TurnKey Lender, a provider of intelligent lending automation, decision management, and risk mitigation solutions, has announced the launch of a new app called TurnKey Lender Psychometrics. It allows lenders worldwide to safely evaluate borrowers even in cases when there’s no access to their credit history, bank accounts or other relevant personal data.
The evaluation is done by means of psychometrics, a branch of psychology which helps gauge one’s personal traits in a numerical value. In the heart of the application are the company’s proprietary AI algorithms and an advanced psychometric test which assesses potential borrowers based on the following criteria:
- Family relations;
- Money management and financial planning;
- Likelihood to take risks;
- Organizational skills;
- Thinking speed.
The app also takes into account borrower’s reading speed, impulsiveness, the range of movements on the answer sliders, whether they stick with the initial answers or change them, and action patterns.
In the creation of the app, TurnKey Lender’s team used its previous experience developing risk evaluation, credit decisioning, and lending automation solutions. The resulting product and the performed tests indicate that this app will become a reliable and extremely useful tool in the workflow of any type of lenders who may need an alternative way to evaluate their potential borrowers.
The completion of a test and risk evaluation usually takes under 10 minutes. As a result, the lender gets a risk score they can later use in loan decisioning.