With consumer privacy issues in the spotlight, Citibank is betting its app — as an offering from a trusted data partner — will be more appealing than those from unknown brands or companies that have less liability if security breaches occur.
Entrepreneur-in-Residence Center for Financial Services Innovation
A broad network of financial data, such as utility payments and direct deposits, could help those without established credit histories better obtain loans. It might also help lenders make more accurate underwriting predictions.
It’s highly debatable whether the artificial intelligence engines that online lenders typically use, and that banks are just starting to deploy, are capable of making credit decisions without inadvertent prejudices.