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MicroMoney launches the new tool for credit scoring based on big data and neural networks

Published by CryptoNinjas.net
10/15/2017
MicroMoney’s token sale campaign nets $1 million in 12 hours

MicroMoney, a global fintech blockchain company, announced the launch of its updated scoring system which is based on Big Data tools and neural networks. The company uses these technologies in the process of loan applications approval in its lending services line of business.

The system works with all the data from a borrower’s mobile phone gathered after a customer completes the online application form within the MicroMoney’s mobile app and agrees to give the company access to personal data. MicroMoney’s solution uses thousands of alternative data points from multiple sources, combined with the sophisticated algorithms to return accurate results.

After a customer completes the application form, a loan can be approved in literally two clicks and within some minutes. Behind the scene is sophisticated technology which is able to quickly come through in analyzing process over 12 thousand points of data and the results available in seconds. Those are data from the user’s social accounts, contacts, financial transactions, searches in search engines, and even the music a customer like and a time spent to complete each field in the online application. The process returns results instantly, wherever the user might be.

The results will be in numerical form between one and a thousand, allowing the system to approve the loan application automatically after a set amount is reached. The scoring system not only evaluates each parameter found but uses social network information to confirm a customer’s name, date of birth, employer, school or university degree and contact details.

The scoring mobile application designed to help the clients to apply for a payday loan within a few minutes without any collaterals or paper documentation required. At the same time, the neural networks technologies help the company to process applications quickly and efficiently aiming to improve customer service, to reduce fraud and default, and to cut costs.

“We were able to empower our scoring system with adding data of more than 500 thousands of customers in Myanmar to make it more accurate. In Big Data industry, the more data you can gain the more precise results you can achieve. Our margin depends on the exact risk rate we can forecast, so the scoring system is critical for our core business”, says Anton Dzyatkovskii, the MicroMoney’s co-founder.

The company also works with neural systems for its call center operations. For example, all the scripts used in sales, customer care, and debt collection are based on neural networks allowing to improve their preciseness and effectiveness while keeping and analyzing customers questions and responses to the operation manager’s speech.

If a person allows sharing personal data with other companies, all the information is available for them to access and interpret via simple integration with the secure APIs. The Big Data and neural networks platform allows businesses to serve an even larger customer base with the growing smartphone penetration worldwide.

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