Big Data for Better Credit Evaluation, FINC


A credit evaluation service based on individual’s data will be launched in March.

On March 6th, Fintech Inc. introduced FINC, a credit evaluation service, at a press interview that took place at the 63 Building. FINC rates one’s credit based on positive factors from an individual’s data collected in various criteria. The credit evaluation is also based on a positive system, in which certain criteria needs to be met to be eligible for higher credit rating.

FINC evaluates one’s credit based on 7 core criteria, which are not applied by Credit Bureau(CB) today, and approximately 20 more override criteria. The 7 core criteria includes individual’s income, current employment information, frequency of job changes, amount of insurance payment, and deposit and installment savings. These core and override variables form a scorecard. The scoreboard is distinguished between those who are just starting out their career and those who already have much experience in their career.

It is worth noting that Fintech Inc. collects a diverse set of data on individuals in real-time using its own IT solution and FINCBOT, a machine learning solution, is used to analyze and discover the data.

In Korea, in order to receive loans, one needs to go through painful administrative processes such as submitting the copy of identification card and salary history. However, FinTech Inc. will eliminate such lengthy process by securely fetching relevant data online, hence making it easier for customers to receive loans.

FinTech tested FINC by analyzing data of 100,000 individuals, and demonstrated 5~13% reduction in erroneous evaluations on personnels with 4~6 credit rating in comparison to evaluations made by CB. Individuals with low or middle credit rating can now use the services from institutional financial companies with lower interest rate.

Fintech Inc. director Yim SeonIl said, “FINC provides opportunity for financial consumers who have previously received loans at high interest rates due to incorrect credit evaluation to utilize institutional finance. This will be the most revolutionary model in the field of fintech. It allows financial institutions that became passive due to certain limitations such as production cost to finally actively serve loans at lower interest rate.”

In addition, the company added that the technology for collecting and applying individual’s data in real-time is also applicable in insurtech, suggesting personalized insurance products and asset management products to customers. Fintech Inc. was convinced that this is a model that will lead to partnerships with insurance companies and asset management companies that are hoping to facilitate insurtech services.

Company Background

Fintech Inc. is a startup established in 2015. It has constructed systems for credit consulting and big data analysis solutions for banks, insurance companies and internet banking. FINC is expected to be launched at the end of March, partnered together with financial institutions and insurance companies that need new credit evaluation system.

Inspired by Platum

JunSu is a junior at Carnegie Mellon University majoring in Electrical and Computer Engineering. He enjoys meeting people from all over the world and exploring the role of technology in people’s daily lives. You can reach him at:


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