/ Credit for Platform-Based Gig Workers / Develop
Product Development
In collaboration with a lending partner, we co-designed a credit assessment model tailored for gig workers, leveraging alternative data from leading gig platforms. This novel underwriting approach evaluates borrowers across four key dimensions:
Product Framework
- Longevity– Measures a worker’s tenure and income stability over time.
- Engagement– Assesses the worker’s activity levels and platform interactions.
- Consistency– Evaluates reliability and steady performance across platforms.
- Negatives– Flags potential risk indicators to mitigate concerns.
This model integrates data from multiple gig platforms, ensuring a holistic view of a worker’s financial behaviour while aligning with the solution principles devised by RBIH.
To align with the irregular income patterns of gig workers, the product incorporated a flexible repayment feature, allowing borrowers to select a convenient repayment schedule, including weekly repayment options. This ensured greater financial control, reducing the risk of defaults while empowering workers to manage their cash flows more effectively.