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Partnership Announcement: Increasing financial inclusion with behavioural data

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Fintech scaleup credolab, the leading provider of bank-grade digital scorecards and data enrichment solutions, has announced a transnational partnership with Provenir, a global leader in AI-powered data and decisioning software.

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The partnership aims to unlock the potential of behavioural data for better and faster credit risk, marketing, and fraud detection decisions for financial organisations, ultimately increasing the financial inclusion of their customers.

Credolab’s mobile SDK will be available in the Provenir Data Marketplace, a comprehensive ecosystem that provides organisations with a one-stop data hub for Open Banking, KYC/KYB, fraud, credit risk, verifications, social media, collections, affordability, and more.

Credolab’s technology is built on proprietary Machine-Learning algorithms that analyse over 10 million behavioural features to make a predictive credit risk score, marketing predictions or fraud alerts without processing any personal data. It enables banks and neobanks, digital lenders, BNPL players, and any industry at the intersection with financial services to gain clear and measurable benefits by delivering outcomes such as up to a 40% predictivity uplift, up to a 22% drop in fraud costs, and up to a 32% increased approval rate.

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“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. Our aim is to make credit available to all by giving lenders access to a previously untapped, highly predictive source of behavioural data,” said Peter Barcak, CEO and Founder of credolab.

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The collaboration between credolab and Provenir has already contributed to an increase in financial inclusion in LATAM, where only 42% of adults in the region declared they had access to financial services in 2021. The new partnership opens up even more prospects on a global scale.

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“We are thrilled to collaborate with credolab following the excellent results joint customers have achieved in selected markets over the past few years. As part of the Provenir Marketplace, more financial companies and digital lenders worldwide will have access to behavioural data through a single API, enabling them to make more precise and predictive decisions. This will ultimately increase access to financial services, improve the customer experience, and promote financial inclusion,” said Kim Minor, Provenir’s Senior Vice President, Global Marketing.

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This article originally appeared on Finextra.