Harnessing AI-Powered Digital Solutions for an Inclusive Credit Market

Did you know almost one in two Hong Kong people see credit and lending products as integral components to reaching their financial goals¹? Credit plays a significant role in our lives, allowing us to access money, goods and services when we need them. Yet, for many, access to credit remains elusive due to traditional lending barriers. We’ve witnessed firsthand the struggles faced — from denied loan applications due to poor credit histories to lengthy approval processes — coupled with the fact we’re now operating in an increasingly competitive market where consumer demands are evolving, and navigating financial regulations and consumer protection laws becomes a major priority for many. 

That’s why when Rabbit Credit, an AI-powered FinTech credit provider, approached us with a vision to create more customer-friendly experiences, enhance identity authentication and reduce fraud, we were eager to step up to the challenge.

Together, we set out to reimagine Rabbit Credit’s digital onboarding process through our straight-through processing (STP) and end-to-end digital onboarding solutions — which served as the foundation for reshaping the lending landscape. In a bid to optimise services while upholding data security, we worked with Rabbit Credit to create a user-friendly web and mobile web interface for its customers, thus compressing the onboarding process to five minutes² through TransUnion's AI-driven identity verification measures — while mitigating the risk of fraudulent applications and maintaining a secure lending environment.

We also leveraged TransUnion TruValidate™ — our regulatory-proven, electronic, know-your-customer (eKYC) solution — to enhance onboarding with faster and safer identity authentication. This eliminated the need for physical documentation and in-person visits, ushering in a new era of operational efficiency. Our solution encompassed a holistic approach to fraud prevention and risk management. By implementing features like device-based authentication and facial recognition with liveness detection, we reinforced security measures, safeguarding customer interactions across all touchpoints. Deploying advanced analytics and rules-based models throughout its workflow system allowed for automated decision processes. This optimisation improved efficiency and delivered relevant offers based on applicants' credit histories and needs.

We created a reality where technology works for you not against you, and the results spoke for themselves. With TruValidate web eKYC, Rabbit Credit achieved a passing rate of 88%³, surpassing initial benchmarks. But more than just numbers, our collaboration and shared commitment to data security helped ensure the protection of customer information. By considering borrowers' credit risks and repayment capacities, we also provided access to necessary credit for those who may be overlooked by traditional banks.

To learn more about the successful use case of TransUnion’s partnership with Rabbit Credit in developing personalised and enhanced services for its customers, download the case study here.