NOAH Conference London 2012 presents game changer in scoring fin-tech

• Big data scoring technology from the company Kredito attracts a lot of industry attention
• CEO Sebastian Diemer will present the new paradigm in scoring innovation at one of Europe’s most prestigious start-up events

Kredito will present the next era of scoring technology as part of the renowned investor and start-up event, NOAH. On November 7th founder and CEO Sebastian Diemer, will be speaking about early game changers structurally transforming the credit industry.

“The credit issuance business has existed nearly as long as mankind itself. We are playing one of the oldest games, which has not undergone the same dramatic shifts and technological liberation that have become a reality in other sectors. Simply put, the profitability is still high, due to regulations and capital barriers of entry that the industry does not feel a painful need for innovation. Whereas most industries have been pressured to innovate through the online paradigm shift, credit products are still being issued the same way they were 50 years ago. Although most banks have added the internet, as distribution channel, the scoring and the processes remain unchanged and rely mostly on basic credit bureau data and manual approval.”

Kredito has developed a new approach to scoring with a simple vision: Make scoring faster, fairer and more sustainable to the use of big data.

Kredito is able to process 8.000 data points per seconds and thus yield an instant credit decision. Based on that decision, payments and repayments are triggered. “The entire process is managed
100 % automatically and is scalable into any volume, geographical region or industry sector”.
The data points that are relevant for scoring are derived from social media, e-commerce patterns, mobile usage, location statistics, behavioural data and many more. The underlying data is 85 % country-independent and empowers a 100 % objective decision.

This system allows for the generation of better credit decisions that will only grants loans to individuals that have the power to repay at that at significantly lower cost and higher scalability. “It’s a no brainer that automated big data decisions benefits all involved stakeholders when compared to manual decisions that are based on static data collected by a credit bureaus”.

How this technology works and how banks and customers can benefit from this, will be revealed on November 7th.

About Sebastian Diemer (CEO)
Sebastian Diemer holds a M. Sc. in Economics from the London School of Economics and worked at Rocket Internet prior to founding Kredito in 2011.

About Kredito
Kredito is a German technology company, based in Hamburg, which was founded in 2012 by Sebastian Diemer and Alexander Graubner-Müller. The technology allows for instant real-time scoring decisions incorporating up to 8000 data points. This technology is applied in B2C microloan portals as well as in B2B “Scoring as a service”.
The company is financially backed by a leading investment bank and renowned European business angels / VC funds, including Stefan Glaenzer, Heiko Hubertz, Michael Brehm, Felix Haas, Point Nine Capital, Digital Pioneers N.V. and H2 Investments.

About NOAH
The NOAH Conference has become the preeminent European event for Internet entrepreneurs, executives and investors. Attendees share insights into the latest proven concepts, network with senior executives, and establish lasting business relationships. In 2011, over 1.200 participants attended the event, which featured over 90 speakers from 17 countries.

Kredito ist ein Angebot der:
Kredito OFS GmbH
Große Elbstraße 45
22767 Hamburg
Telefonnummer/Kunden-Hotline: 040 609461566
Faxnummer: 040 609461561

Press Contact:
Griffel & Co Kommunikation GmbH
Stephanie Schmidt
Tel: +49 40 6094 58600

This release was published on openPR.