Home » Financial Inclusion

Financial Inclusion

BIIA APCCIS Workshop on Data Standards

October 29th 2015; Time: 09:30 am to 12:30 pm – Park Lane Hotel, Hong Kong – Limited Seating The purpose of the workshop is to determine whether standardization of data and formats would be of benefit to credit reporting institutions and data users.  Standardization is also seen as a facilitator for greater information sharing between private credit bureaus, public credit ... Read More »

Is There a New Breed of Forward Looking Credit Bureau Solutions on the Horizon?

When asked what made him an outstanding hockey player Wayne Gretzky replied,” I skate where the puck is going, not where it has been”. Unlike today’s credit characteristics which are based upon an historical perspective of a consumer’s behavior, this new breed of credit characteristics anticipate future consumer credit profiles allowing lenders to tailor credit offerings and risk management strategies ... Read More »

FINTECH at its Best: Goldman Sachs Enters the Fray

Goldman Sachs is entering online lending!  BIIA editorial comment. Six months ago Goldman Sachs was a lead underwriter on the initial public offering of Lending Club, the biggest and brashest of a new breed of online lenders.  There it got an inside view of how financial disrupters work.  Now this financial powerhouse is looking to disrupt the disrupters, launching its ... Read More »

New PERC and TCAI Study: Is CROA Choking Credit Report Literacy

A newly released study finds that implementation of the Credit Repair Organizations Act (CROA) discourages interested consumers from learning more about their credit reports and scores, creating conflicts with other federal laws and public policy objectives. The authors, from the Policy and Economic Research Council (PERC) and Take Charge America Institute (TCAI) at the University of Arizona, examined data from ... Read More »

Using Unreliable Data Won’t Help Credit Invisibles

American Banker recently published an Op-Ed from Jim Wehmann, head of FICO’s Scores business. In it, he delineates some of the risks associated with the approach being promoted by those claiming that tens of millions of previously “invisible” consumers can qualify for mortgages based on data that exists today in their credit bureau files. An important debate is occurring in the mortgage industry ... Read More »

FINTECH: Potential Solution to the SME Access to Finance Issue

News from the Fintech ‘front’ in Australia:  Fintech (financial technology) is a line of lending businesses using software for the purpose of disrupting incumbent players such as banks. Fintech companies work outside current banking regulations.  The attraction of fintechs is the expectation of a “quick yes” via a streamlined online approval process. Fintechs tap into a huge diverse of unstructured ... Read More »

FINTECH is Changing the Credit and Credit Information Landscape

FINTECH the disrupting force in lending and credit information   FINTECH, it stands for financial technology, is a new interesting concept –  its all about lending without having to use a credit bureau and being outside banking regulations.  A large amount of capital is already flowing into this sector.  It has yet to be seen whether the performance data of ... Read More »

PERC Study on Expanding Credit Access for ‘Credit Invisibles’

Fully Reported Utility and Telecommunications Payment Data Could Expand Credit Access for “Credit Invisibles,” PERC Study Finds Using fully reported utility and telecommunications payment data (timely and late payment information) in credit reports and credit scores could expand credit access for significant numbers of Americans with thin or no credit files while decreasing credit risk for lenders overall, according to ... Read More »

SME Access to Finance: New RBS Allegations Highlight a Brutal Climate for SME Borrowers

While the G20, in tandem with other government or non-government institutions, are trying to prop up the SME sector by providing better access to finance, it is disturbing to note that some financial institutions have been rather heavy handed in dealing with SMEs.  It is no surprise that the SME sector is increasingly dependent on alternative finance such as factoring, ... Read More »

Acxiom Selected by GlobeOne for Database Solution

GlobeOne ®, LLC, a financial technology company collaborating with a network of financial institutions around the world, has selected Acxiom® (Nasdaq: ACXM), an enterprise data, analytics and software-as-a-service company to develop a database and processing platform to collect, process, calculate and return data to partner banks in the GlobeOne network. GlobeOne, founded by a community of socially conscious entrepreneurs with experience in the ... Read More »

World Bank Group to Set Up Office in Greater Kuala Lumpur

The Government of Malaysia and the World Bank Group signed a Memorandum of Understanding on 11 April 2014, in Washington DC, to work towards opening a World Bank Group office in Kuala Lumpur. Second Minister of Finance, H.E. Dato’ Seri Ahmad Husni Mohamad Hanadzlah, signed on behalf of Malaysia, and Axel van Trotsenburg, Karin Finkelston and Ana-Mita Betancourt signed on ... Read More »

RBI to Issue Licenses of Small Banks and Payments Banks

The Reserve Bank of India has received 72 applications for small finance banks and 41 for payments banks The Reserve Bank of India (RBI) is processing about 100 applications for small finance banks and payments banks and might issue licenses in a few months. “We are processing them (applications) and hope to issue licenses to fit-and-proper applicants in a few ... Read More »

Experian Kicks off National Financial Literacy Month with a new APP

Experian kicks off National Financial Literacy Month with new app and a study that demonstrates that users of financial mobile apps have a deeper understanding of the factors that help or hurt their credit Experian® announced the release of its mobile app for iOS and Android devices. The app empowers Experian Credit TrackerSM members to interact with their credit, including their FICO® Scores based ... Read More »

Financial Literacy: Experian Lights the Way

Experian lights the way for Financial Literacy Month, providing resources to consumers to help guide their financial journey Experian®, the leading global information services company, today announced that it will continue to advocate for financial literacy and will join with the Jump$tart Coalition® in April to “Light the Way for Financial Literacy,” by developing new credit resources, providing education on identity protection ... Read More »

Experian Named ‘Organization of the Year’ for Financial Literacy

Company recognized by the Institute For Financial Literacy® for its significant contributions to financial education through its public education and grant programs Experian® was named the “Organization of the Year” and presented the Excellence in Financial Literacy Education (EIFLE) Award by the Institute for Financial Literacy during the Annual Conference on Financial Education in San Antonio.  The EIFLE Awards acknowledge ... Read More »

FICO Offers Consumers Access to 19 Versions of Most Used Scores by Lenders

FICO (NYSE:FICO) announced it is providing consumers with access to the 19 most commonly used versions of the FICO® Score from the three major credit bureaus at myFICO.com. Together, these 19 score versions represent approximately 95 percent of FICO® Scores sold and used by lenders. The offering from FICO enables consumers to quickly understand their overall credit health. Consumers can view their base FICO® Score 8 ... Read More »

Financial Inclusion: Benefits of Alternative Data

New PERC Paper finds Growing Research Consensus on Benefits of Alternative Data PERC released a new report recently that highlights the growing consensus on the credit market impacts of using alternative data. PERC’s report Research Consensus Confirms Benefits of Alternative Data synthesizes findings from a diverse group of studies conducted by the private sector and other research organizations. Among key ... Read More »