NDB first to connect with CRIB Credit Score Instant Decision Module System

Tuesday, 18 August 2020 00:40 - - {{hitsCtrl.values.hits}}

Senior Software Engineer - Information Technology Madhawa Madhuranga, Shared Services - Credit Administration Unit Deputy Manager Roshan Asbury, NDB Chief Operating Officer Deepal Akuretiyagama, NDB Director/Group Chief Executive Officer Dimantha Seneviratne, CRIB Director/General Manger Nandi Anthony and CRIB Operations Manager Indika Dissanayake

NDB – a bank that has always been at the forefront of the digital revolution – has become the first bank to connect host to host with the Credit Score Instant Decision Module introduced by the Credit Information Bureau (CRIB) through Application Programming Interface.

Commenting on this milestone, Director/Group CEO Dimantha Seneviratne said this will enable the bank to have online access to Sri Lanka’s first credit scoring system - the ‘CRIB Credit Score’ Instant Decision Module.

“This new scoring method developed by CRIB provides the bank with a consistent indication of the risk level, creditworthiness, and probability of default of a particular borrower,” he said, adding, “With this latest revolutionary method, the bank will be able to assess potential customers utilising the high informational value and credit scores which will be used more widely in the economy going forward. Accordingly, the bank will be able to receive more in-depth information in the process of decision making via the Credit Scores.”

CRIB Credit Score is calculated based on an algorithm, which incorporates key aspects of a borrower including payment behaviour, over-indebtedness, demographics, and utilisation of available credit. Therefore, these scores again will provide more in-depth information for the decision making of financial institutions.

Seneviratne further stated that the benefits to borrowers from the Credit Score include faster credit evaluations, credit facilities with better conditions, and higher credit limits by maintaining optimal scores.He added that the latest credit scores would provide a sound and consistent indication of historical credit worthiness, risk level, and reliability of a potential borrower. By integrating with this system, the bank will be able to minimise human intervention, store data for decision making, and enable custom printouts to ensure documentation processing efficiency.