A canary in the credit mine, with James Fell (Credit Canary)

How to Lend Money to Strangers

Brendan le Grange

Credit, Fintech, Management, Lending, Banking, Business, Careers

5 • 2.6K Ratings

🗓️ 22 February 2024

⏱️ 27 minutes

🔗️ Recording | iTunes | RSS

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Summary

"At its core, Credit Canary is a data platform that consolidates and reconciles multiple different data sources in a standardised way to produce a really rich set of flags and real contextual insights. And the essence of that is flexibility within lending. With the data that we have, there is a great opportunity not just to help make better decisions, but to help make better lending products." - James Fell, Founder and CEO

All too often, a borrower and their unique circumstances are thought about at the point of application and then entirely forgotten until a payment or two is missed. That might have been OK in a world of slow and scarce data, because what else could you do, but that excuse doesn't hold up any more - and with credit data, open banking data, and more, Credit Canary are helping us to put that right.

You can find Credit Canary and view their offerings at https://www.creditcanary.co.uk/

James gives his email in the episode, or you can find him on LinkedIn https://www.linkedin.com/in/jamesafell/ In fact, the whole team is available there (https://www.creditcanary.co.uk/about)

And while you're there, find and connect with me at https://www.linkedin.com/in/brendanlegrange

Meanwhile, my action-adventure novels are on Amazon, some versions even for free, and my work with ConfirmU and our gamified psychometric scores is discussed at https://confirmu.com/ and on episode 24 of this show https://www.howtolendmoneytostrangers.show/episodes/episode-24

If you have any feedback or questions, or if you would like to participate in the show, please feel free to reach out to me via the contact page on this site.

Keep well, Brendan

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Transcript

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0:00.0	Very much in completing my MBA, I drunk the call aid and set off to find an opportunity in the FinTech space to serve an area of the market which is largely untapped, which was something that I was really passionate about.
0:14.5	And that focus was a key driver and motivation for founding Credit Canary.
0:21.0	The credit data which is used to make a lending decision is effective at that moment
0:26.0	in time and every day that goes by its ability to predict reduces in its potency.
0:33.0	What Credit Canary is doing is we combine a combination of credit,
0:37.3	open banking or transactional data,
0:39.7	the self-assessment data given at the point of lending and then the loan performance data.
0:45.8	With that we then over time monitor the health of that individual so that they then can serve
0:52.2	at scale personalized treatments leveraging generative AI and life language models
0:57.6	to give customers the information that they need at the time they need. My late father-in-law was a brilliant man, unusually qualified
1:09.9	as both an electrical and mechanical engineer. He was the right-hand man to some mining
1:15.3	magnets whose names you would know if you were in the resources game. And yet, despite that,
1:20.9	his favorite self-depreciating comment was, but what do I know? Despite that
1:22.8	but what do I know?
1:25.0	I'm just a coal miner.
1:27.0	It's one of three things I now know about coal mining.
1:30.6	The others been, again from him, that not everyone in coal mining is a crook, but all the crooks are in coal mining.
1:37.0	And that coal miners used to take a caged canary down into the pits with them to act as an early warning indicator for bad air.
1:46.1	Because the miners knew that no matter how safe the mine was when it was opened, no matter
1:51.0	how safe it was yesterday, things could change and if they did change you
1:55.7	would want to know about it as soon as possible if you would have any chance of
1:59.2	doing something about it. Welcome to how to lend money to strangers with Brendan LeGrange. James Fell, CEO, CEO and founder of Credit Canary.
	...

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