According to FCA (May 2018) 13 million adults are overdrawn to unarranged overdraft levels every year. The incumbent banks may charge between £75 - £120 in fees. For someone on a minimum wage, the £108 difference to Fiinu's £12 could represent two days of work.
A small number of people in the country are currently fully aware of that non-standard credit products have a severe adverse effect on consumer’s credit scores and file.
Payday loans reduce credit scores by an average of -10%, and according to BBC Newsnight, two-thirds of the mortgage applications are rejected if the applicant has taken out a payday loan in the past 6-years.
Fiinu is powered by Fiinuscore, a bespoke in-house developed process-funnel which does not rely solely on credit reference agency data. It predicts the behaviour of short-term debtors more accurately than the out-dated scorecard models. As a result of this disruptive innovation, Fiinu can help millions of people with their first overdraft.
Fiinuscore-process is on the precipice of an exponential leap in fintech-innovation, which reshapes the world of financial inclusion. It is more personal, predictive and instantaneous than traditional scorecard-models. In brief, the Fiinuscore-process is a funnel, which continuously improves by using quantitative modelling techniques.