Financial inclusion is simply defined as "the availability and equality of opportunities to access financial services". Yet the challenges to enhancing financial inclusions are wide-ranging and require us to consider new innovations. We see this broad reach in the Sustainable Development Goals, where financial inclusion is reflected as a target in 8 of the 17 goals.
The question then arises on the type of innovations that can help us further expand access to identity and understand risk can lead to a reduction in borrowing costs, fair treatment of customers, enhancing operational efficiency and improving client selection. For this reason, The Microfinance Association UK has developed a credit scoring model with a team of data scientists. We have used our experience working with several microfinance institutions to develop the scoring model.
Finscore is an alternative credit scoring company that is powered by data and advanced analytics. Our credit scoring model would assist financial institutions to reduce defaults, increase approval rates and combat fraud.