We hope you will enjoy reading this Issue. Stay tuned for our December Special issue of The Credit!

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1 TheCredit Editorial Dear Readers, We are pleased to present you the 5th issue of TheCredit SIMAH s newsletter TheCredit aims at promoting the development of a robust and healthy credit culture in line with the vision of SIMAH. We see ourselves as instrumental in the development of Saudi Arabia's credit ecosystem, composed of businesses, individuals and Governmental bodies. In This Issue we put Data under the spotlight, with two articles. The first one addresses key questions: what is the value of data for an organization? Why companies need to develop an advanced data culture? In order to achieve this goal, any organization must constantly tell stories about the value and outcomes that can be driven from the data. The second article focuses on Alternate Data in Credit Risk Management. Lenders, in many countries including Saudi Arabia, are faced with an increasing challenge: how to lend money to individuals that have little or no established credit history or data? The article discusses the different alternative sources of data that credit institutions have been evaluating recently as a compliment to, or even a replacement for, traditional credit payment information. Data is also the main actor in the From Our Bureau section, as the exponential growth of credit data in SIMAH reflects the dynamism of the Saudi credit market. We hope you will enjoy reading this Issue. Stay tuned for our December Special issue of The Credit! As always, we love to receive your suggestions or comments via newsletter@simah.com or on our social media channels! SIMAH 1 of 11

2 Driving a Data Culture Let s face it, for most people data is boring, deeply abstract and highly complex. In a business context it is often only the people within an organization working with data on a day to day basis that find data interesting. So considering these non-endearing qualities, how does today s management ensure their own organisation s senior executives to invest in something that is boring, deeply abstract and highly complex? The answer; focus on something that the executives care deeply about, and show how data can drive results for them in this domain. For an organization to invest in analyzing its data there first has to be a recognition of the value of that data. Recognising that value, greatly depends on the perspective that is applied. That perspective is formed through the lens - attached to the value to the data. For example a lens that highlights how data drives operational efficiency; a lens that achieves optimisation of a bank s liquidity position, or a lens that derives customer experiences and customer value. In an organization that wants to establish a clear data culture, these lenses through which recognition of the value of data is achieved, must be visible to the top management and executive decision makers in the organization. Every board member should be able to articulate their own story of how they see data driving value in the company. An illustration of this is shown by one bank in Europe that holds a Data Engines Day, during which board level executives are invited, to see firsthand, the value of the data that the organization has, what has been done with that data and the measurable successes that have been achieved. Secondly and complementing the recognition of the value of data, is the recognition of the roles that come with effectively utilizing the data in an organization. There are many roles that impact data, starting with what is known as the Curation of Data or management of data at source, a very critical and important role, that many organizations still struggle with. Recognition of roles requires a clear operating model, one that answers questions with regard to responsibilities and services that are available, including for example, clarity on where to go for analytical support, or who to go to request analysis on customer data or have questions answered on specific customer segments or product lines. SIMAH 2 of 11

3 Thirdly, for any organization to claim that they have an advanced data culture, there has to be a recognized data architecture, a set of design patterns that the organization is prepared to work towards and able to drive the organization towards. These design patterns start from a high level, going down to a reasonable level of detail and include decisions on the tools that are used for managing a data environment. For example, an organization shouldn t have multiple platforms to manage its data or multiple solutions to visualize it, it must decide on one. As challenging as it is to drive change management within an organization, to have employees follow the designed data architecture and get them to engage with the analytics team to get the desired results, there does come a tipping point. The tipping point, is the moment at which an organization realizes that it is easier to engage with the services that are available to it, than it is for every department to manage this independently, and an architecture that allows the organization to innovate, make data available and allow the data scientists to apply their knowledge will see the benefits become quickly recognizable. Finally, to achieve the cultural side of an advanced data culture, an organization must constantly tell stories about the value that can be driven from the data, it should never stop doing that or it risks data being forgotten. Stories told by the data people, to the non-data people, about non-data related stories, a conversation, not about data but about outcomes, about the things that data can and has helped to achieve. Zaid Kamhawi CEO (Qarar - SIMAH s Decision Analytics Company) SIMAH 3 of 11

