Infographic: How Technology is Shaping the Future of Consumer Credit

Massive amounts of data, the use of biometrics, the fintech boom, and neural networks are just some trends shaping the future of consumer credit. [Read More]

Summary… * Machine-Made

Modern credit systems are now powered by sophisticated algorithmic credit scoring, the use of trended and alternative data, and innovative fintech applications.
While these developments are all interesting in their own right, together they serve as a technological foundation for a much more profound shift in consumer credit in the coming years.
The Future of Consumer CreditIn today’s infographic from Equifax, we look at the cutting edge of consumer credit, including the new technologies and global trends that are shaping the future of how consumers around the world will access credit.
Forces Shaping #Credit’s FutureHere are some of the major forces that will drive the future of consumer credit, addressing the information asymmetry problem and making a wide variety of credit products available to the public:1.
The #Credit RevolutionNo one can predict the future, but the above forces are shaping the credit industry to be a very different experience for consumers and businesses.

Opinion… * Man-Made

In the future, Consumers will not have to even request #Credit… it may be automatically allocated based on Behaviour, Age, Assets, and Needs. #Innovation #FinTech #CustomerExperience #AI #Trend

Source: Visual Capitalist