The current economic climate poses significant challenges for both businesses and consumers – a situation the financial services industry must recognize as both a threat and an opportunity. With consumers’ shifting economic situations, risk profiles are changing, necessitating that financial services companies meet their customers where they are by providing a higher level of personalization than ever before. It also means changing the traditional business models that have excluded a significant part of the population.
In this Finance Digest article, Kathy Stares, Provenir’s EVP, North America discusses how the use of prescriptive analytics that leverage alternate data, machine learning and AI can help organizations lean into financial inclusion and hyper-personalization.