More than 70% of Southeast Asian adults remain unbanked or underbanked. That is not a development statistic. It is the largest untapped credit market on earth. Millions of these consumers are not poor credit risks. They are simply invisible to the underwriting models banks have relied on for decades. Southeast Asia’s unbanked population represents a $1.5 trillion financial services opportunity. Digital financial services in the region’s six largest economies could generate up to $60 billion annually, but are currently on track for $38 billion. That $22 billion gap is the commercial cost of financial exclusion. The challenge: expand credit responsibly…
Author: FICO
Author
FICO
FICO (NYSE: FICO) is a leading analytics software company, helping businesses in 80+ countries make better decisions that drive growth, profitability, and customer satisfaction. Founded in 1956, FICO pioneered credit scoring and the development of predictive analytics, business rules management, and optimization technologies. Its flagship FICO® Score is the standard measure of consumer credit risk in the United States. FICO's clients include more than half of the top 100 banks in the world, 95 of the 100 largest U.S. financial institutions, and all of the 100 largest U.S. credit card issuers.