It's all sorts of facets of establishing a life in a new country: it's renting a property, you need a credit history to be able to rent a property. If you haven't got a UK credit history, you have to pay six months rent upfront, or find a UK guarantor. So obviously, both of those are just unpleasant experiences.

And mobile phones, we did some research recently with over 1,000, new to country people. And over two thirds want a mobile phone immediately. But again, they need to do a credit check. So they won't be able to get a contract, they'll just get paid you go or ceremony or something like that. So they'll suffer on that.

Lenders want to wait until somebody has established their track record some place else, really proven themselves to be able to manage their debt, and then they want to jump on them and create a loyal relationship... well, that's a very expensive proposition, because it means you have to dislodge somebody from where they've been previously.

That's one of the things that we wanted to shine a light on is to understand, are these people really riskier? In other words, do you need to wait? Or do they reveal themselves pretty quickly.

And that's really what we found, is that based on the performance of consumers, when they open those subsequent products over the first two year journey, in many cases, they actually perform better controlling for credit score performed better than those that have established that track record.

And of course, very often a financial product, or some finances around this will be the consequences of what you're trying to buy or get in your life. And so that's really the approach that we've taken with our algorithm as well, that allows us to predict how much money a customer will earn over the next five years. And we've developed in essence, a platform on progress that allows users to set up financial goals and find personalised paths to either earn safe abode the way to the goals. And basically at ProGrad we use, as I mentioned, our proprietary models that matches users with solutions from different providers that could help them achieve their targets, including side hustles, flexible work saving accounts, credit card, car finance and many more products.

All of this with the idea that a customer never comes to progress looking for a specific product. Unlike other websites, where you come to your website, looking for specific credit card specific alone, we really think this approach will want to educate young people on different financial topics, and then really serve them with the right solution for their problems or for their goal. So customer can come to ProGrad, tell us 'ProGrad, I'm looking for £5,000 to buy a car'. Awesome, how can we help you get this? Yes, car financing is one option but can we maybe have a combination of you earning a bit of money through one of our partners, on top of you saving a bit of money and you borrowing a bit of money? All of this will allow you to find the most optimal way for you to have a solution to your needs.

There's a whole bunch of people out there where the traditional model doesn't work, there simply isn't enough information on these people to make a reasonable credit call...

This is a space where lots of people are working, but very few people can claim results. Because this is also the sort of space where lots of AI propellerheads think they can crack the problem. To some extent, that's true. This is also the classic case where progress is both hindered and aided with experience. It's actually good that some youngster on a beanbag, with long hair, thinks about this stuff completely unhindered by any previous industry knowledge, because that's anyone with too much experience probably thinks too much inside the box. At the same time, with something like credit, you do need to have some other people in there who can say, 'well, yeah, that's cool but you need to take these following five things in'.

That doesn't mean that the thinking needs to be restrained, but someone needs to make it practical in the end. To simply let the same space cadets go mad on this is likely to land you in a heap of problems, if you don't actually understand the lending industry.