Shining A Spotlight on Financial Inclusion: Credit Kudos
How does your business help financial inclusion in fifty words?
Our company’s mission is to provide better credit for all. We use financial behaviour to measure creditworthiness in a fairer way, harnessing Open Banking. We enable previously ‘un-scoreable’ individuals access to affordable credit by providing richer data and insights to the lender, broker or F.I so they can make a more informed credit decision, both advancing financial inclusion and reducing the poverty premium paid by individuals underserved by traditional methods of assessing creditworthiness.
What’s the biggest opportunity for FinTechs trying to improve financial inclusion?
Consumer support and readiness for change and disruption, matched with the support of effective regulation provides the biggest opportunity for FinTech’s trying to improve financial inclusion. The support by regulation and increasing focus on financial inclusion has built a solid foundation for FinTech’s to disrupt the finance sector bringing down costs and barriers to customers across a number of services.
And the biggest challenge?
The biggest challenge for FinTech’s trying to improve financial inclusion is education. With financial inclusion and digital inclusion so closely aligned, digital literacy prevents many people from accessing financial products and services online. To succeed in improving financial inclusions FinTech’s will need to embrace the need for education and work with partners and individuals to help overcome the digital divide.