We recently got together as the whole team and had a discussion what are our purposes and values. Here is the final outcome.

FriendlyScore is a SaaS B2B solution that increases conversion and approval rates for consumer lenders through social media credit scoring.

The values behind our product are:

~ Financial inclusion for the underbanked, the young and the internationally mobile

~ Increase conversion and approval for lenders by improving their decision-making process

~ Data protection: user permissioned data access only; no personalised storage; no reselling

~ Objective credit decisioning: We let the data determine the scorecard and the algorithm without human bias

~ filling the gap between true human creditworthiness and access to financial services

FriendlyScore stands for financial inclusion for humanity. Traditional credit scores disfavour the young, the novice, the mobile and the underbanked because it necessarily requires borrowers to have credit history, consistent and localised residential and employment history and a bank account. While these measure are safe, they create an accessibility hurdle to a vast portion of the creditworthy population. Social media is a highly personalized, internationally standard source of data optimized for the millennial generation and, increasingly, underbanked populations as well. This is revolutionary for two reasons. First, we can analyze a lot of the same data that traditional scores do, such as education and employment history, on a much larger portion of the population than traditional scores can. Second, we can start observing new predictive data such as strength of social networks and behavioral, communication and lifestyle patterns hence potentially improve the overall process of credit decision-making forever.

We plan to become the first international social media credit bureau servicing all financial institutions. In order to achieve this we have both a B2B and B2C strategy. We are currently in B2B implementation and are partnering with alternative and online lenders, helping them expand their market and ultimately improve their credit decision-making capabilities as we iteratively improve our scorecards and algorithm. Over time, we plan separately to become a trusted consumer brand and use it to build a community of creditworthy individuals whom financial service providers are comfortable accessing.