WeвЂ™re working closely with all the supermarkets to see whenever we can start pulling peopleвЂ™s buying and information that is SKU to try to see if these extra electronic information footprints on individuals can be utilized in underwriting. And thus weвЂ™re pulling a great deal of data because while you stated, nearly all of our clients, 50 % of our clients donвЂ™t also have credit rating or have slim file and they also donвЂ™t show the way up an old-fashioned applicant would. Therefore we need certainly to look into other sources to try to underwrite them. Our technology is used on that, to automate that.
Peter: Okay, so that itвЂ™s interesting if you ask me because we imagine even yet in a cash-based systemвЂ¦iвЂ™m thinking about the supermarkets. Oftentimes, you receive like a price reduction card that provides you unique product sales. You can easily spend in money in addition they can certainly still get the purchase history because then they know who you are and what your purchase is so I can see there would be a treasure trove of data potentially in a lot of these partnerships that I think if youвЂ™re going direct to the public, you simply canвЂ™t duplicate that if you swipe that card.
James: ThatвЂ™s right and we also installment loans West Virginia bring plenty of value to our partners also because for instance when you look at the market that is underbanked a higher portion of acquisitions in the point of purchase which are carried out in money.
James: everything we found is when you have got a solid financial services providing like a loan that is great we simply simply simply take you through plenty of concerns therefore we understand in your geographical area, we must do lots of strive to underwrite you. What weвЂ™re taking care of whilst the phase that is next our supermarket lovers is supplying the clients with an electronic coupon where chances are they just just just take that coupon back into the idea of purchase when you look at the supermarket in addition they may then redeemвЂ¦they may either say I have the $1,200 money through the loan after which they have the money handed for them from that voucher, that electronic barcode during the point of purchase or they are able to say, you understand, I would like to get invest a few of this cash when you look at the shop after which the remainder they have since like money back.
Therefore what thatвЂ™s enablingвЂ¦that actually helps the supermarket a whole lot too them to ID that customer at the point of sale and try and understand better their preferences and track them so the data works both ways because it enables. That which we didnвЂ™t initially know when we began is the fact that we are able to really be an enabler for information analytics for the partners too which was pretty cool.
Peter: And plus if theyвЂ™ve got $1,000 more in their pocket, theyвЂ™re probably going to invest a small little more at the supermarket than they might have otherwise. ItвЂ™s certainly a win-win so I can see.
Peter: Anyway, I would like to talk aboutвЂ¦before we get much further, i really do would you like to speak about your present CDFI official certification. Therefore perhaps you explain for those who donвЂ™t know what a CDFI is and what it means to get a certification before you talk about that process, can?
James: positively, and so the CDFI is made within the Clinton management beneath the Riegle Act and basically the thinking in the past wasвЂ¦you know, certainly one of our board people, Gene Sperling, who was the NEC Director under Clinton after Bob Rubin as well as under President Obama, he had been pretty instrumental when you look at the development with this therefore IвЂ™ve even quizzed him with this question also concerning the history, but essentially in those days, you understand, there is a feeling thatвЂ¦you recognize, i do believe much like today that many banks donвЂ™t actually serve all communities and serve that is donвЂ™t well and thereвЂ™s plenty of communities being put aside.