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These individuals, primarily in emerging economies, face significant challenges in accessing essential financial services due to geographical barriers, lack of formal identification, limited credit history, and insufficient financialliteracy.
AI is being employed to assessfinancial health, create personalised loan offers, and improve customer education and financialliteracy programmes. Banks are also looking into generative AI for creating more robust frauddetection models.
AI is being employed to assessfinancial health, create personalised loan offers, and improve customer education and financialliteracy programmes. Banks are also looking into generative AI for creating more robust frauddetection models.
Financial analysts attribute this growth to several factors, including the rising adoption of digital wallets and mobile payments, improved credit assessment models, increased regulatory oversight, and growing consumer demand for flexible and inclusive payment options. billion by the end of 2025. million by 2030, at a CAGR of 29.8%.
Spring/West 2020 (Digital): Breach Clarity (acquired by TransUnion): Cybersecurity solutions for financialfrauddetection, received critical acclaim for its innovation. Neener Analytics: Social media analytics for risk assessment, expanded into new financial markets.
For instance, in the UK, rental payment history is not used to assess a consumers suitability for mortgages. Additionally, fintechs can promote financialliteracy, endorse sustainable digital practices that help close accessibility gaps, address underserved communities, and support meaningful charitable initiatives that help those in need.”
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