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Report cover pageNew CFI/IIF report examines the role that alternative data plays in helping mainstream financial institutions reach underserved customers.

>> Posted by Tess Johnson, Research Associate, CFI

With the explosive growth of data and the breakneck pace of digitization, mainstream financial service providers (FSPs) are increasingly turning to new and alternative data sources and analytics tools to more efficiently reach emerging markets and help bring the world’s 1.7 billion underserved people into the formal financial system. This “new data,” largely separate from traditional credit bureau data, represents a tremendous opportunity for commercial banks to identity new customers, many of whom were previously “credit invisible,” and to better understand and serve the needs of their existing client base. However, the path to greater data utilization is not always clear, as FSPs must weigh the benefits of embracing a data-centric approach with significant operational challenges, including changing a risk-adverse banking culture, recruiting top technical talent, upgrading legacy IT infrastructure and navigating a complex regulatory environment. Building upon in-depth interviews with banks, fintechs and other actors, Accelerating Financial Inclusion with New Data—the newest joint report from the Center for Financial Inclusion at Accion (CFI) and the Institute of International Finance (IIF), supported by MetLife Foundation—examines the data landscape and evaluates the progress FSPs have made in innovating around data and areas where they have faced obstacles. Read the rest of this entry »

> Posted by Center Staff

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The volume of data in the digital universe doubles in size roughly every two years, estimates indicate. The phrase “data rich” has become common business parlance. In the financial inclusion sector, big data is revolutionizing credit underwriting, product development, client segmentation, financial capability-building, and more. But how is this revolution actually happening? For many banks, it’s through partnerships with fintechs. Ujjivan, one of the largest microfinance institutions in India, recently chartered as a small finance bank, had until recently a limited portfolio at the SME level, which was hindered by high operating costs. This changed thanks to a partnership with the Bangalore-based fintech Artoo.

This partnership is described in CFI’s new joint-report with the Institute of International Finance (IIF), How Financial Institutions and Fintechs Are Partnering for Inclusion: Lessons from the Frontlines. We discovered dozens of partnerships between mainstream financial institutions and fintechs in emerging markets, and we detailed the workings of 14 of them. The partnership between Ujjivan and Artoo is just one example among many of how financial institutions are increasingly turning to fintechs to improve how they effectively collect, use, and manage data.

Read the rest of this entry »

> Posted by Center Staff

It has been two weeks since Financial Inclusion Week 2016 came to a close and we are excited to share a new Financial Inclusion Week Recap webpage which captures events, blogs, and insights from this year’s global conversation.

By the numbers, Financial Inclusion Week 2016 was a success. We had over 40 partner organizations in 19 countries hold events focused on the theme of keeping clients first in a digital world. Over 1,200 participants were engaged in these events worldwide. Beyond the in-person and online events, there were vibrant conversations on social media. Twenty-three #FinclusionWeek blog posts were shared by a variety of leaders in the industry and hundreds of tweets were exchanged with the week’s hashtag. We were thrilled by the breadth of the participants this year. Regulators such as the Egyptian Financial Supervisory Authority, fintech startups such as Artoo, research organizations such as Innovations for Poverty Action, development agencies such as ADA – Appui au Developpement Autonome, MFIs such as BRAC, and many more got involved.

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Credit Suisse is a founding sponsor of the Center for Financial Inclusion. The Credit Suisse Group Foundation looks to its philanthropic partners to foster research, innovation and constructive dialogue in order to spread best practices and develop new solutions for financial inclusion.

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The views and opinions expressed on this blog, except where otherwise noted, are those of the authors and guest bloggers and do not necessarily reflect the views of the Center for Financial Inclusion or its affiliates.