check SMS history, call logs and contact lists to build an applicant’s financial profile
- FICO, the US firm with significant ties to Experian and Equifax in the UK, are looking into a variety of smart-phone and social media details
The use of non-traditional data sources for credit scoring might well be the natural evolution for the finance industry, but the impact won’t just be felt by loan-seekers and FinTech aficionados – the new technology is also being made available to landlords and recruiters to check out a potential tenant or new hire. Changing Data “The way the credit industry uses data is changing,” Said Joe Gardiner, head of brand a communication at TotallyMoney.com, “We believe everyone should have the best information available when it comes to credit scoring – and that means staying on top of the latest methods and technology.” The future of the finance industry is in the consumer internet footprint. Explore the interactive piece and find out exactly how.
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About TotallyMoney
With a focus on the one in three UK adults financially under-served by the financial services industry, TotallyMoney is the credit app on a mission to help everyone move their finances forward.
TotallyMoney believes people’s financial data should work for them, and not against them and with more than four million customers, they provide the UK’s only free, live credit score and report.
Its service helps customers understand their financial position and provides personalised recommendations so they can start creating financial momentum. TotallyMoney also works closely with leading lenders, to ensure eligible customers are matched with the right products, underpinned by its robust data, product and tech capabilities.
TotallyMoney is regulated by the Financial Conduct Authority (FCA).