Tieto has teamed up with Bislab to launch a new credit assessment model for the Norwegian market, aiming to give banks a sharper basis for lending decisions and shake up a sector that has seen little innovation in two decades.
The partnership introduces new scorecards covering both the personal and corporate markets, giving banks and other financial institutions the tools to cut risk by making better informed calls on who should be extended credit.
Norway’s consumer debt rose by NOK 13.5bn in 2024, according to the Debt Register, underlining the scale of the challenge Tieto and Bislab are looking to address. Credit assessment determines who qualifies for consumer loans and other credit, and the launch of a national debt register has already given lenders more data to work with than ever before.
Tieto sales director Ole Jonassen said robust credit assessment models are essential for society, ensuring people are not saddled with debt they cannot manage while those able to repay retain access to credit, adding that better borrower assessment tools are needed to curb the rising trend in total consumer debt.
Credit models are typically benchmarked against the ROC (Receiver Operating Characteristic) standard, which measures how well a model distinguishes borrowers likely to repay from those at risk of default. Bislab COO Ole Kristian Haug said the new platform scores above 90 on the ROC scale, well ahead of the 80 mark generally considered high quality in the market, making it, in the company’s view, Norway’s most accurate credit assessment model.
Bislab COO Ole Kristian Haug said, “Norway is at the forefront of digital development and data utilization. With a tailored model, we can leverage available data in much smarter ways. This is Tieto’s strength, and it has enabled us to build such an accurate model together.”
Tieto sales director Ole Jonassen said, “We are excited to provide both our and Bislab’s customers access to the new model, and we are also open to new clients seeking more accurate credit assessments to reduce risk and approve more loans. In addition to the traditional banking and finance sector, municipalities in Norway that offer loan products to their residents will also be able to make more precise decisions.”
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