Toyota Financial Services launches AI credit evaluation with Aire

By Daniel Lanyon on 9th February 2018

Alternative Credit

The technology is to be used in predicting customer delinquency.

Toyota Financial Services launches AI credit evaluation with Aire

Aire, an alternative credit scorer, is launching an evaluation with Toyota Financial Services for its Artificial Intelligence (AI) platform.

The collaboration is designed to prove assess the financial situation of TFS customers within ‘customer delinquency’. For Aire, this is the first time that its solution will be used to support the lifecycle management of customers’ accounts.

 The announcement comes at the same time as the publication of new research findings from an online survey of 2,000 UK adults, which was conducted for Aire by independent research agency Populus.

The findings show the importance of a more sophisticated approach to credit assessments in the car leasing space, especially for groups such as freelancers who often find it harder to secure credit due to the nature of their work status.

While the average payment for monthly car leases in the UK is £93 per month, freelancers pay almost 30 per cent more with £120 on average.

Aneesh Varma, co-founder and CEO of Aire said: “The higher payments for freelancers are down to two factors: On the one hand, many freelancers are self-employed drivers, and their cars therefore need to be of higher value and quality. On the other hand, the average taxi driver with their own car will find it harder to get an appropriate deal for their car lease, simply because many credit scorers have not yet adapted to the way many of us work and live today.”

Comments

AltFi Amsterdam Summit 2018

AltFi is returning to Amsterdam for its second annual Summit in the city. The inaugural event last year was a roaring success, with key figures from across Continental Europe's alternative finance and digital banking sectors highlighted. These included Jeroen Broekema, managing director of Funding Circle Netherlands, and Mieke van Engelen, head of innovative partnerships at ABN AMRO's standalone lending platform, New10.

5th November 2018


More like this:

Alternative lender breaks even

3rd October 2018
Ryan Weeks

Private debt market grows to record size

7th February 2018
Daniel Lanyon