Creating New Financial Opportunities for Argentineans through EFX.AI

EQUIFAX CONTINUES TO LEVERAGE ADVANCED AI-DRIVEN ANALYTICS TO HELP CREATE NEW FINANCIAL OPPORTUNITIES. A recent example of this is in Argentina, where Equifax partnered with a leading bank to develop a new origination model, built using EFX.AI capabilities and alternative data, designed to identify consumers with limited credit history. 

Around the world, unbanked individuals can face significant barriers when trying to gain access to credit, making it more difficult for them to build a financial history. Alternative data from Equifax – information that is not typically included in a traditional credit report – can make a difference for millions of people worldwide. Layering alternative data on top of traditional sources gives financial institutions the ability to offer more personalized credit opportunities to a wider audience of consumers. 

“In Argentina, it is a significant hurdle for unbanked consumers to gain access to credit and build a financial history,” said Chris Jones, President of Latin America at Equifax. “We leveraged our EFX.AI capabilities to build a more advanced model, aiding this particular institution in achieving a 16% increase in approval rates, according to our research. This is just one example of how coupling our unique alternative data with our innovative AI solutions give lenders the ability to extend credit to more consumers—especially those with limited credit history. This is a transformative step to open up new financial opportunities for more Argentineans, creating a more-inclusive financial ecosystem."

While increasing approval rates is instrumental, so is managing risk. The same model also demonstrated a 20% reduction in delinquency rates, ensuring this bank expands credit access responsibly and reliably. Equifax can help any financial institution customize AI models to meet their specific needs, designing the model so it is tailored to the local market dynamics.

EFX.AI capabilities are embedded in the Equifax Cloud™, a more than $1.5 billion, multi-year investment that maintains and manages the large volume of diverse, proprietary datasets needed to maximize AI performance in risk modeling, identity protection and fraud prevention solutions. Central to the Equifax Cloud is its custom data fabric, an adaptable data platform that unifies the enterprise’s data (from over 100 siloed data sources) in a single, virtual structure. Embedding EFX.AI capabilities within the Cloud assists in developing solutions that are faster, more reliable, more powerful, and more secure than ever before. 

Equifax will continue to strive to help lenders globally make more informed decisions and improve predictiveness in credit assessments to help expand access to credit. Equifax remains committed to using data-driven insights to build financially inclusive opportunities that move people forward. A single financial opportunity can be a critical first step to establishing individual financial health that can change the trajectory and livelihood of families and communities for generations. 

Learn more about how alternative data from Equifax can help expand access to credit, enabling more inclusive financial opportunities.