Sovcombank is reshaping the landscape of credit acquisition with an innovative gamified approach. This forward-thinking method aims to attract young adults by simplifying the credit evaluation process.
Through the use of psychometric scoring and behavioural data, Sovcombank offers an engaging path for first-time credit users, potentially revolutionising how creditworthiness is assessed.
Sovcombank, one of Russia’s leading financial institutions, is pioneering a new way to evaluate credit through gamification. By integrating psychometric scoring with behavioural data, the bank seeks to provide a fresh perspective on credit accessibility for young adults. This innovative approach leverages interactive online assessments to determine an individual’s attitude towards credit and their willingness to repay.
This method is especially significant for newcomers to credit, who often lack the necessary history for FICO evaluations. The EFL Score provides an alternative by delving into the psychological and behavioural aspects of creditworthiness. Sovcombank’s use of this score is a testament to its commitment to expanding financial inclusivity.
Such extensive research ensures that the EFL Score is a robust tool for credit assessment, capable of offering insights where traditional methods may fall short.
Sovcombank’s adoption of the EFL Score aims to bridge this gap, providing a viable solution for those previously excluded from the credit system.
Sergey Khotimskiy, Deputy CEO at Sovcombank, echoes this sentiment. “Using the EFL Score, we offer young individuals their first credit card,” he explains. This initiative not only expands the bank’s client base but also encourages financial responsibility among young adults.
This distinction broadens the scope of credit assessment, enabling financial institutions like Sovcombank to cater to a diverse range of clients.
Through initiatives like these, the future of credit assessment looks promising, with the potential to benefit millions globally.
Sovcombank’s pioneering approach to credit assessment signals a promising future for financial inclusivity. By embracing psychometric and behavioural data, the bank not only broadens its market but also sets a precedent for modernising credit evaluation systems.
As financial landscapes evolve, such innovations highlight the importance of adapting to the needs of a changing demographic.