Innovation Name: Libra: real-time credit scoring and pricing engine.
Awards: 4th Most Innovative Banking, Superannuation and Financial Services Company
Harmoney’s Libra real-time credit scoring uses high volumes of bank transaction and credit history data with machine learning to better assess a borrower for a loan.
Traditionally, a credit officer and a rules-based scorecard have been used to assess a borrower for a loan which can be subject to unconscious biases, discrimination or other assumptions. Libra works to score borrowers purely based on the applicant’s data.