World social networks, including Facebook, did not appreciate the intention of banks and other financial companies to seek potential customers based on the personal pages of users, the newspaper “Izvestia”.
Facebook has already started to impose restrictions on information about their participants to assess their well-being and payment behaviour.
So, the global social network blocked the account of a British insurance company Admiral, which used different data analysis methods and algorithms for creating risk profile of the individual by counting the number of likes, messages, and analysis of other personal content on the platform. Based on these data, the insurer was going to offer potential customers individual conditions.
In Facebook insist that financial institutions must use the accounts only for login and verification of users, otherwise people have to give their consent to data processing. A source in the financial market says that similar restrictions intend to develop other social networks, such as the Russian “My world” and “Vkontakte” (holding Mail.Ru Group).
Previously it was reported that the number of credit organizations began to actively use social networks to evaluate potential borrowers. Special services by order of the bankers rate geotags, marital status, higher education and even complete profiles relatives.
Thus, for example, a minus are considered to be frequent changes of work and place of residence.
Representatives of banks and financial institutions, for their part, called for them to enter restrictions unreasonable and criticized the social network in the desire to extract additional income. As explained by the publication partner of BMS Law Firm Denis Frolov, prohibit or regulate unauthorized access and informal use of personal data, including from social networks, it is impossible.
The expert also pointed to the fact that the information from the social network to the user is conditional, since it is in the public domain.
We will remind, according to experts, an initial assessment of the borrower that includes the request credit history in the credit Bureau (that’s not free for the Bank), its study, assessment and decision-making is the most expensive procedure of lending.
In the future the accumulation of databases of social networks and improvement of techniques for the analysis of user behavior in online information from social networks can be a key in assessing creditworthiness, as the content network gives a lot of information about the person, including suitable for the creation of a psychological portrait.
In some countries, customers are already accustomed to the fact that the banking of the questionnaire request ‘ profiles in social networks. Facebook last year patented a system by which banks will be able to learn more about customers “authorized channels.”
Until recently it was believed that the Russians are not ready for it yet and may even “take offense” at such a requirement.
However, this year, the National Bureau of credit histories (NBCH) in cooperation with the IT-company Double Data is already marked by the launch of the service Social Attributes, which analyzes the behavior of borrowers in social networks.
According to the creators of the service, such as subscription to groups about network marketing (for example, the sale of cosmetics), fast loans or depressants increases the risk of nonpayment of the loan in two to four times. On the other hand, “affirmative action” user, such as sharing photos on travel, reduce the risk to the lender.
In Double Data estimates that social networks use about 60% of borrowers throughout Russia. Young people (under 35 years) prefer the network “Vkontakte”, it is used to 70% of all borrowers. Middle-aged people (over 35) – “Classmates”. Users take Facebook credits rare: for example, in the group of borrowers 25 to 34 years, only one in ten uses this social network.
Later, the head of Sberbank German Gref saidthat his subordinates have already analyze the profiles of their potential borrowers before deciding on a loan.