A recent seminar on next-generation innovations to increase financial inclusion for consumers, hosted by the Urban Institute, looked at strategies for broadening financial inclusion by incorporating transaction account data in credit assessments.
An expert panel consisting of Mike Pecen, Data Strategy, Experian; Lauren Saunders, Associate Director, National Consumer Law Center; David Shellenberger, Senior Director, Scoring and Advanced Analytics, FICO; and Nick Thomas, President and Co-founder, Finicity discussed the research on the opportunities and challenges of fintech innovation in this space.
In her opening remarks, Alanna McCargo, VP, Housing Finance Policy, Urban Institute said, “There’s been a nice body of research and testing taking place to look at how to bring more people into the mainstream as it related to financial products and how to increase financial inclusion. Today people are starting to think how technology and data can really expand that conversation.”
Watch this video to learn what the experts had to say on how lenders can use technology to increase financial inclusion and ensure customer delight: