FICO is launching its Inclusion Accelerator Program and Financial Inclusion Lab to advance lender adoption of alternative data solutions by creating an incubator for lenders to test new credit decisioning tools. The incubator is the next phase of FICO’s Global Financial Inclusion Initiative. This is focused on the development of new scoring products, partnerships, services, and platforms to enhance lenders’ decision making and forward financial inclusion efforts around the world.
According to FICO, the initiative will be a catalyst in enabling the lender community to foster broader alternative data adoption. In turn, this enables a more inclusive lending system rooted in accessibility. Since 2015, over 50% of FICO’s R&D investment in its Scores segment has focused on broadening financial inclusion globally. FICO Scores using alternative data sources can enable credit access for an estimated 1.3 billion consumers globally.
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“FICO was first to market in bringing broad based alternative data scoring products like UltraFICO Score and FICO Score XD to drive financial inclusion. With the Inclusion Accelerator Program and Financial Inclusion Lab, we are taking the next step in helping lenders to more easily adopt these solutions and to learn how to effectively incorporate them into their workflow,” said Sally Taylor, vice president and general manager of B2B Scores at FICO.
According to FICO, more than 229 million US consumers can be scored by the FICO Score Suite. That is more than any other broad-based credit scoring model in the market.
