Credit Information Bureau (India), or Cibil, in a bid to widen its avenues of collecting details of customer behaviour, especially on payments, is working on the concept of securing data related to telecom and utility services payments, for the purpose of evaluating first-time borrowers.
Cibil, the country’s one of the largest credit information bureaus, is also planning to roll out a separate vertical for providing services exclusively to micro finance institutions (MFIs) by next quarter.
Speaking on the sidelines of the Sixth Annual Credit Information Conference, here on Wednesday, presented by Cibil and TransUnion, Satish Pillai, managing director and CEO of Cibil said his bureau has been closely working with RBI to get alternate data from a slew of channels, including telecom and utility service providers.
“The way forward could be getting credit behaviour of the customers from their payments to the telecom service providers, as a large number of population in the country has mobile phones, as well as payment to the utilities such as the electricity board,” he said.
A committee set up by Reserve Bank of India (RBI) to look into the alternate data available from the telecom companies and utilities had submitted its report and the same was under the consideration of the banking regulator now.
According to M V Nair, chairman, Cibil, the trends are in such that even the social media behaviour of the customer could be used to analyse the credit behaviour. There are also possibilities of analysing customer behavior patterns of new customers if they have presence in social media.
On the proposed MFI bureau, Nair said this would help the MFIs to offer credit faster and better based on the credit reports and scores of Cibil.
This would also increase Cibil’s database, adding more customers of MFIs to it. “All the formalities have been completed and it would be up and running by next quarter,” he said.