Source: Salt Edge
Credit Hero, an online lender from Hong Kong, has teamed up with Salt Edge, to access borrowers’ bank data at digital speed and eliminate the traditional paper chase.
Hong Kong is a leading global financial hub. As recently the macroeconomic environment has changed, the lending market is experiencing a so-called digital seismic shift. Escalating uncertainties kickstart the demand for credit products which provide fast access to consumption-oriented liquidity.
Credit Hero uses artificial intelligence and data science to provide tech-savvy lending solutions. The company employs optical character and facial recognition for risk assessment and machine learning for automated underwriting. AI technologies run bank data aggregated from 9 major HK banks to reduce the lending process time from days to 6 minutes. Equipped with Salt Edge tools, Credit Hero improved the bad debt rate by enhancing credit risk analysis.
Ronald Lam, Founder & Chief Executive Officer, Credit Hero said;
The collaboration with Salt Edge granted us access to real-time financial data to automatically verify the applicant’s identity, account number, income sources, and balance. We are not only looking to achieve more operational efficiency but also to deliver a more intelligent risk management and enhance the customer experience.
Vladimir Pintea, Head of Open Banking Gateway, Salt Edge went on to say;
Credit Hero applicants can now avoid the headache of bringing in paper bank statements – the required data is aggregated from banks and digitally transferred directly into the lending platform. Receiving all the transactions categorised, Credit Hero can instantly analyse borrowers’ financial spending habits and provide fairest rates of interest.
With modern world craving speed and digitalisation, Credit Hero embraced current market rules and delivers better experiences. Salt Edge shares their goal to reinvent the traditional financial services by means of technology for the benefit of society.