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QuickCheck's Transformation of Unbanked Financial Services Using ClickHouse
Technology Category
- Analytics & Modeling - Machine Learning
- Infrastructure as a Service (IaaS) - Cloud Databases
Applicable Industries
- Buildings
- Finance & Insurance
Use Cases
- Fraud Detection
Services
- Data Science Services
The Challenge
QuickCheck, a Fintech startup based in Lagos, Nigeria, is on a mission to provide financial services to over 60 million Nigerian adults who are excluded from banking services and 100 million who do not have access to credit. The QuickCheck mobile app, which has been downloaded by more than 2 million people and has processed over 4.5 million micro-credit applications, leverages artificial intelligence to offer app-based neo-banking products. However, the company faced challenges in analyzing the vast amount of financial data, fraud analysis, and monitoring data. They needed a solution that could handle hundreds of thousands of rows of data loaded daily for portfolio risk analysis and financial metrics building.
About The Customer
QuickCheck is a fast-growing Fintech startup based in Lagos, Nigeria, with a team of over 150 people located between Nigeria and Portugal. The company's mission is to provide financial services to underserved consumers, particularly the over 60 million Nigerian adults who are excluded from banking services and 100 million who lack access to credit. QuickCheck leverages artificial intelligence to offer app-based neo-banking products. Their mobile app has been downloaded by more than 2 million people and has processed over 4.5 million micro-credit applications.
The Solution
QuickCheck adopted ClickHouse, a column-oriented database, two years ago to address their data analysis needs. ClickHouse is used for multiple purposes including financial data analysis, fraud analysis, and monitoring data. The application analyzes the entire history of a customer’s loans data, using daily snapshots. Hundreds of thousands of rows of data are loaded into ClickHouse daily. On top of this data, portfolio risk analysis is performed and the financial metrics needed for portfolio analysis are built. ClickHouse is also used for operational dashboards, aggregating data from different services. The fraud team uses ClickHouse to collect data for their scoring models, processing tens of thousands of data points from customers’ phones and other traditional sources.
Operational Impact
Quantitative Benefit
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