4 Alternate Data in Credit Risk Management Access to credit is an essential component of any growing economy. Credit supports consumer spending in key market sector such as retail, automotive, property and travel. Traditional credit risk management practices support credit granting though a series of processes and techniques that analyse a prospective borrower s credit history and determine the likelihood of repayment. However, credit granters in many countries, including Saudi Arabia, are faced with an increasing challenge: how to lend money to individuals that have little or no established credit history or data. This article discusses three different alternative sources of data that credit institutions have been evaluating recently as a compliment to, or even a replacement for, traditional credit payment information. Non-credit payment data. Whilst banks have traditionally looked for information regarding previous or existing credit agreements such as personal loans or credit cards in order to determine an individual s credit worthiness, many are now looking to incorporate payment data from non-traditional sources. Examples of these include telecoms data, property rental data and utilities data. Understanding how an individual pays these types of accounts can provide a useful proxy where traditional credit data is missing or very sparse. This is often the case with young people entering the credit market for the first time. Credit bureaus have, for many years, added different sources of information to their databases from industries such as telecommunications and utilities, not only to support their members in these industries but also to enhance a consumers overall profile, in order to increase their access to other products and services, such as credit. Having access to this type of non-credit payment data has enabled the development of such tools as Thin File Bureau Scores, which rank order and segment for risk on consumers that have little or no credit history available Social Media data. There has been extensive research undertaken recently regarding the potential benefit of using a consumer s social media data to enhance credit risk evaluation processes. The theory behind using such data is that social media activity can often reveal a lot about an individual s character and thus their propensity or likelihood to repay a loan. As SIMAH 4 of 11

5 the veteran Wall Street banker John Pierpont J.P. Morgan once said character is more important in gauging one s creditworthiness than money or property. Research into this area identifies the way people use their social media accounts and the type and frequency of data that they upload. For example, posting less than three selfphotographs ( selfies ) a month may indicate good credit risk; posting more than 6 selfies a month may indicate poor credit risk. Understanding the number and profiles of an individual s contacts and friends may also be an indicator of potential risk. There is a lot of interest in this specific area right now as well as a lot of debate and controversy. A lot of the debate is centered around the issue of personal privacy, the right to use certain types of data for purposes beyond their original intention and, indeed, the actual ownership of the data. For example, who owns the data that you might post onto your own Facebook account? You or Facebook Inc.? However, whilst these debates continue, there are examples of where social media data is being used for credit management purposes in several different countries today, as the table below identifies: Source: MasterCard Advisors White Paper on Enabling Financial Inclusion through Alternate Data Psychometric data. Where traditional credit related data is missing, some lenders and solution providers have been developing specifically written personality surveys in order to try and match personality type with an indicator of likely good or bad credit risk. These surveys are developed by psychologists specialized in the field of human behavior and in some cases measure our response to certain questions using pictures and highly visual imagery. The questionnaires measure a range of different traits such as trustworthiness, financial acumen and logic. In some cases, the manner in which the individual completes the SIMAH 5 of 11

6 actual questionnaire and the time taken is also measured as well. Such methods are already being used in markets such as the UK, Russia, Turkey, Malaysia and South Africa. As the credit markets globally continue to grow and as people who live in emerging markets start applying for credit products to finance better lifestyles, transportation, education, etc, the need for banks and other lending institutions as well as credit bureaus and other solution providers to identify and utilize alternate sources of data will also grow. In 20 years time, or even 10, a standard credit report on an individual borrower may look and contain data very different from how it looks today! Ian Read Chief of Credit Excellence (SIMAH) SIMAH 6 of 11

7 SIMAH unveils a new, world-class Data Center The Saudi Credit Bureau (SIMAH) has inaugurated its new Data Center, which has been certified as Tier IV. This recognition was conferred to SIMAH by Hewlett-Packard Enterprise (HPE) at the launch ceremony that took place in SIMAH headquarter in Riyadh this month. The Tier IV classification is the highest standard that can be reached according to Uptime Institute, which is dedicated to the classification of Tier IV is the highest standard to be reached according to the tier classification set by the most qualified entities in data centers around the world. As a result, SIMAH has become the first financial sector Company in Saudi Arabia and in the Gulf region to be honored with this recognition. The Tier IV rating is given to Data Centers, which pass a multitude of strict tests and checks and guarantee business continuity even in difficult and exceptional operating circumstances: they are built to withstand electricity outages, natural calamities, fires, and have several physical security zones to defend data from human intrusions. The General Manager of HPE in Saudi Arabia, Dr. Khaled Al-Thaher, presented the awards to both SIMAH CEO -Mr Nabil Al-Mubarak - and Chief Information Officer, Mr Abdullah Aldobaikhi. Further, Mr Ayman Al-Gahni - General Manager of Data Link, a Company that specializes in IT services - was honored for the company s contribution in concluding the project according to the required quality and performance standards. Dr. Khaled expressed his appreciation to SIMAH for their confidence in HPE and extended his gratitude to everyone who took part in paving the road of success for this achievement. SIMAH CEO, Mr Nabil Al-Mubarak praised the efforts exerted by both HPE and Data Link companies and their contributions in founding a data center that reflects SIMAH mission to aim at the highest global standards so as to better serve the Saudi economy in its growth path. SIMAH CIO, Mr Abdullah Aldobaikhi, recognized that the close and fruitful co-operation between SIMAH, HPE and Data Link was a key factor that led to this achievement in a record time. SIMAH 7 of 11

