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Kremen

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Kremen

  1. 1. 1CONFIDENTIAL | Gary Kremen (GKremen@SocioGramics.Com) Founder and CEO Social Media and the Underbanked MARCH 2012
  2. 2. © Sociogramics, Inc. 2 Automation has hurt the under-banked disproportionally Past Small Town Lending Principles Today “King” FICO
  3. 3. © Sociogramics, Inc. 3 The Promise and the Dream  What social media gives credit grantors, depositories and other risk takers such as insurance – 360 degree view of the borrower – returning the small town banker  The core of finance applications can be improved thru social media  Thin, no file and header only files applicants benefit the most
  4. 4. © Sociogramics, Inc. 4 With Social Media You Can Truly Know Your Customer! Yesterday’s Model 4321 0099 9999 1234 Internal Data 3rd Party Score Credit Bureau Today’s Model George Bailey: banker, father, veteran, volunteer Internal Data 3rd Party Score Credit Bureau 4
  5. 5. © Sociogramics, Inc. 5 Issues in the US on the Federal Level  ECOA / Regulation B  FCRA
  6. 6. © Sociogramics, Inc. 6 ECOA (Race Distribution) 11% 9% 6% 0% 8% 6% 3% 1% Black Latino Asian Other Facebook US Facebook Population Percentage of Population 25% 19% 8% 6% Black, non- hispanic Hispanic Twitter US Twitter Population Percentage of Population Sources: The Pew Research Center’s Internet & American Life Project http://mashable.com/2010/04/05/facebook-us-infographic/
  7. 7. © Sociogramics, Inc. 7 ECOA (Income Distribution) 0% 5% 10% 15% 20% 25% 30% 35% 40% Facebook Twitter Source: http://blog.kissmetrics.com/social-media-by-demographic/
  8. 8. © Sociogramics, Inc. 8 ECOA (Age Distribution) 0% 5% 10% 15% 20% 25% 30% 35% 13-17 18-25 26-34 35-44 45-54 55+ Facebook Twitter Linkedin Source: http://www.go-gulf.com/blog/social-networking-user
  9. 9. © Sociogramics, Inc. 9 FCRA – focus on existing adverse action codes 01 Amount owed on accounts too high 02 Delinquency on accounts too high 03 Too few bank revolving accounts 04 Too many revolving accounts 05 Too many accounts with balances 06 Consumer finance accounts 07 Account payment history too new to rate 08 Too many recent account inquiries last 12 months 09 Too many accounts opened last 12 months 10 Proportion of balances to credit limit too high 11 Amount owed on revolving accounts too high 12 Length of credit history too short 13 Time since delinquent too recent 14 Length of time accounts have been established 15 Lack of recent bank revolving activity is short 16 Lack of recent revolving activity too short 17 No recent non-mortgage balance information 18 Number of accounts with delinquency 19 Too few accounts paid as agreed 20 Time since derogatory public record collection 21 Amount of past due on account 22 Serious delinquency, derogatory public records or collection 24 No recent revolving balances 28 Number of established accounts 30 Time since last account opening too short 31 Too few accounts with recent payment 32 Lack of recent installment loan information 33 Proportion of loan balances to loan amounts too high 34 Amount owed on delinquent accounts 36 Length of time open accounts have been established 37 Number of consumer finance company accounts established/relative to length of credit history. 38 Serious delinquency and public records or collections filed 39 Serious delinquency 40 Delinquency public record or collections filed 47 Number of consumer finance inquiries 97 Lack of recent auto loan information 98 Length of time consumer company loans have been established 99 Lack of recent consumer finance company account information.
  10. 10. © Sociogramics, Inc. 10 How It Works – Easy Consumer Opt-In Process
  11. 11. © Sociogramics, Inc. 11 Sociogramics Brings Value by a 360 Degree Customer View Cross-Selling and Re-Underwriting CUSTOMER MANAGEMENT Customer Communications and Engagement CUSTOMER ENGAGEMENT Application Verification and Underwriting ORIGINATION Collections and Loss Mitigation COLLECTIONS Sociogramics Platform
  12. 12. © Sociogramics, Inc. 12 Sociogramics is returning character and community to financial institutions! Team Partners Gary Kremen Founder & CEO Eric King Vice President, Operations Shah Rahman Vice President, Engineering STRATEGIC ADVISORS SEED INVESTORS LEGAL Nigel Morris QED Investors Frank Rotman QED Investors

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