Creating a Pathway to Consumer-Controlled Data at Money20/20 USA Day Four
Wednesday marked the final day of Money20/20 USA, a four-day event where thousands of attendees and influential speakers joined together to drive change and revolutionize the future of money. During the last hours of the conference, attendees had the opportunity to hear from C-suite executives and entrepreneurs about industry efforts to give consumers more control over their financial data.
Day 4 Highlights
Whether planning to purchase a home or finance an education, consumer awareness of credit files and FICO scores has never been higher. During the session, “New Frontiers in Credit Risk Scoring for Customer-Centric Data,” executives from FICO, Experian and Finicity spoke about the launch of UltraFico Score, a new system that improves credit access and gives consumers more control in the credit scoring process. The companies estimate that this new score will prove particularly helpful for those who fall in the grey area in terms of credit scores (scores in the upper 500s to lower 600s) or fall just below a lender’s score cut-off. “We estimate that 70 percent of people will end up with a better score,” said Will Lansing, CEO of FICO.
Money20/20 held daily CEO panels called the “Leadership Loft” stage. Wednesday’s panel featured founders and CEOs from IBM, Fattmerchant, Payscout, and LendStreet. Each discussed the future of payments and how to best promote financial inclusion with its customers. During a Q&A about the potential of more robust, yet streamlined, data sharing practices to scale payment solutions, Suneera Madhani of Fattmerchant noted, “AI is not the future, it’s now.”