Rating Agency & RCY coin: Find banking services that match your financial situation faster and anonymouslyRating Agency is a blockchain-based platform that will help you find the most suitable banking services and products that match your current financial situation.
Using proprietary, innovative big data analytics and matching models, RA analyzes your historical and current financials, and even your behavior on social media to determine what financial services or products suit you best.
RA will save you lots of time and effort on doing this search yourself. On the other side of the deal, financial institutions will benefit, too: They will get customers whose credit score is transparent and untampered with thanks to the blockchain.
The product’s team is comprised of developers with strong banking and economics background — they know the ins and outs of the banking industry.
So how does the platform work?Users will be able to do everything conveniently in the palms of their hands — by downloading a mobile application.
Upon registration the app asks for permission to collect and process the user’s personal data. The data collected may be: credit history, current financial standing, and data from the social media like posts, pictures, likes etc. This will help determine if the user is reliable and creditworthy and assign a rating.
Alongside showing the user’s credit rating, the app shows a list of offers from various financial institutions, such as banks and credit unions, that the user qualifies for.
For example, one user may be presented with the following options: a Barclays credit card with 0% interest on purchases for the first six months, a GDP 20,000 loan for 3 years with 6% annual interest from HSBC, and a few other options. Everything is in a convenient, readable form — on their mobile phone’s screen. All the user is left to do is to pick the most attractive offer.
Say, the user chooses a Barclays credit card. The user is then asked to fill out an application, attach required documentation for identity verification and to confirm his or her good standing. The application is then sent off to the institution — Barclays PLC in our case.
Behind-the-scenes magicLet’s now look what’s going on behind-the-scenes once the user agrees with data collection and processing.
With the user’s consent RA starts collecting information from open sources like credit rating agencies and social networks, primarily Facebook. Based on this big data and using smart data science algorithms, RA generates probability reports. These reports show how likely is the user to carry out their loan obligations or the probability of a default. The company assesses the risks and assigns the user a rating.
RA then checks this rating against banking institutions’ eligibility requirements for services and products and presents the user with services and offers that the user qualifies for.
Your data is only yoursRA cares about your privacy. All user ratings are recorded on the blockchain, so anyone can verify them. For this, one needs only with the transaction number. For privacy purposes, the system runs an identity check: If the inquiring person is not the performer of the transaction, the data will be anonymous.
Because ratings are securely stored on the blockchain, no one can tamper with them or modify data.
Rating Agency TokenThe developer team is launching their ERC-20 token called Rating Agency coin (RCY). The coin is traded at
freetrade.finance and
yobit.io.
