Today, up to one-third of all adults globally lack any type of bank account, making it difficult to evaluate creditworthiness using traditional methods. This large population of unbanked individuals represents significant growth for innovative organizations.
A major issue hindering access to credit lies in the limited types of traditional data typically used in credit scoring and risk profiles. To make financial services available to the unbanked and underbanked population, alternative data provides new insights to support credit decisions while also detecting fraud.
How can fintechs and financial services providers begin this journey to remove barriers to financial inclusion and expand their potential audiences? By pioneering accessible data and open APIs to provide credit decisions and prevent identity fraud in fast, instantaneous actions, banks can begin to lift the unbanked out of financial exclusion.
Sign up for this Finextra webinar, hosted in association with Provenir, to join our panel of industry experts as they discuss the following areas:
- How does the current approach to determining risk profiles impact the unbanked population?
- What steps can financial institutions and fintechs take to be more financially inclusive and expand their addressable market?
- What is the role of data in expanding financial inclusivity.
- How can other forms of financial technology be used to open opportunities for consumers with growing portfolios?