Powered by Artificial Intelligence, that assesses the creditworthiness of loan applicants based on the data on their devices and bio data.
Detailed performance analytics for the businesses, that aid continuous risk management including impairments and stress testing..
In-built fraud mitigation algorithm that cuts out identity theft and data integrity issues that are prevalent in the digital credit space.
The platform collects large data sets giving a 360-degree view of the user such as spending habits, loans from elsewhere, savings and income.
Lending system assessment
Weza will first assess the libraries embedded in your lending system, to understand the architecture and ability to collect the data needed by Weza.io for Credit Scoring and Fraud Mitigation checks.
The mobile loans app will have to have gotten the permissions to access the required data (SMS as a minimum) from clients’ phones. Weza will assist to acquire the permissions if this is not yet gotten.
Weza will recommend changes to your lending system’s data collections libraries, or avail our libraries to be installed on your lending system (app), to enable data collection.
Weza.io platform API will then be availed for integration with your firm’s lending system. The API will enable anonymized data (without their names) from the client’s phone to be sent to our Weza.io platform. Only data from clients who have passed the KYC process will be sent.
Data authenticity assessment
Weza.io engines will assess the authenticity of the data (weed out fraudsters) by assessing various aspects of the data availed for consistency, continuity and authenticity.
Clients who pass the fraud check will then be moved to the Credit Scoring stage, whereby Weza.io engine will assess the capacity and character of the client with respect to loan repayments, based on our continuously optimized AI algorithms.
Credit Score generation
A Credit Score will be generated and communicated back to the lender’s loan system, through the API. A threshold would have been set by the lender, with the advice of Weza, on clients who qualify for the initial loan amount, with those not qualifying getting an automated response on the same.
Client will disburse the loan to the client, with a feedback loop to Weza.io platform on the loan amount disbursed and the due date for repayments.
Credit Score reassessment
On repayment, the lender's system will communicate with Weza.io platform. This allows our Artificial Intelligence based-engine (Machine Learning algorithms) to automatically recalibrate the client's credit score taking into account the time they paid the loan, and improve future accuracy when credit scoring new clients with similar attributes to that particular client.
Product pricing guide
Weza will guide on the pricing of the loans and setting of the minimum threshold, taking into account the lender’s risk appetite.
Other analytics on your clients can be availed that can aid your risk management or assist in your next best action.
A lending system that allows for collection of data from clients’ phones. The app would need to have the required google permissions. Weza will assist to acquire the permissions if this is not yet gotten..
The app would have libraries that collect data that are compatible with our Weza.io engine requirements as advised by our technical team.
Lending system ability to integrate with our APIs. We guide the technical team on how to implement this.
Price will be arrived upon when the clients specific needs have been appraised.
An integration fee to the Weza.io API of USD 1,000 is payable one-off.