A leading global information services company, Experian, has announced a partnership with leading international banking group Standard Chartered to drive financial Inclusion with machine Learning, powering the next generation of decisioning. The aim is to drive financial access across key markets in Asia, Africa and the Middle East by leveraging the latest technology innovation in credit decisioning.
During this time of global crisis, many underbanked communities are facing difficulties securing access to loans without enough credit bureau data for financial institutions to determine their credit worthiness.
Empowering underbanked communities to access credit
The collaboration between Experian and Standard Chartered will enable deployment of advanced analytics to help organisations make the most of their data and will provide the Bank with the ability to ingest and analyse a high volume of non-Bank or, with client consent, alternative data. This will eventually enable faster, more effective and accurate credit decisioning, resulting in better risk management for the Bank and better outcomes from clients.