Forensic Screening of Bank Statements: A Game Changer for the Gig Economy
In the gig economy, where income is often irregular and unconventional, accurately assessing a loan applicant’s financial behaviour can be challenging. Terra Insight takes this assessment to the next level by incorporating forensic science into our advanced screening process, alongside cutting-edge machine learning and data science. This unique combination allows us to establish applicant behaviours with a high degree of confidence, providing financial institutions with insights that are both repeatable and reliable.
Why Forensic Science Matters
While many in the industry rely solely on data extraction and basic analytics, Terra Insight goes further. Forensic science, traditionally used in fields like forensic accounting, is now applied in our financial screening process to uncover hidden patterns and anomalies that standard methods might miss.
By analysing the subtleties in transaction data, our forensic approach can detect inconsistencies, unusual behaviours, or signs of financial manipulation, providing a much clearer picture of an applicant’s true financial habits.
This, when combined with our data science model, helps us provide descriptive analysis and insights about the customer that have not been seen before in the industry.
The Terra Insight Advantage
Our forensic screening is not just an added feature—it’s a game changer. Financial institutions that partner with Terra Insight gain access to insights that are more than just surface-level. Here’s how our forensic approach sets us apart:
Comprehensive Behavioral Analysis
We combine forensic techniques with machine learning to create a detailed profile of an applicant’s financial behaviour. This includes identifying consistent patterns, spotting irregularities, and understanding the nuances of their income and spending habits.
Industry-Exclusive Methodology
Forensic science is a powerful tool that is not commonly used by other players in the industry. By integrating this approach into our technology, Terra Insight offers a level of analysis that is unmatched, providing financial institutions with a deeper understanding of their applicants.
Reliable and Repeatable Insights
Our forensic screening is backed by robust data science models that ensure the insights generated are not only accurate but also repeatable across different datasets. This reliability gives financial institutions the confidence they need to make informed lending decisions.
Enhanced Fraud Detection
Forensic science enhances our ability to detect fraud, especially in cases where applicants may attempt to manipulate their financial data. This added layer of scrutiny helps safeguard against risks that might otherwise go unnoticed.
By leveraging forensic screening, Terra Insight provides financial institutions with a distinct advantage—allowing them to assess loan applicants with a precision that goes beyond traditional methods. Whether you’re dealing with gig workers, freelancers, or those in the informal economy, our technology ensures that your decisions are backed by the most comprehensive and reliable insights available.
Dive in and discover how Terra Insight’s cutting-edge technology can empower you to stay ahead in the competitive world of finance.