Social data – An alternative Credit database to check Customer Credit worthiness

Banks can assess credit worthiness based on digital data culled from multiple sources like social data in addition to multi credit databases.

Banks/Lenders can assess the credit worthiness based on digital data derived from multiple social data’s like Facebook, LinkedIn etc..

To assess the address of the applicant, Location services (GPS) on mobile phones can be used to establish address and place of work, based on where a person is during the day and night. 

SMS mining can also be used to know the transactions in one’s accounts and to establish patterns. Bank transaction details based on SMS logs can provide information on bills paid and salary credits

Social media profiling is also widely used. For example, a LinkedIn profile can be used to validate place of work and establish identity

Again, we want to assess the credit worthiness of the Customer/person prior to lending them. Social data assessment will be more helpful for those who don’t have data at credit database. Also, banks can think of up/down selling of the products based on the customer social behavior. 

We can consider social data as an Influencer to derive credit worthiness of a person rather relying only credit databases. 

What do you think?

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Nanjundan Chinnasamy