Okay.
Hampshire, UK - 15th August 2023: A new study from Juniper Research, the foremost experts in financial technology markets, expects credit scoring services to grow by 67% to $44 billion by 2028.
Oh, okay.
The report anticipates emerging markets will experience greatest growth; projecting the African & Middle Eastern region to grow by 117% over the forecast period, achieving spend of $3.7 billion in 2028. Driving this growth will be the inclusion of alternative data into underwriting models. Using input from sources such as social media activity and monthly utility bills enables lenders to expand into unbanked and underbanked populations throughout emerging markets; opening up new customer segments and boosting financial inclusion.
All right.
The report urges use of Open Banking within alternative credit scoring; enabling credit bureaus and other providers to access bank account transaction information. This helps enrich credit data, creating a holistic view of the consumer; determining a more accurate credit score. The report also urges use of Open Banking within business credit scoring, as this technology can improve critical lending and access to finance for SMEs.
Right.
Cara?
Research author Cara Malone remarks: "Open Banking can address numerous challenges, especially relating to cashflow and debt management. At present, the use of Open Banking in business credit scoring is lagging. It creates greater ease and transparency of sharing financial data; elevating business credit scoring, unlocking greater access to lending."
Thanks, Cara.
Alternative credit data and embedded scoring models are efficient means of boosting access to finance, and when combined with Open Banking and AI, they will grant access to new customer segments. This will enable providers to help alleviate issues with thin files, where limited information is held on individuals and businesses, in both developing and developed markets; enabling more accurate and predictive credit scoring.
Okay.
ENDS
ENDS
ENDS
...
'Well, that wasn't too bad, was it, boss?'
No.
No, it was all right, Voice.
Poetry?
Listen ...
If you're doing descriptive writing all the time, like, uh, describing a lamppost in the moonlight, for some reason, you're not really saying anything about life. All you're doing is describing a lamppost in the moonlight. There may be some value to that. I don't know. But if you do it all of the time ... what's the point? Do you know what I mean? Now, maybe the lamppost makes you feel a certain way, I don't know. Or maybe it's the moonlight. Fine. I suppose. I mean ... we all like moonlight. I just ... do you know what I mean?
Descriptive writing should serve something else. Like Yeats with The Second Coming. Sure, he describes the scene. But there's something else. Something about life. A vision of the future. Something like that. You dig? Yeats doesn't spend half an hour telling us exactly how the desert birds are flying around in the sky, in fine detail. Who needs to hear that shit? No! The important stuff is ... you know, the people who lack conviction, or the people who are full of passionate intensity. All that stuff.
Just saying, man.
Laters.
