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The Fourth Industrial Revolution: How Big Data and Machine Learning Can Boost Inclusive Fintech
It's easier and cheaper to generate data than ever before, and the tools to turn data into insights are growing exponentially. So much so, according to Matt Grasser of BFA, that any organization dealing with data that does not apply machine learning will be left behind. He explores the experiences of Destacame.cl, a fintech startup, in using machine learning to help identify good and bad payers based on a score.
- Categories
- Finance, Technology
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FICO and EFL Partner to Extend Access to Credit for “Unscoreable” Consumers and Entrepreneurs in Multiple Markets
As part of its FICO Financial Inclusion Initiative, analytic software firm FICO today announced a strategic partnership with EFL Global to expand credit scoring options for lenders and consumers in markets outside the US. FICO will offer EFL's psychometric scoring alongside its own credit scoring products in global markets, with the initial focus on Turkey, Russia and Mexico.
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- Impact Assessment
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FICO and Lenddo Partner to Extend Credit Reach in India
FICO, the world leader in credit scoring, has today announced a new partnership with Lenddo, a specialist in credit and verification technologies. Together, the companies plan to develop a credit risk score for consumers in India who have a limited or no formal credit history.
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- Uncategorized
- Region
- South Asia
- Tags
- credit scoring
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How Your Social Media Reputation Could Secure You a Loan
Traditional banking in Africa has failed - 80% of the continent's 1.2 billion people do not have a bank account or access to formal financial services. So mobiles and web-based services are stepping in to fill the gap. But there is much more to Africa's financial services story than M-Pesa, the wildly successful mobile banking platform launched in Kenya and Tanzania in 2007.
- Categories
- Technology
- Region
- Sub-Saharan Africa
- Tags
- credit scoring
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Weekly Roundup: How Brexit Could Impact Emerging Markets + Other Non-Brexit News
We could not call this a Weekly Roundup without addressing Britain’s decision to leave the European Union (spoiler alert: like most economists, we're struggling to see any upside.) But for those readers who've had their fill of Brexit news, we have plenty more developments to share, including Capria Accelerator's new $100 million fund, Waste Ventures' tie up with Coke, and the dark side to alternative credit scoring.
- Categories
- Health Care, Investing, Social Enterprise
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Identity is Everything: Creating a Digital ID Future
In the developing world, over 2 billion people lack an official ID, preventing them from accessing services vital to robust economic and political lives, such as bank accounts. Digital identity offers an unprecedented opportunity to level the playing field for each unique person on this planet, helping them raise themselves, and their countries, out of poverty.
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- Technology
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NexThought Monday: Closing China’s Credit Gap
China's economy is on the path toward becoming more financially inclusive, but because the centralized Credit Reference Agency falls short, there's still a need for a scalable system for credit evaluation. Alibaba-affiliate Ant Financial is trying to provide an innovative solution.
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- Uncategorized
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Small Farmers Meet Big Data: How the data revolution could transform smallholder finance
The enormous gap between the supply and demand of formal credit for smallholder farmers has been well documented. Among the varied causes of this mismatch is the extreme lack of information on potential borrowers that’s available to lenders. Two recent data-focused innovations, however, could dramatically reduce these information challenges and the associated lending risks, which could help open up pools of capital for previously underserved populations.
- Categories
- Agriculture