BNK Busan Bank Expands Loans to Vulnerable Borrowers by Introducing Alternative Credit Scoring Model
Utilizing Non-Financial Information Such as Gas and Communication Fees
BNK Busan Bank announced on the 13th that it has introduced an alternative credit scoring model to expand financial support for vulnerable groups.
The alternative credit scoring model uses non-financial information such as gas bills and communication fee payment records in customers' financial transaction data to evaluate individuals' creditworthiness more precisely.
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BNK Busan Bank explained that with the introduction of this alternative credit scoring model, financial accessibility will be expanded for medium- and low-credit customers and those with insufficient financial history who previously found it difficult to obtain loans under traditional credit scoring models. A bank official stated, “By enhancing the credit scoring model using lifestyle data in addition to traditional financial data, we have increased the discriminative power of the credit loan screening system,” and added, “We will continue to make various efforts to expand financial support for vulnerable groups.”
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