The Fintech Times

JULY 24, 2024

Traditional banks struggle with high-risk borrowers, so microfinance companies step in, providing credit to individuals and small businesses. Because these fintechs tend not to be deposit-taking institutions, the systemic risk is seen as lower. There is also the use of ‘social capital’ – i.e,

Finance 59

Finance Micro-Entry Online and Mobile Banking Financial Inclusion 59

FICO

MAY 19, 2023

In total, Prosper extended more than USD $225M in credit access to these consumers. Prosper also proactively mitigates credit risk and meets the increasing credit demand for creditworthy customers based on their monthly updated FICO® Scores.

Financial Inclusion 52

Financial Inclusion Credit Limit Financial Literacy Credit Risk 52

PYMNTS

JULY 16, 2019

“We developed a unique underwriting platform based on alternative data points to evaluate credit risk. Lendbuzz is addressing a large and underserved market, has innovative technological underwriting capabilities and unique customer acquisition strategy that supports their high growth.”.

Finance 49

Finance FinTech Underwriting Credit Risk 49

FICO

MAY 7, 2018

Some of the top thought leaders in banking, finance, artificial intelligence, machine learning, and credit risk came together in San Francisco to discuss the key trends and innovations in our industry. A key driver of successful financial inclusion is the ability for lenders to effectively gauge the risk of an underserved consumer.

Financial Inclusion 77

Financial Inclusion Innovation Credit Risk Underserved 77

PYMNTS

SEPTEMBER 15, 2016

In an effort to bridge what is increasingly being known as the “inclusion gap” for minorities, Visa is finding promise in supporting products for financial inclusion in the credit union and community bank portfolio. To hurdle the financial gap that exists for these underserved populations in North America.

Financial Inclusion 76

Financial Inclusion Credit Union Underserved Non-Bank 76

PYMNTS

JANUARY 25, 2019

Equipment finance company CapX Partners has announced an integration of Moody’s Analytics technology to strengthen its underwriting and risk mitigation capabilities. The solution launched at a time when the firm’s analysis revealed only about half of loan officers were reporting a “modest” loosening of credit standards.

Underwriting 43

Underwriting Small Business Risk Mitigation Underserved 43

PYMNTS

NOVEMBER 2, 2018

In China , X Financial specializes in helping underserved prime borrowers and mass affluent investors by matching those borrowers with investors willing to loan them money. That means the big opportunity for X Financial comes from the 400 million or so Chinese consumers who have credit cards, but are hampered by limits that are too low.

P2P 53

P2P Credit Cards Underserved Credit Limit 53

PYMNTS

SEPTEMBER 20, 2018

The opportunity is also gigantic, Cheng told Webster, given that the country has some 800 million working adults, with less than half of them in possession of a credit card. X Financial specializes in helping underserved prime borrowers and mass affluent investors in China by matching those borrowers with investors willing to loan them money.

P2P 66

P2P Credit Cards Online and Mobile Banking Credit Limit 66

FICO

JULY 18, 2022

Machine Learning is simply another analytic technique; one that can help produce highly predictive credit scores which must also be explainable, with two important caveats: . The use of Machine Learning must be balanced with deep domain expertise in credit risk modeling. ML does not create new data.

AI 52

AI Financial Inclusion Fraud Detection CFPB 52

FICO

MAY 22, 2019

You may have heard that alternative data holds great potential for expanding access to credit to more consumers to help them achieve their financial goals. Indeed, more data can enable credit score providers like FICO to provide a more complete snapshot of consumers’ credit behavior and potential risk.

Demand Deposit Account (DDA) 68

Demand Deposit Account (DDA) Credit Risk On-Demand Deposit Account 68

FICO

JULY 15, 2022

While the introduction of credit scoring technology introduced by FICO in the late 50's changed lending forever; it’s worth exploring what it takes to make a social impact today. It means the inclusion of credit markets that are less developed, where a larger part of the population is underserved. No, it's not.

