DataDistilleries, a Dutch provider of predictive real-time analytics, announced the availability of its new software for improved credit risk detection. Offering advanced analytical software that automatically analyses all customer and loan information throughout the business, DataDistilleries aims at enabling companies to detect the credit risks most relevant to their operations, to prepare for increased risk assessment demands in Basel II.
According to DataDistilleries, AAGUS, a financial services provider, specialising in consumer loans, expects significant enhancements to its loan application process, as a result of implementing DataDistilleries. The analytical software discovered that certain applicants, previously accepted by AAGUS ” conventional credit scoring system, actually had a very high risk of defaulting on loans.
These applicants are now refused a loan, reducing the overall risk by 8 per cent. The software has also identified customers that were rejected in the past, but actually were likely to be excellent customers.
These customers’ applications are now accepted, resulting in significantly increased sales at 0reduced levels of risk. As a result, AAGUS expects to achieve an ROI on the DataDistilleries investment within a year.
“DataDistilleries enables us to perform our own analyses without having to rely on an external party who would more than likely be unaware of our core business strategy and our most important information. Additionally, we can apply the analysis of DataDistilleries directly in real-time in our multichannel front-office – enabling on the spot detection of credit risk,” Silvain van de Weerd, president of business operations of AAGUS .