Today, every fifth consumer loan goes to debt collection – we have to do something about this, says Øystein Dalan, Founder of Ping Data. The clusters newest member and incubator startup uses a brand new method to increase transparency of credit reports while reducing loan defaults.
Ping Data consists of three co-founders with broad experience from data processing, information security, and mathematical modeling of credit risk. Together they’re developing a new and improved method for credit risk modeling by utilizing transaction history and machine learning to give a much more accurate picture of the customer’s financial situation.
The founders have previous experience from the leading provider of a similar technology in the US and have helped develop a platform that has processed over 25 million loan applications. They are now ready to bring this technology to the Nordics.
The startup has already had a flying start, and was recently selected as top three in Nets and DN’s fintech pitching competition.
What makes Ping Data unique?
Traditional credit reports are based on public information, which usually gets updated once a year. Outdated data leads to inaccurate models, which in turn leads to loan defaults, says Dalan. “We can offer data from day one, but to make robust risk models we need to work closely with our clients. We are dependent on consumers willingness to use our services, and have to make sure we earn their trust. Security and privacy are essential to us, and we will soon be certified by the industry’s strictest security standards”, says Dalan.
By categorizing sources of income and expenses over a period of time, you can create an extremely powerful toolbox of risk variables – all of them updated today!
- Øystein Dalan, Founder of Ping Data
What kind of partnerships is the company looking for?
Ping Data is looking for companies that are required to evaluate their customers ability to pay, and who are interested in being early adopters of the next generation of credit tools.
”NCE Finance Innovation does a great job at gathering the players within finance and tech in Norway. We want to offer our services to all members who do credit analysis, and it doesn’t necessarily have to be banks. Feedback from others often point to alternative uses of our technology, and we are open to developing new services with other cluster members”, emphasizes Dalan.
We want to offer our services to all members who do credit analysis, and it doesn’t necessarily have to be banks.
- Øystein Dalan
Dalan believes customers will want to use Ping Data simply because they can get better terms on their loans. The customers get to see their report immediately after being processed. “Transparency and model “explainability” is important to us. Ping Data solves this in a brand new way, and we can’t wait to show it off.” Dalan concludes.
Learn more about Ping Data
The company is soon ready to launch their platform, and will begin booking demos in early 2020.
You can already now subscribe to Ping Data’s newsletter here: www.pingdata.no
Ping Data are now recruiting new team members in data science and compliance. Interested? Contact Øystein at firstname.lastname@example.org.