Financial Inclusion 52

Financial Inclusion Underserved Consumer Innovation 52

FICO

DECEMBER 1, 2022

Here's an example of why we need to focus more on practical uses of Generative AI: Open banking represents a huge revolution in credit evaluation, particularly for the underserved. Generative AI can be applied practically to produce realistic, relevant transaction data for developing real-time credit risk decisioning models.

AI 98

AI Governance Government Audit 98

PYMNTS

JANUARY 11, 2018

That category, according to Burnside, contains about 145 million consumers – who, he noted, have very particular points of need where underwriting and risk management capabilities are severely underdeveloped. Lending Hero’s focus: prime customers acquired through physical channels, such as doctor’s offices and dental practices, to name a few.

Consumer 43

Consumer Underwriting Risk Management Underserved 43

PYMNTS

SEPTEMBER 25, 2019

What those consumers — and the businesses that could potentially be serving them — need is a way to evaluate their actual risk level in the absence of the standard data that informs a traditional FICO score. That data, he notes, allows lenders to make better-informed risk management decisions that also happen to be more inclusive.

Underwriting 49

Underwriting Credit Cards Underserved Risk 49

PYMNTS

AUGUST 8, 2017

When news of the financial crisis broke in 2008 and big banks all over the world were eschewing consumer and small business credit markets, Batine and Dunaev saw an opportunity — one that was particularly pressing in developing nations, an area of the world that was below the big banks’ radars.

Small Business 42

Small Business Finance FinTech Underserved 42

CB Insights

OCTOBER 10, 2018

What these startups share is the goal of creating customer-centric banking products that target underserved individuals and businesses. This forces startups to enter into costly partnerships with incumbent financial institutions and creates dependency risk. DOWNLOAD THE 61-PAGE consumer banking REPORT. Underbanked/Unbanked.

Online and Mobile Banking 78

Online and Mobile Banking Debit Card Credit Cards Non-Bank 78

FICO

JUNE 5, 2023

But as more providers take steps towards extending mobile phone leasing to underserved markets, new demographics and segments with thin credit files, while offering the lasts handsets and access to high-speed services, they face a multitude of challenges. It ensures appropriate risk-priced offers go to market far faster.

Finance 52

Finance Credit Risk Risk Origination 52

CB Insights

FEBRUARY 13, 2020

Additionally, the company must underwrite risk, and is on the hook in the event of fraud or returned items. This risk is reflected in processing fees, which are higher for online transactions. These companies can leverage private data to price credit risk for customers already on their platform. Source: Finix.

Payment APIs and Integration 98

Payment APIs and Integration Online and Mobile Banking Payments Push-to-Card 98

Fintech News

JANUARY 18, 2024

Using remote sensing technologies on farmland, the bank assesses credit risk based on crop growth and various factors. This approach ensures that even farmers in remote areas can access credit. This not only boosted the accessibility of SME loans but also contributed to the bank’s growth.

APACS 115

APACS Finance Cross-Border Ubiquitous 115

The Fintech Times

FEBRUARY 19, 2024

Can any risks be mitigated pro-actively? A compliant bearer deposit token instrument would eliminate counterparty credit risk and could enable a decentralised digital identity-based pre-validation protocol to deliver low-cost automated global compliance, transparency, and privacy. BIS Aurum) and interoperability solutions (e.g,

Cross-Border Payments 69

Cross-Border Payments Cross-Border Stablecoins Multi-Currency 69

FICO

JANUARY 11, 2023

Here's an example of why we need to focus more on practical uses of Generative AI: Open banking represents a huge revolution in credit evaluation, particularly for the underserved. Generative AI can be applied practically to produce realistic, relevant transaction data for developing real-time credit risk decisioning models.

AI 52

AI Posting Audit Governance 52

FICO

MAY 23, 2022

Finding a way to score millions without credit history. Círculo de Crédito , the fastest-growing credit bureau in Mexico, has used unique credit risk scores from FICO to boost financial inclusion in Mexico and help an additional 20 million citizens access credit. by Nikhil Behl.

Financial Inclusion 52

Financial Inclusion Embedded Finance Risk Assessment Assessments 52