Web history to influence credit score?

Sounds reasonable, the accuracy of the score should improve. But we are still only at the entrance of the rabbit 🐇 hole 🕳 , where do we end up?

“The financial industry is undergoing rapid technological change. Traditional banks face competition from online start-ups with no physical branches. Social media and other digital platforms are expanding into payments and credit. The increase in demand for digital services triggered by COVID-19 is turbo-charging this transformation. The confluence we are witnessing is driving fintech innovation and raises important questions. What are the transformative aspects of recent financial innovation that can uproot finance as we know it? Which new policy challenges will the transformation of finance bring?”

Read What is Really New in Fintech article by By Arnoud Boot, Peter Hoffmann, Luc Laeven, Lev Ratnovski on the IMFBlog. 

Ultimately there is so much data on most of us that companies can predict if we are 😷 sick, or if our close relatives have fallen on hard times. Thoughts?

#aiethics #data4good #datasciences