It is clear that the conventional ways of assessing creditworthiness will not hold strong in 2020 and beyond. With COVID-19 and payment holidays disrupting the way credit application and assessment is traditionally done, and with new, unconventional customer segments – gig economy workers, Gen Z population, small business owners – requiring credit to keep making a living, relying on alternative data and digital channels is not an option anymore.

Bringing millions of new consumers into the mainstream financial system is by no means easy. It involves careful and innovative solutions to manage risks around potential identity fraud, to conduct secure customer authentications, and to lift consumer confidence in personal data security. In this whitepaper we outline how digitisation in financial services, along with innovative new approaches to credit scoring for the underbanked, may lead to better outcomes for millions and earn early movers loyalty from an emerging consumer class.