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How to use big data to make sure that financial inclusion is inclusive

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Right now, we use our scores to approve our customers for small loans, which we service, between $50 and $500. We know our score works: we have achieved a 95 percent repayment rate, a rate that many big banks would envy. However, in order for us to accomplish what we’ve set out to do –radically expand access to financial services – we must make sure that we’re serving a heterogeneous population. We must ensure that we provide loans to all types of people, based on their unique creditworthiness, rather than on just a few metrics that might exclude millions.

For more on this story visit the following link: How to use big data to make sure that financial inclusion is inclusive

Source: Engineering for Change

 

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