We’re approving the request for credit of many students that with traditional scoring systems we would have denied access to credit. And the credit that we’re giving to these students through EFL scoring is behaving admirably. They are paying. College students- they don’t want to go to the branch office and don’t want to do their paperwork at the branch office, they want to do it all through their smartphone and so we’re having to learn to put all of our protocols, credit admissions as being one, but not only credit admissions – the end-to-end service that we give to our customers – how to make it digital and make it seamless.
And that’s basically for us the challenge and that’s where there is a lot of value added in the in the process and in the partnership that we’ve established with EFL. We tell young students that they have to be responsible, that they have to incorporate themselves into the banking system. And part of incorporating themselves into the banking system is that they have to start developing their credit histories but when they tend to apply for their first credit we tell them Oops! Sorry, I can’t give you your first credit because you don’t have a prior credit history.
So for us the issue was how do you develop a system of admissions of credit admissions that does not require a prior credit history and that would allow us to be the first to give the students access to their first credit so that they can start learning how to manage credit responsibly.
And EFL, the partnership that we’ve established with EFL, is helping us to do that. Banks who are not willing and able to partner up with fintech companies and with other companies doing innovative digital and big data work will be out business, will not survive..