Lending has revolved around FICO scores for over 25 years. And, FICO is still at the center of traditional lenders’ business models. But, with alternate financial approaches taking hold, and the increased use of smart devices, there’s a lot more data than what shows up in the FICO score. With changing demographics, emerging markets, along with alternative approaches to the use and management of money, telling the complete story requires a new approach.
From Small Business Lending to Consumer Lending, each approach requires more and more data to input into ever-growing complex score-carding models designed to make better decisions. We have the data, the question is how to we use it to create value for both businesses and customers?