Utilizing Online Behavioral Data Collection, Processing, and Refinement as Variables for Alternative Credit Scoring Model Development
Wider Planet (CEO Koo Kyo-sik) announced on the 15th that it has joined the ‘2021 Data Flagship Project’ led by the Ministry of Science and ICT (Minister Lim Hye-sook) and the National Information Society Agency (NIA), together with Shinhan Card, Crepas Solution, and other data-holding companies.
The ‘Data Flagship’ project is an initiative that has been conducted annually since 2013 to discover and support leading tasks aimed at developing innovative business models and realizing public benefits by utilizing big data and AI technologies. This year, a total of 12 final projects were selected.
This project focuses on the theme of ‘Data-driven financial inclusion measures for domestic and foreign financially marginalized groups,’ aiming to build a system that supports appropriate financial services based on online behavioral data and online payment histories for financial consumers who are excluded from the current uniform credit evaluation system.
For users such as young adults who are the main users of mobile and online platforms and have insufficient financial history, there is little financial transaction and credit information available, but they possess abundant online activity information. However, existing online activity information exists as de-identified and unstructured data, which has only been used at the level of marketing such as digital advertising.
Wider Planet plans to collect and refine vast amounts of such online activity information to be used as variables for model development, as well as process the data to a usable level.
The online behavioral data provided by Wider Planet, such as customer information, digital activity information, app activity information, and device information, is unparalleled in terms of quantity and quality, accumulated over several years of user big data. It collects and analyzes vast amounts of data on a daily basis, equipped with the latest data processing technologies. Furthermore, by processing the collected information to provide data on individual consumption behavior and preferences, it is expected to have high versatility and usability.
Additionally, the online behavioral attribute data provided by Wider Planet will be used as foundational data for developing attribute variables that can infer an individual’s life cycle, occupational characteristics, interests, and behavioral tendencies.
A representative from Wider Planet stated, “Since our listing on KOSDAQ, we aim not only to support the establishment of big data-based decision-making systems for major domestic companies but also to lead the big data/artificial intelligence platform market in earnest.” He added, “As the largest online data operator in Korea, we will continue to strive to discover and promote new business models by partnering with various industries using big data and related technologies.”
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