3 August 2015
247Moneybox.com, the payday lending operation is seeking to improve its credit decisioning process by analysing customers' social media activity.
While traditional lenders tend to focus on criteria such as credit score and income to assess loan applicants, 247Moneybox.com is aiming to take this a step further by factoring in thousands of additional data points from social media and other non-standard or non-traditional sources. The firm believes that this area has been continually overlooked and will only grow in importance in the years to come.
Mark Hannay, COO of 247Moneybox.com believes that by capturing more data streams, the loan decision engine can make more accurate and reliable credit assessments that are better suited to the needs of short-term borrowers.
"We certainly don't want to give the impression that there is a strong and direct correlation between our customers' ability to repay their debt, and their social media footprint", said Hannay. "Factors such as Facebook friends and Twitter followers are merely additional useful pieces of information to complement the thousands of other data inputs we take into account".
Technology has always been at the core of the company's business model. By leveraging all available data in an increasingly interconnected and online world, 247Moneybox.com is offering speedy and reliable access to short term credit to an audience often underserved by traditional banks and lenders.
Continual updates and incremental gains are part of the payday lender's approach to providing credit. Hannay goes on to say "We feel there will always be room for improvement through technological innovation. By looking at someone's social media footprint, it can help provide useful context to an applicant and the information they provide, which in turn helps us make better lending decisions".