Traditional consumer credit scoring, which overlooks a large proportion of the population, may have been the norm for years, but Gerald Chappell, CEO and co-founder at U.K.-based open banking startup Abound, says that needs to change. “Traditional credit scoring is really good at separating your...
Artificial intelligence (AI) is helping increase access to financial services in Africa. In recent years, advances in machine learning, a type of AI, have had a profound effect on the delivery of financial services, helping to democratize access in Africa’s emerging economies. For example, it...
In an effort to keep credit flowing amid uncertain economic conditions, FICO has unveiled its FICO Resilience Index. The tool is meant to complement the FICO Score and allow lenders to take into account an individual’s resiliency as they arrive at credit decisions, according to an...
Amid the pandemic, banks have “frozen” at least $150 billion of loans – equating to about 5 percent of their consumer portfolios. The question becomes: What happens when the freeze thaws and lenders try to get paid? Unemployment, of course, has been skyrocketing, and tens of...
May 24, 2023
While generative artificial intelligence (AI) makes headlines, the technology has for years been driving efficiencies. Particularly within the payments space. Already, automated machine learning (ML) and predictive AI solutions are helping firms streamline formerly manual processes within areas like accounts payable (AP) and accounts receivable (AR), cash flow forecasting, credit scoring, fraud prevention and compliance. Areas like these will […]
March 22, 2023
Traditional consumer credit scoring, which overlooks a large proportion of the population, may have been the norm for years, but Gerald Chappell, CEO and co-founder at U.K.-based open banking startup...
May 26, 2020
Amid the pandemic, banks have “frozen” at least $150 billion of loans – equating to about 5 percent of their consumer portfolios. The question becomes: What happens when the freeze thaws...
April 27, 2020
As consumers shop amid ongoing public health restrictions, they almost invariably reach for their credit cards — whether the physical varieties in their wallets or the digital versions stored on...
June 29, 2020
In an effort to keep credit flowing amid uncertain economic conditions, FICO has unveiled its FICO Resilience Index. The tool is meant to complement the FICO Score and allow lenders to take into account an individual’s resiliency as they arrive at credit decisions, according to an announcement. FICO said lenders will many times contend with economic […]
February 12, 2020
Cross-border consumer credit startup Nova Credit has raised $50 million in Series B equity financing, according to a Wednesday (Feb. 12) release. The investment was led by Kleiner Perkins, along with...
September 19, 2019
Chinese tech titans Alibaba and Tencent are spurning the government’s private credit-scoring protocol by restricting access to customer data, The Financial Times reported on Thursday (Sept. 19). The private credit-scoring...
September 18, 2019
Indonesian peer-to-peer lending platform JULO is closing its Series A2 funding round with $15 million raised, after extending its initial $5 million Series A funding by an additional $10 million,...
