Credolab and Provenir Partner to Boost Financial Inclusion with Behavioral Data
  • Credolab and Provenir announced a partnership this week that will make credolab’s SDK available in the Provenir Data Marketplace.
  • Credolab’s SDK won the “AI Platform” category in Juniper Research’s Future Digital Awards last fall.
  • Based in Singapore, credolab made its Finovate debut in 2018 at FinovateAsia in Hong Kong.

A new partnership between credolab and Provenir will enable financial institutions to leverage behavioral data to handle the challenges of credit risk management, fraud detection, and more. The companies announced this week that credolab’s mobile SDK will be made available in the Provenir Data Marketplace, a data hub for Open Banking, KYC/KYB, verifications, and other resources.

In a statement, credolab co-founder and CEO Peter Barcak added financial inclusion to the list of challenges that the partnership responds to. “Credolab believes that traditional lending processes exclude many people because they target applicants with pre-existing credit history, typically in the middle- and high-income groups,” Barcak said. “Our aim is to make credit available to all by giving lenders access to a previously untapped, highly predictive source of behavioral data.”

CredoLab’s technology analyzes more than 10 million behavioral features to provide predictive credit risk scores, marketing predictions, and fraud alerts – without processing personal data. Companies using the technology have experienced up to a 40% predictivity uplift, up to a 22% reduction in fraud costs, and up to a 32% increase in approval rate. Last fall, credolab won the “AI Platform” category in Juniper Research’s Future Digital Awards – Fintech & Payments for its SDK. credoSDK offers a multi-modular code library that enables both Android and iOS apps to capture behavioral metadata. With the user’s consent, credoSDK collects both privacy-consented and anonymous metadata, and sends it to credolab’s proprietary scoring engine. The API delivers risk and fraud scores, anti-fraud verification, and marketing insights to users in real-time.

Headquartered in Singapore and founded in 2016, credolab made its Finovate debut at FinovateAsia 2018 in Hong Kong. Today, the company has more than 150 financial companies, banks, fintech unicorns in more than 30 countries as its clients.

Photo by Jeda Hutchison