Responsible Finance Forum

ACCELERATING FINANCIAL INCLUSION WITH NEW DATA

Dennis Ferenzy, Ethan Loufield and Tess Johnson
24 May 2018
Source:  Institute of International Finance
 
 Center for Financial Inclusion - Accion

This report—produced in partnership with the Center for Financial Inclusion at Accion and based on in-depth interviews with banks, fintechs, and other actors—examines how new types of data and new data tools present an unprecedented opportunity for financial service providers to better understand and serve clients, especially credit-seeking “thin-file” clients who are otherwise excluded from the formal financial sector. There are many internal and external challenges that providers must address for the promise of new data to be fully realized. From getting the right culture and technical talent in place to engaging with regulators and partners on data sharing and management, there are numerous obstacles to negotiate in capitalizing on the explosion of new data to reach underserved and unserved markets with new commercially viable solutions.