Global Big Data Credit Rating and AIZEN Banking Service
The latest credit rating trend uses global big data such as China’s Zhima Credit, the United Kingdom’s Credit Kudos, Singapore’s Lendo, the United States’ Signify, and Japan’s J.Score, among others. As the center of industries moves toward the Fourth Industrial Revolution, it has become necessary to supplement the traditional credit rating. As the digital footsteps of individuals and companies overflow, it has become possible to use diverse data, which also had an impact. The new credit rating trend is changing the financial industry, and the phrase “alternative credit scoring” has become popular. Zhima Credit (China) is the credit rating company of “Ant Group,” the financial subsidiary company of Alibaba, China’s largest e-commerce company. It is also considered the world’s most valuable fintech company. Zhima Credit is regarded as having succeeded at calculating the credit scores of consumers and small- and medium-sized businesses (350–950 points) based on big data and at using nonfinancial data to compute credit scores of financially disadvantaged companies. Credit Kudos (United Kingdom) conducts credit ratings based on consumer spending data and thus provides the service of calculating the credit score necessary when applying for a loan. It also gives loans to individuals and companies, and makes credit decisions through an open banking decision engine and assembly. Meanwhile, Signify (United States) is a company that rates individuals’ credit according to their mobile phone usage behavior and uses the rating for financial goods. Thus, it provides services to clients with mobile phones but who lack credit information and, therefore, have less finance access. J.Score (Japan) was established through the merger of Japan’s SoftBank and Mizuho Financial Group. It provides loans and evaluates the ability of lenders to pay back using artificial intelligence (AI). As such, credit rating using global big data is diversifying. AIZEN is a technology that can simultaneously process in parallel thousands and hundreds of AI modules and models that can combine both financial and nonfinancial big data information. Thus, it creates the AI model necessary for “credit.” Moreover, it establishes AI banking services by providing the entire cycle required for loans, not just simple credit rating, and then assembles information of various forms, such as shopping, mobility, medical, and education, to provide loan services actual clients need and not just underwriting. AIZEN thereby completes the cycle of enabling information’s re-reflection in the underwriting policy with risk-based management. For AIZEN’s AI banking service CreditConnect, a team composed of members from global financial agencies has applied the key modules necessary for AI credit servicing. A management team that operated global portfolios as large as KRW 130 trillion for Citibank, Standard Chartered Bank, and Volkswagen Financial Services makes and operates the AI loan services, firmly innovating AI finance. CreditConnect, created for global credit rating that can lead to lending, is continuously growing in Singapore, Vietnam, Indonesia, and Korea, with advanced AI banking services.
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