The FintruX Team is happy to announce that we have officially partnered with DataWallet — a blockchain powered data exchange that allows people to regain the full ownership of their personal data. Think of it as a marketplace where you get paid for sharing your data and you’re the one who gets to decide who does or does not get access to it.
With this partnership, users of the FintruX Network will be empowered to leverage the utility value of their personal data when applying for a loan. Borrowers will be able to use key data points from their Datawallet to provide lenders with unique information that enables cutting edge psychographic credit scoring. This will result in much more accurately priced rates than has ever been possible in the market before.
In the current lending landscape, borrowers are being penalized by the inability of traditional insurers to have access to high quality data. This forces them to rely on rigid categories to produce a static credit score that may be far removed from reality. As a result, you may have trustworthy borrowers who end up in statistically risky categories and are paying a premium for it. Furthermore, individuals who have no traditional credit history, automatically do not have access to any line of credit at all. In fact, about 3 billion people globally are invisible to the current credit market for these very reasons.
The partnership between Datawallet and FintruX provides a solution to this problem. Fintrux users can link their Datawallet profile and leverage years worth of historic, cross-platform data to complement the incomplete risk profile provided by traditional risk-assessment models. This richer profile will activate more intelligent risk-scoring algorithms that provide fair rates based on observable trends and habits in a borrower’s personal data profile. This will be possible even when traditional credit history is incomplete or not available.
Another key benefit will be less work and time to apply for a loan on the FintruX Network as borrower’s won’t have to fill out form after form to receive a loan quote — they can simply share the relevant data points from their Datawallet with the click of a button.
At FintruX, our goal has always been to bring reliable, affordable and global lending solutions to as many people as possible. We believe this partnership is a big step in that direction and has the potential to unlock the true power of psychographic loan underwriting.
Join Datawallet’s fantastic community at https://t.me/datawallet
To learn more about Datawallet, visit their website here: https://datawallet.io
The FintruX Team
About us: FintruX Network is the global P2P lending ecosystem powered by blockchain and no-code development. FintruX facilitates marketplace lending in a true peer-to-peer network to ease the cash-flow issues of SMEs that typically face challenges getting loan financing, such as startup companies.
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