OnCredit improves risk predictions in Sri Lanka with RiskSeal’s alternative data

Client's bio

OnCredit is a fast-growing fintech company that provides digital lending in Sri Lanka.

The company offers quick online personal loans, enabling users to receive funds within hours. With a simple application process, OnCredit makes access to credit easy and transparent.

Challenge

In Sri Lanka, OnCredit sees a big opportunity to grow by serving the unbanked and underbanked population, many of whom don’t have a traditional credit history. There are a lot of potential customers, but it’s hard to evaluate their creditworthiness using standard methods.

To reach these customers, OnCredit needs more data. They want to understand applicants with no credit history better and confidently spot those who are creditworthy.

Solution

To improve credit decision-making, OnCredit integrated RiskSeal data into its scorecards.

Using the borrower’s email, phone number, name, and selfie, they can access over 400 real-time alternative data points per applicant.

In addition to a detailed borrower profile, the company performs identity verification using publicly available photos and the applicant’s names, all within seconds.

Results

RiskSeal has become an important part of OnCredit’s decision-making process in Sri Lanka.

The company saw immediate and measurable improvements in how it assesses risk.

Key results:

Client reference