Information services company Experian said it is partnering with Standard Chartered Bank to drive financial access across key markets in Asia, Africa, and the Middle East. It is felt that without enough credit bureau data for financial institutions to determine their creditworthiness, especially in this time of unprecedented volatility, many underbanked communities are facing difficulties securing access to loans. The partnership involves Experian’s leading global decisioning solution, PowerCurve Strategy Manager, integrated with machine learning capabilities that will enable deployment of advanced analytics to help organizations make the most of their data. In support of Standard Chartered’s digital-first transformation strategy, this state-of-the-art machine learning capability provides the bank with the ability to ingest and analyze a high volume of non-bank or, with client consent, alternative data, enabling faster, more effective, and accurate credit decisioning, resulting in better risk management for the Bank and better outcomes from clients. The 2 entities are working on plans to deploy the solution to its retail franchise across Asia, Africa, and the Middle East, in addition to India.
