Refresh

We are thrilled to introduce an innovative enhancement to our Credit Insights & Transactions Data product - the Refresh!

In the world of transactions, having the latest data at your fingertips is crucial. Our new Refresh feature empowers you to provide real-time updates, ensuring timely interactions and insights for your users.

For users of Transaction Data, you can now benefit from real-time transactions whenever you need them.

Even if you're doing the bank aggregation on your own, you can still make the most of our refresh feature. Just send us your updated data and we'll keep an eye on your customers over time for you.

Addressing a Critical Challenge

As our internal studies reveal, approximately 20% of defaults occur within the first six months of a loan's lifespan. This underscores the urgency of having accurate and up-to-date information when assessing risk and making financial decisions.

Multitude of Use Cases

The Refresh feature works for different range of use cases :

• Debt Recovery: The recovery team can utilize Refresh to swiftly identify at-risk credits and proactively engage with customers to mitigate potential revenue loss.
• Sales and Upsell Opportunities: The sales and business teams can capitalize on the latest insights from Refresh to offer new credit options or enhance existing credit lines for customers, optimizing revenue potential.
• Risk Management Team: For risk teams, Refresh provides the capability to fine-tune provisions by evaluating the credit offerings extended to various customers. Refresh enables ongoing adjustments to these tranches for precise risk assessment.
• Revolving Credit Recalculation: Annual recalculations of revolving credit can now be executed with ease using Refresh. Each month's data can be seamlessly integrated, resulting in an accurate and comprehensive portrayal of the total credit amount over time.

How to launch it ?

For Transaction data users, you can launch a new analysis by simply creating an analysis with the following request body :

{

  "accounts": []

}

We'll treat this as a refresh request, pull in the latest data, and then kick off a new analysis.

For those of you who use API, you can simply proceed with creating an analysis as you normally would, and send over the new account data. We'll take care of merging the existing data with the new one, and initiate a new analysis using both sets of information.

How to use it ?

You can use the advantages of refresh in mainly two ways. You can simply use the new generated analysis and build your own indicators or taking advantage of our ready-to-use report.

Introducing the Detailed Comparison Report

The new /reports endpoint introduces a comprehensive comparison report with the analyses conducted at different time points. This report captures information from three analyses:

• Latest Analysis: The most recent analysis performed before generating the report.
• Previous Analysis: The analysis immediately preceding the latest analysis.
• First Analysis: The initial analysis conducted during credit underwriting.

Here's a glimpse of the report's data model:

{

  "monthlyDiscretionaryIncome": {

    "latestAnalysisValue": 1457.50,

    "previousAnalysisValue": 1534.22,

    "firstAnalysisValue": 2000.00,

    "ratioToPreviousAnalysis": 0.95, latest/previous

    "ratioToFirstAnalysis": 0.72, latest/first

    "evolutionToPreviousAnalysis": (latest-previous)/previous

  "evolutionToFirstAnalysis": (latest-first)/first

  },

  "debtToIncome": {

    "latestAnalysisValue": 0.2,

    "previousAnalysisValue": 0.3,

    "firstAnalysisValue": 0.1,

    "ratioToPreviousAnalysis": 0.95,

  "ratioToFirstAnalysis": 0.72,

    "evolutionToPreviousAnalysis": 

    "evolutionToFirstAnalysis": 

  }"creditScore": {

    "latestAnalysisValue": 700,

    "previousAnalysisValue": 900,

    "firstAnalysisValue": 500,

    "ratioToPreviousAnalysis": 0.95,

    "ratioToFirstAnalysis": 0.72,

    "evolutionToPreviousAnalysis": 

    "evolutionToFirstAnalysis": 

  },

  "balance": {

    "latestAnalysisValue": 1457.50,

    "previousAnalysisValue": 1534.22,

    "firstAnalysisValue": 2000.00,

    "ratioToPreviousAnalysis": 0.95,

    "ratioToFirstAnalysis": 0.72,

    "evolutionToPreviousAnalysis": (latest-previous)/previous

    "evolutionToFirstAnalysis": (latest-first)/first

  }

}

Seamless Workflow

Getting started with Refresh is straightforward:

1. Clients initiate an analysis with the launchReport property equals to true.
2. Algoan triggers the analysis_completed event once the analysis is ready.
3. Following the analysis completion, the report_completed event is fired, signaling the availability of the scheduled report.
4. Clients retrieve the comprehensive report for informed decision-making.

Begin Your Refresh Journey

The “report” endpoint is accessible across the Sandbox and Production environments. If you possess API keys, you can begin exploring this feature in our Sandbox environment without any cost. For access to our Development or Production environments, enabling testing with actual accounts, reach out to us at support@algoan.com.