Mainstream banks not liking Facebook
New Zealand’s mainstream banks say they won’t be following the example of a payday lender who is using social media to determine loan applicants’ suitability.
Monday, January 27th 2014, 6:00AM
by Susan Edmunds
247moneybox.co.nz is asking for applicants’ Twitter and Facebook usernames as part of the application process.
Its chief operating officer, Mark Hannay, said it would allow the company to make more accurate and reliable credit decisions.
So far, no one has been turned down on the basis of something found on social media. But he would not rule it out if there were posts about having been made redundant, or a gambling issue.
“We like to see a well-rounded historic Facebook or Twitter profile as part of a potential customer’s digital footprint. This not only helps from a fraud point of view, suggesting the person is real, but also provides us with a rich seam of data to dig further and make a better lending decision.”
He said a credit report did not tell the whole story. “The more a customer shares with us, the better picture we can get of them and make a better lending decision for the benefit of both parties.”
BNZ said it wasn’t something the bank was doing. An ASB spokeswoman said: “We don’t use any social media sites when assessing a customer’s suitability for a home loan.”
The NZBA said it was not part of New Zealand banks' processes.
| « OCR move next week unlikely: Survey | High-LVR share drops further » |
Special Offers
Comments from our readers
No comments yet
Sign In to add your comment
|
|
Printable version |
|
Email to a friend |
