The 'Ellipses' Online Banking Service Scores Users on Spending
Michael Hemsworth — March 9, 2017 — Lifestyle
References: ellipsesbank & betalist
Those who have bad credit or no credit who are trying to get approved for some kind of loan will be interested in the 'Ellipses' online banking service as a means of doing so without the need for a credit score.
'Ellipses' works with its own custom scoring system that works over time to score users on their habits based on how well they stick to their outlined budget. This makes it possible for 'Ellipses' to approve users for loans without them having to rely on a credit score which can sometimes reflect largely on small mistakes or past issues that have been rectified.
The 'Ellipses' online banking service acts as a great way for those with bad or no credit to get approved with loans. The service also features no fees to further enhance the experience for consumers.
'Ellipses' works with its own custom scoring system that works over time to score users on their habits based on how well they stick to their outlined budget. This makes it possible for 'Ellipses' to approve users for loans without them having to rely on a credit score which can sometimes reflect largely on small mistakes or past issues that have been rectified.
The 'Ellipses' online banking service acts as a great way for those with bad or no credit to get approved with loans. The service also features no fees to further enhance the experience for consumers.
Trend Themes
1. Alternative Credit Scoring - The 'Ellipses' online banking service demonstrates the trend of alternative credit scoring, which relies on users' spending habits rather than traditional credit scores.
2. Inclusive Financial Services - The 'Ellipses' online banking service addresses the need for inclusive financial services by providing options for those with bad credit or no credit history.
3. Fee-free Banking - The 'Ellipses' online banking service taps into the trend of fee-free banking, offering a consumer-friendly experience without charging additional fees.
Industry Implications
1. Fintech - The FinTech industry can explore disruptive innovation opportunities by developing alternative credit scoring systems, such as the one used by 'Ellipses'.
2. Consumer Lending - In the consumer lending industry, there is potential for disruptive innovation in creating loan approval processes that assess borrowers based on spending habits rather than traditional credit scores.
3. Online Banking - The online banking industry can take inspiration from 'Ellipses' and consider implementing fee-free services to enhance the consumer experience and attract customers with bad or no credit.
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