Big Data Scoring describes itself as an easy-to-integrate, cloud-based service that lets consumer lenders improve loan quality and acceptance rates through the use of big data. SME caught up with BDS to find out more…
What have been your biggest challenges? How did you overcome them?
I could mention the challenges with product development, but that’s in fact just our everyday life. New innovations don’t happen overnight and take a lot of effort and persistence. The real challenge in the beginning was educating the market about the new possibilities. Credit scoring market hasn’t seen significant innovation for decades so it took a lot of work to change this perception. We had to prove that innovation is in fact possible and is now available for everyone. After close to 4 years in the business, we are now finally seeing that the market has evolved and lenders themselves come to us for help.
What have been your greatest successes?
The biggest success stories definitely come from the R&D department. We are constantly working on improving the predictive power of our algorithms and the quality of the solutions. Improvement in those fields doesn’t come in single huge steps, but in many small steps. So every small step is worth celebrating.
What are your top tips for SMEs?
Focus on the product! This should be the number first, second and third priority for all innovative solutions. When you’re able to build a solid solution that has a meaningful positive impact for your clients, everything else (sales, marketing, etc) comes easily. And second, keep your focus. Success doesn’t come easy and it’s easy to get distracted along the way when you hit obstacles. Only tough, inhuman persistency takes you where you want to get.