The big data credit was born in the process of regulating licensed moneylender in Singapore.
Well the development is still in progress, huge amount of data had been generated from licensed moneylender in Singapore through authority and Credit bureau and other financial institution.
Although they are some different from the central bank’s credit information, majority of the information quite identical.
it is the data related to analysis massive data of the Internet, which includes consumer data information for users in social media, e-commerce site and most commonly use will be the transport apps in Singapore.
For example, transportation apps, like Grab or Gojek in Singapore will be able to look your monthly expenditure on transport during the month.
By analysing your movement trends, and time, they will be able to know if you are travelling home or out for dinner.
Monitoring, your expenditure per month, they will be able to judge your income.
And in the event when you are in need of personal loan during holiday season, shopping season, the appropriate help will be right in front you at the right time.
At present, most of the loan platforms for licensed moneylenders in Singapore are not kept up to date. Authority enforced tight measure to prevent P2P platform and other loans application in Singapore to safeguard their citizens from over borrowing, this is mainly due to lack of financial knowledge management in Singapore in the old days.
While in the past, when Singapore is still a developing country, marketing and branding are encouraging locals to spend in order to spur the economy.
It happen that majority of the 60s, 70s and 80s, had a big misunderstanding about finance and many were lure into the trap of credit cards being a prestige to have.
Credit Cards advertisement had been kept to the minimum ever since the debt ratio, compounding interest, late payment fee had generate a lot of revenue for the banks and make the locals poorer.
With new technology and big data, authority will have better analysis and control measure to safeguards majority of the citizens.
The main integrated users of big data credits provide lending services.
With the development of Internet finance, big data credit and central bank credit information will continue to merge and integrate into one, truly satisfying the integrity of data, can more comprehensively evaluate credit, provide decision analysis, risk assessment and life for enterprises or individuals. T
Behind the scene.
The so-called big data credit is different from the bank credit.
The information that were collected mainly comes from the behaviour of the individual on the Internet, including but not limited to: consumption, loans, transportation etc.
It can be said that it is a kind of online credit. If the Internet is used to evaluate individuals.
The situation of credit reporting. For example, if you buy a product in a certain period, but you do not repay it on time, then your big data credit will also be a bad mark on the machine.
Many wanted to travel with friends and relative during the the long weekends, National Day and school holidays period, but when you discover that your funds were not enough.
You will be able to apply for a travel loan on a certain online loan platform in the near future.
The platform will indicated that he would not inquire about your personal credit, but would use big data.
Analysing personal network credit information.
Since most of the purchase or spending will be online, and repaid on time, with a personal big data credit record that was very good, you will get your loan faster, quicker at a lower interest rate.