For example, one of 100Credit's customer companies works on small loans through mobile clients, mainly for borrowers in small cities.
With regards to the same borrower, data including mobile phone and online shopping records have more variety than data with only mobile phone records.
Andrew Ng, Baidu's chief scientist, credits Zest's technology with helping his company accelerate its entry into consumer financial services by improving the "predictiveness" of their credit models using data from borrowers' online search behavior, mobile wallets, and other sources.
Chipper — A mobile app that helps student loan borrowers pay off debt faster through round ups from everyday transactions and contributions from family and friends.
In addition, we're now seeing secure cloud-based "loan centers" that are accessible to borrowers 24/7 from computers and mobile devices to check loan status, upload required documentation, sign documents electronically and maintain a digital system of record.
Take Quicken Loans Rocket Mortgagee mobile service that enables a would-be borrower to apply for a mortgage in minutes.
Its mobile mortgage app for the iPhone, which lets borrowers check rates and loan quotes, has been downloaded more than two million times since June.
Public libraries in New York, Chicago and elsewhere offer devices that can connect borrowers' phones, tablets and laptops to mobile Wi-Fi hot spots.
Borrowers are becoming more reliant on mobile devices and round-the-clock ability to submit requests for small business loans, according to a 12-month analysis of transactions on Biz2Credit between October 2015 and September 2016.
Money can also be collected at branches of Safaricom, one of Kenya's largest mobile phone operators, and then deducted from the borrower's pay packet at the end of the month.
