Aliya is a data driven intelligence company that develops transformational solutions to help financial institutions grow assets, acquire and retain customers, manage risk, and optimize capital allocation. Aliya is “Technology Powered, Human Inspired”, and is driven to improve outcomes for hardworking Americans who would otherwise be unfairly overlooked.
Aliya announces public launch of aSCORE, alternative credit scoring model allowing banks, credit unions to increase financial inclusion without increasing risk
The model addresses the deficiencies of traditional credit scores with advanced analytics to provide a more inclusive and profitable lending process
NEW YORK, NY (March 18, 2021) —
Aliya, a data-driven intelligence company providing automated business solutions to financial institutions, today publicly announced the launch of aSCORE, a regulatory compliant, alternative measurement of borrower credit risk and resiliency and a legacy FICO and Vantage score arbitrage tool. The proprietary technology has been implemented by a top 10 U.S. bank since 2018 and can help financial institutions grow assets while managing risk, acquire and retain a broader range of profitable customers and promote financial inclusion.
aSCORE uses high-frequency and more recent consumer attributes to better predict a borrower’s ability and willingness to repay a debt. The model runs on anonymized credit bureau data; it does not require the transfer of any personally identifiable information, or any other proprietary data sets of an institution, to Aliya. How it works:
1. Customer applies for loan on financial institution’s existing platform; OR financial institution wants to determine whether an existing customer or new lead qualifies for a loan.
2. Financial institution or credit bureau calls aSCORE engine via secure API protocols.
3. aSCORE model runs on anonymized credit data to generate and return the FICO equivalent aSCORE, plus sizing and pricing recommendation.
4. Financial institution’s credit policy applied to aSCORE to generate a personalized loan offer, displayed within existing workflow.
In a recent case study, Aliya partnered with a top 10 U.S. bank and helped over 200K Americans receive loans. Of those, nearly half were considered non-prime by traditional credit scores. The portfolio performance of the “non-prime” borrowers was in line with a standard prime portfolio. The full case study can be viewed here.
“The driving force behind aSCORE is to increase economic opportunities for hardworking Americans who would otherwise be unfairly overlooked and underbanked,” said S.P. “Wije” Wijegoonaratna, co-founder and CEO at Aliya. “Now that the model has a proven track record of performance over the last three years, I am thrilled to share aSCORE with more financial leaders looking to implement a next-generation credit scoring solution.”
aSCORE is SOC-2 (Type II), ISO27001 certified and reviewed by the Federal Reserve, OCC and CFPB for regulatory compliance.
To learn more about Aliya and aSCORE, visit https://www.aliya.com/