Credit Hero, an online lender from Hong Kong, teamed up with Salt Edge, a leader in offering open banking solutions, 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 & CEO at Credit Hero
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.
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 categorized, Credit Hero can instantly analyze borrowers’ financial spending habits and provide fairest rates of interest.
Vladimir Pintea, Head of Open Banking Gateway at Salt Edge
With modern world craving speed and digitalization, 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.