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- Lucas getting enquiry about credit analysis
- Yeah, I did took the loan 2 years back. It was quite a tedious process, let me tell you how it went...
- Hey sister, I want to take a short term renovation loan for my new house but what do I need to prepare? How does the bank do it's credit analysis? I remembered you took one, 2 years back
- Flashback scene, 2 years ago, where Samantha goes to the bank for a renovation loan
- 2 years ago...
- Hi, I am here to take a short term renovation loan.
- Yes. I've brought them.
- May I ask if you have brought your documents?��
- ABC Bank
-
- Hi! Welcome to ABC bank, how can I help you?
- Ok. Let me bring you to a loan officer.
- Importance of credit analysis
- Here are my documents. Can I ask why do you need to perform credit analysis?
- I see...True, this is definitely necessary for the bank's procedure.Thank you so much!
- The purpose of credit analysis is to determine the creditworthiness of borrowers by quantifying the risk of loss that the lender is exposed to.
- Furthermore, it helps company decide if the size of loan is reasonable which will also allow the bank to adapt to changing condition so as to limit the risks of having bad debts.
- Lucas wants to take a short term renovation loan and does not know what documents to prepare. So, he decided to ask his older sister, Samantha for help as she has taken renovation loan, 2 years ago.
- Samantha complaining about the process of credit analysis
- Argh! Loan applications are such a hassle.You have to physically be at the interview with the bank and you are required to share sensitive data with third parties.
- It also requires paperwork hence, it is not environmentally-friendly. Besides, information such as payment history and current debt, are not clearly grouped.
- Samantha goes to bank to get a renovation loan. Her personal documents are required for credit analysis.
- The next day, Lucas goes to the bank to apply for a renovation loan
- The next day...
- Hi, I am here to take a loan and I have brought all my personal documents .
- ABC Bank
- Welcome! May I know how I can be of service?
- Samantha questions the loan officer about why credit analysis is necessary. The loan officer explains the importance of credit analysis to Samantha.
- ����Lucas meets the loan officer at his workspace
- Hi Lucas, I am Thomas Choo. Thank you for coming down today. I am here to clear your doubts!
- Currently, AI and alternative data are used for credit analysis of our clients.AI helps to improve our risk prediction.
- Samantha explains the pain points of traditional credit analysis.Lucas notes down the points mentioned by his sister in order to prepare for his interview tomorrow.
- Sounds troublesome... But, thanks for the information sis! I shall prepare the documents for tomorrow then.
- Lucas brings a lot of personal documents to the bank and the loan officer explains the changes the bank have made to the loan process.
- Oh how does this work?
- Oh we actually do not need all these hard copy anymore. Our bank has improved our procedure and is using a new way of credit analysis with the help of AI and alternative data.
- I will call in a loan officer and he will explain more in details to you.
- Lucas meets with the loan officer, Mr Thomas Choo, to learn more about the bank using new ways to perform credit analysis.
- I see...
- Besides, AI also help provide a clearer picture of a potential borrower's creditworthiness.
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