Access to credit has the transformative ability to reduce social inequality by driving economic growth. However, a critical prerequisite to this access is establishing a credit score. The unbanked and underbanked populations have conventionally faced difficulty accessing formal credit due to a lack of documented credit history.
Today, India ranks second, next only to China, in terms of housing the largest unbanked population on earth. Currently, there are 190 million Indians who are denied access to credit because of their unbanked status. However, we live in the information era. Technology has demonstrated its ability to redefine the financial tool of trust - a credit score - by accessing data through an interconnected web of sources. Social behavior, network value, and digital footprints can be harnessed to determine the creditworthiness of an individual or organization. These unconventional and unprecedented credit scoring methods are making access to credit more equitable and improving lives everywhere.
In this keynote, we will explore the possibilities of alternative credit scoring methods to extend the benefits of finance to everyone and, in the process, redefine how trust is built, measured, and sustained today.
