Federica Gregorini, general manager of Belvo in Mexico, tells Expansion That 10 years ago, when this analysis of information did not exist, banks could only know if a client had a good rating or not in the bureau when there is a lot of information that is outside that rating.
“With alternative data we saw that it is very fast. If you have a salary adjustment, the information is updated immediately, while in the credit bureau it takes up to three months for your rating to be reflected,” he says.
Based on this information, Belvo can also perform a predictive analysis of a person’s chances of finding a job in the next 3, 6 or 12 months.
Over the past year and a half, the firm has analyzed more than 40 million CURPs, information that has been used by both banks and Sofipos.
“All of this feeds the algorithm to identify how many times you change jobs and we have seen that, on average, people change jobs 2.5 times a year, if you have increased your salary in 10 years,” he adds.
By using this information, banks and Sofipos add up to 50% more clients. Some of the financial institutions most recognized by users who use Open Finance are Mercado Pago, Macropay, Now (Invex’s digital bank) and Citibanamex.
Benefits for SMEs
One of the biggest problems facing SMEs in Mexico is that they have little access to sources of financing that would allow them to remain in the market.
The information that Open Finance provides about these companies is related to the SAT. “Mercado Pago uses internal data and the information that SMEs have in the SAT. And they tell SMEs: If you connect your RFC, you have a 20% chance that we will give you a loan,” he explained.
The information analyzed by the SAT with Open Finance is the annual declarations, invoices to other suppliers and annual balance statements.
