BRASS mobile application is making an attempt to deep into “Open Banking” emerging FinTech concept by utilizing private financial information held by the banks and interconnecting it with customers' purchase history to offer credit score alternatives to borrowers that will be widely accepted by various lenders of consumer products and services.
Borrowers are usually individuals seeking consumer credits and loans. Lenders are small and medium enterprises (SMEs), such as retailers, service providers, and others.
Knowing the history of interaction with the clients, their income and expenses, SMEs will offer ready-made solutions using recommendation systems. For example, a home appliances purchase based on the pre-approved payment plan. The approval decision could be completed within a few minutes as all the necessary information is already entered into the BRASS app and analyzed.
Individuals who prefer not to be assessed solely by their credit score can now obtain consumer loans and present proof of their bankability by connecting their banking data and purchase history to BRASS. Small and medium businesses can access an alternative credit scoring system with reliable personal financial reports. From a business's standpoint, it will significantly reduce risks associated with a consumers' failure to repay a loan.
BRASS reflects the implementation of open banking, end-to-end digital architecture, artificial intelligence (AI) calculations, hybrid clouds to offer such innovative solutions.