FICO launches Inclusion Accelerator Program and Financial Inclusion Lab
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 percent 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.