Banks have to use effective tools to more accurately evaluate the creditworthiness of their clients and reduce the probability of possible insolvency. Therefore, scoring software is increasingly used to determine the risk of unwanted events such as loan defaults. These solutions are often one of the key elements of the overall system infrastructure that supports bank employees in the credit granting process.
A lot of modern lending systems come with pre-integrated alternative data sources that will automatically be taken in account for every applicant. Such applications are designed to keep safe even the most sensitive data.
Credit scoring applications can help provide clients with better banking or financial services. Moreover, investing in the development of credit scoring applications brings such a benefit as cost reduction for banks and financial institutions. As a result, many banking and financial institutions are looking to engage a software vendor with deep expertise in credit scoring solutions development.
Selecting a long-term reliable credit scoring application development company is vital because the quality of the whole solution depends on it as well as development costs and time frame.
The market has numerous software providers and you have no idea how to pick the one from them?Luckily, we’ve created a list of top credit scoring software development companies to choose from.
List of Top Credit Scoring App Development Companies in 2022
Itexus builds custom credit scoring solutions that pull data from various sources, including credit bureaus and other public institutions, provide online credit applications forms, input ratios and period-to-period comparisons into the credit scoring model, and generate approvals/denials in line with the predefined parameters.
Innotech offers a wide range of services including custom banking and financial software development, digital banking development, etc, able to meet customers’ needs in terms of interest rate liberalization, big data, mobile finance, risk management.
Prescio’s professionals leverage a diverse set of quantitative tools to make the client’s credit scoring process more rigorous, realistic and responsive. Their software development team helps customers with maintaining business and upgrading software applications for all desktop, web, and mobile needs.
Aetsoft offers DLT-based tools that can improve credit scoring by arranging a vast universal database for client information, with more credit rating resources, including credit histories, available for banks to analyze.
JustCoded creates custom credit scoring functionality may not be always possible due to budget or timeline restrictions. Besides, they are able to combine services that have polished their functionality and can be integrated – payment gateways, CRMs, accounting tools, SMS services, analytics and BI, reporting services, credit scoring systems.
SoftClub provides both custom-made and off the shelf credit scoring solutions that allow to scale the product horizontally without spending resources on scaling the entire system as a whole.
7. Code and Pepper
Code&Pepper specialises in predictive analytics that can leverage data sourcing through automated APIs, feeding their scoring models and risk profiles with relevant data inputs, such as financial history, macroeconomic variables, and qualitative information.
Avenga helps fintech experts, banking and financial companies transform their offerings with custom financial services software and credit scoring solutions, speed up time to market, compete by means of technology, find valuable business insights and enrich security of end-products.
Metryus develops card management systems, credit scoring solutions, etc. and struggles to integrate and orchestrate all of them together to produce engaging digital experience to the client. Therefore they can play a role of not just developers but advisors and consultants in cases of digital banking transformation.
10. GDS Links
GDS works around the limitations of legacy infrastructures by integrating with credit scoring systems, aggregating data from a host of traditional and non-traditional data sources, and allowing risk managers to build, test and deploy risk strategies in real time.
*Definitely, this is not a full list of seasoned credit scoring software development companies, but it touches upon all the key players in the industry.
Profit of Engaging a Credit Scoring Software Development Company
Credit scoring app development provides business benefits both for borrowers and lenders:
Saved time on finding loans
Clients can find lenders and interest rates easily only with credit score applications. Customers don’t need to visit local banks or financial institutions to apply for a loan no matter when and where they are.
Applicants receive loan decisions much quicker
Credit scores can be delivered almost instantly only with credit score application, helping speed up loan decisions. It becomes even a greater advantage for users with a good credit score since they are more likely to get quick approval.
Credit decisions become fairer
With a credit score app, users get scored objectively. Lenders focus only on the facts related to credit risk, rather than personal biased assumptions.
More holistic approach to scoring
All credit-related information is weighed, both good and bad, in users’ credit reports to provide a more holistic perspective to potential lenders. If clients have had poor credit performance in the past, they would have had a chance to improve credit scoring.
Accurate information leads to increased lending opportunities
Lenders who engage credit scores tend to approve more loans because credit scoring software gives them more precise information on risks and other credit factors.
Get your Project Estimate
Estimation helps to get the time period and budget required for developing, testing and launching all the features your credit scoring software needs to go live. Moreover, it’s very easy to get an estimation. Just drop us a line, sign in the NDA and after the requirements and goals discussion we’ll provide a full project estimate with hours and the budget required.