Playing internet finance with big data? These two American companies are masters.

FICO FICO Co., Ltd.

It is the pioneer of risk management credit technology, and the FICO Credit Integration index contains 15-20 variables to deal with the large structured data. The concept of credit scoring FICO was pioneered in the United States banking industry in the early 80. Services now cover 80 countries and regions in the world, providing services to banks and credit card issuers, insurance, healthcare, government and retail industries. The basic idea of FICO Credit division calculation is to compare the past credit history information of the borrower with the credit habit of all the borrowers in the database, and check the development trend of the borrower is similar to the development trend of the borrowers who are in financial difficulties, such as frequent default, overdraft, or even filing for bankruptcy.

In the banking sector, the main services cover bank cards, deposits, mortgages, car finance, multi-channel services and anti-corporate fraud to provide support. FICO has provided services to two-thirds of the world's top 100 banks, increasing customer loyalty and profitability, reducing fraud losses, managing credit risk, meeting regulatory and competitive requirements, and gaining market share quickly.

This technology industry has entered some Chinese banks, conducted a comprehensive, multi-level retail business risk management consulting services, and helped banks improve customer stickiness and efficiency.

1. The CDA decision engine adopted by the Pacific Credit Card Center of Bank of Communications is also the first automatic credit approval decision engine integrating the scoring model and intelligent management in China credit card approval field. October 2009, after the successful on-line, the average balance and interest income of the quality account increased by 20% and 10%, the approval efficiency was increased by 30% and the manpower cost was saved.

2 The Minsheng Bank and Fico in 2009 to start exchanges and cooperation, in 2011 officially launched the Minsheng Bank retail internal rating project. Under the framework of the Basel agreement on retail banking, a complete risk management system is set up for small micro-credit business. Effectively and reasonably guide the business to save the bank capital and increase the shareholder's return.

In the unstructured data processing, another company zestfinance on the basis of FICO further excavation and innovation. ZestFinance was created by Google's former CIO, Grass Merrill and Shawn Bude, a senior loan officer at Capital One. The developed analysis model analyzes more than 10,000 raw information data for each credit applicant and obtains more than 70,000 indicators that can be measured against its behavior, and this process can be completed in 5 seconds. The company can certainly assess consumer credit risk more accurately than the 10-15 of data used by traditional borrowers. The company, which has grown for nearly 4 years, is able to analyze more than twice times the number of Americans eligible for subprime loans and has a default rate of about 60% per cent lower than the industry average.

By providing security services to some big banks and credit card companies, ZestFinance has actually been able to better identify risks by using large data mining and analysis techniques to guarantee that parts of banks and credit card companies are considered risky loans.

Now ZestFinance also outsource its own loan assessment models, such as Spotloan, and partners, effectively speeding up the approval process for loans and reducing risk. Make Spotloan priced below similar payday loans. Spotloan, an open authorised company, is a microfinance company that pays off the principal and interest in a short period of time. The maximum period is 8 months, the loan line from 300 to 800 U.S. dollars, the application process can be completed online only 10 minutes, the company's account manager by telephone to inform the results of the application and the fastest in the 24-hour loan. Although the highest daily interest rate is around 1%, it is not only more flexible than the traditional payday loan, but can save up to 50% of the interest payments. Every year, Americans demand a payday loan of $7.4 billion trillion, an average of 400 dollars per loan.