8 SIMAH participates as a platinum sponsor in The 4th Saudi Trade Finance Summit The Saudi Credit Bureau (SIMAH) participated as a platinum sponsor in the Fourth Saudi Trade Finance Summit, held in Jeddah on November. This event is considered an essential platform that gathers CFO s, business owners, government entities and important financial institutions such as banks, insurance companies and economic think tanks to discuss the future developments of trade in Saudi Arabia. SIMAH stressed the importance of the role played by credit information in supporting and enhancing the trade sector, particularly in the light of great and rapid developments in the Saudi economy. Credit information is becoming a vital driver for the national economy and a significant factor in increasing the trust of lenders and investors alike, while providing them with the tools to assess and reduce risk volumes. SIMAH presented during the conference a paper entitled The need for reducing credit information asymmetry". The presentation, delivered by Mr Alaa AlMshhadi (Head of Business Development at SIMAH), addressed the basic components of trade credit risks and the importance of assessing risk using SIMAH consumer and commercial bureau. He pointed out that Small and medium enterprises (SMEs) are currently contributing only 20% of the Saudi gross domestic product in comparison with some of the advanced economies which reach a contribution of 70%. He indicated that one of the goals of the 2030 vision is increasing their contribution to 35%, and in order to achieve this access to finance and funds is fundamental. Thus, accurate risks assessment of SMEs has become a necessity for their consolidation and growth. If you would like to receive SIMAH s presentation at the Saudi Trade Finance Summit, pls send an to communication@simah.com. SIMAH 8 of 11

9 SIMAH hosts a Banking User Group Meeting to discuss key developments in the KSA Banking Sector Wednesday 23rd November, 2016: SIMAH, the Saudi Credit Bureau hosted a workshop on behalf of its members in the Banking and Financial Services Industry. This meeting is part of a regular user interaction series that is facilitated by the operations and business development executives at SIMAH. The event enables industry dialogue and development while offering a chance for members to express ideas as part of the process of continuous improvement. SIMAH Members took advantage of the opportunity to present recent key developments and real Case Studies from their respective areas. In addition, SIMAH provided highlights on the new key developments on the commercial credit reporting system. SIMAH s commercial bureau and business development teams were on hand to facilitate and answer questions and inquiries with regard to using the system, as well as how to ensure the maximum utilization of the various system features and capacities. One of the areas discussed was the new credit reporting available for the corporate banking sector, it is worth noting that the commercial credit reporting system is the first of its kind in the Middle East. The system was designed to provide SIMAH member s comprehensive reports containing credit information and financial viability of all companies and institutions operating in the Saudi market, allowing credit providers the ability to understand their customer s credit behavior; helping them to adequately measure credit risk and make timely and informed decisions. SIMAH 9 of 11

10 Credit Growth In order to increase investment and growth in the non-oil sector, a robust and effective credit market is essential, for both Individuals and Businesses. Without an effective and fully functional domestic credit market that can support growth in both consumer and commercial spending, future growth prospects in Saudi Arabia will be severely restricted. SIMAH s Credit Bureau shows significant levels of growth, both in terms of number of individuals and businesses that are registered in the database, but also in terms of new enquiry volumes, new credit products issued and amount of credit facilities that are being provided by both banks and non-banks alike, as shown in the graphs below: The rate of growth of the SIMAH Population (i.e. the number of individuals registered on the SIMAH consumer database) is four times higher than the growth of the Saudi population as a whole. The growth in number of credit products registered is also observed in both the consumer and commercial databases: SIMAH 10 of 11

11 The Saudi Credit Bureau (SIMAH) is the first and sole licensed national credit bureau offering consumer and commercial credit information services to respective members in the Kingdom of Saudi Arabia. Disclaimer: The views and opinions expressed in this Newsletter are those of the authors, and do not necessarily reflect the official policy or position of SIMAH. Editorial Management - Aljawharh Al-Hamed Designed and managed by SIMAH SIMAH 11 of 11

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