Seven Bank to utilize 7iD purchase data for card loan credit screening

Seven Bank has implemented a time-limited initiative starting today, Wednesday, October 16, 2024, to utilize data from “7iD,” a common member ID provided by Seven & i Holdings, in credit screening for personal loan services offered by Seven Bank.

At the same time, Seven Bank announced that their personal loan service balance has exceeded 50 billion yen as of September 2024. Seven Bank will continue to expand their efforts to develop and provide unique financial products that only a bank with retail origins can offer.

Seven Bank’s personal loan service can be completed through the “My Seven Bank” smartphone app and other channels, with funds available as early as the next day. Additionally, customers can borrow and repay funds 24/7/365 without fees in principle through Seven Bank ATMs (over 27,000 locations nationwide) or the app, allowing usage at any time and place convenient for them. Thanks to this uniquely convenient service, the balance has steadily expanded since launch and now exceeds 50 billion yen.

In this initiative, in addition to conventional credit screening criteria, Seven Bank will implement additional screening utilizing purchase data linked to “7iD” (customer purchase information will only be used for screening customers who have given prior consent on the application screen).

This service combines retail purchase data from “7iD” with Seven Bank’s financial data, creating a new perspective on credit screening through AI analysis. This will help develop new loan-related products and resolve issues for customers who previously couldn’t qualify for loans, creating a retail × financial hybrid service.

This new form of credit screening was born from changing lifestyles in the new normal era, including work styles and values, and represents a new service that goes beyond traditional “financial” boundaries. Going forward, the entire Seven Bank Group will continue to enhance financial services to provide customers with “more convenient and beneficial” new experiences.

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