Inbest announces that it is helping Scotcash to further automate its loan decision process and generate customers insights.
Scotcash is using Inbest platform to analyse its loans conversion funnel and the results of its credit risk model at each stage of the process. Scotcash uses this information to calibrate its credit lending rules, improve their accuracy and increase the automation of the lending assessment process.
Scotcash and Inbest are also analysing customers’ transactional banking data to get a holistic view of customers’ financial situation and behaviour. Scotcash is using these insights to better understand customers’ needs and find out the income benefits that are left unclaimed by customers.
Sharon MacPherson, CEO at Scotcash, said: “It is essential that borrowing preferences are properly understood and that products are designed appropriately to meet customer needs in order to increase access to affordable, responsible credit. This means that more vulnerable customers, who sit outside the normal credit scoring approach, will benefit from a reduction in cost of borrowing.”
Manu Peleteiro, CEO of Inbest, said: “We are delighed to collaborate with Scotcash as we share a common passion, improve the financial security, resilience and capability of our communities. We are also impressed by Scotcash’s ambition to launch digital solutions to automate and scale their successful face-to-face customer services.”
Scotcash is a not-for-profit community lender that provides financial products and services to those who have difficulty accessing mainstream sources, such as banks and building societies. Scotcash offers affordable credit and provides help with bank accounts, credit union savings accounts and money advice for customers.
Inbest is a banking personalisation platform that helps financial institutions to understand and serve each of their customers. Financial institutions use Inbest to power customer analytics platforms and financial management apps.