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The AI in Business Podcast

A “Compassionate” Approach to Credit Data - with Prasanna Dhore of Fiserv

Jul 4, 2024
29:29
Snipd AI
Prasanna Dhore, Chief Data Officer at Fiserv, discusses credit challenges for 'invisible' individuals and the use of AI to improve credit access. Topics include predicting creditworthiness with new data sources like rental payments, enhancing financial processes with technology, and exploring data insights on credit behavior and predictions.
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Podcast summary created with Snipd AI

Quick takeaways

  • AI can predict creditworthiness for 'invisible' individuals using new data sources like cell phone records.
  • Utilizing alternative data, such as rental payments, reduces information asymmetry in credit evaluation.

Deep dives

Credit Challenges for the 'Invisible' Category

AI can help address credit challenges faced by individuals in the 'invisible' category who lack credit history, including recent immigrants and young adults starting their financial journey. These individuals, comprising about 30 million in the U.S., struggle to build credit history due to the catch-22 situation of needing credit to access credit. By leveraging new data sources like cell phone records and rental payments, AI can predict creditworthiness and offer opportunities to those otherwise excluded from the credit ecosystem.

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