Cred­it­info Global Fo­rum 2017 – a tango of al­ter­na­tives meet­ing clas­sics in credit risk man­age­ment and fin­tech

The Malta Independent on Sunday - - BUSINESS & FINANCE -

Is credit still avail­able only for old peo­ple? Is the suc­cess of a lend­ing busi­ness is on how much data to as­sess rather than how much money to lend? What if to­day the real com­pe­ti­tion in our in­dus­try is in the HR de­part­ments? Which ex­perts will no longer be needed? What func­tions will be fully au­to­mated by 2020?

Can we as­sess the re­li­a­bil­ity of a ve­hi­cle driver us­ing psy­cho­met­rics too? What if we all op­er­ated based on the as­sump­tion that we have all been hacked? How does all that crazy start-up heat af­fect the clas­sic lend­ing in­dus­try play­ers? What do the banks have to say? Is “fin­tech” a mere com­mod­ity now?

Such and much more ques­tions were raised at the Cred­it­info Global Fo­rum 2017 event that took place in Mar­rakech last month.

The Cred­it­info Global Fo­rum 2017, a bi-an­nual con­fer­ence de­signed for lend­ing in­dus­try lead­ers, was a multi­na­tional melt­ing-pot full of fresh ideas, game-chang­ing thoughts and in­no­va­tions, big per­son­al­i­ties and spicy opin­ions, all en­riched thanks to the mul­ti­plic­ity of cul­tures and back­grounds. This global con­fer­ence was the third in­ter­na­tional event by Cred­it­info and the largest top-level in­dus­try re­union so far, with 250+ at­ten­dees, 50+ na­tion­al­i­ties and more than 25 renowned speak­ers from all around the world, in­clud­ing IFC, the EU Court and BIIA.

Prac­ti­cal clas­sic so­lu­tions and old good truths, as ef­fi­cient as they are to­day, are be­ing chal­lenged by the nu­mer­ous pop-al­ter­na­tives and fin­tech in­no­va­tions, which are now ex­tremely abun­dant, at­trac­tive and ap­peal­ing. But how eas­ily ap­pli­ca­ble, se­cure, ro­bust and sus­tain­able though? If one thing is for sure, that AI, ma­chine learn­ing and Blockchain are the new kids on the block that are al­ready rewrit­ing some of the com­mon prac­tices in our in­dus­try.

This tango of al­ter­na­tives and clas­sics in credit risk man­age­ment and fin­tech is a beau­ti­ful dance we will en­joy for a few more years to come, it seems. The al­ter­na­tives chal­leng­ing the sta­tus quo are striv­ing to nar­row the gap be­tween con­sumer ex­pec­ta­tions and the abil­ity of cur- rent busi­ness to meet them, so who­ever will man­age to close that gap will be able to move the whole party to a com­pletely new dance floor. In­ter­est­ingly, these chal­lengers to defy, sup­port or sup­ple­ment the clas­sic play­ers can be quan­ti­fied and the num­ber is im­pres­sive: more than 35,000 fin­tech start-ups in the past five years. Such num­bers do not show a trend any­more, they show a re­al­ity.

Com­ing back to the Global Fo­rum, all par­tic­i­pants shared know-how, ex­pe­ri­ences and ideas, dis­cussing and in­no­vat­ing while work­ing to­gether to­wards the same ex­act goal: a higher and ever-in­creas­ing level of fi­nan­cial in­clu­sion, which is un­de­ni­ably one of the key driv­ers of a coun­try’s eco­nomic growth and def­i­nitely, to the ben­e­fit of the con­sumer.

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