Stephen Ufford is co-founder and CEO of Vancouver-based Trulioo, an electronic identity verification service. Here, Ufford explains how his company helps the un- and underbanked get access to financial services.
In Canada, banks and lenders figure out relatively early on whether consumers are a good risk or not.
“And that creates a record for borrowers. But in emerging markets, they don’t have those systems in place.
“I thought, Maybe there’s a new way to leverage the online footprints we create everyday. We operate a platform that integrates vast arrays of information on consumers, making it accessible in just a couple of seconds. We source our data—with permission—from taxation files, electoral rolls, telcos and other places.
“Our technology also opens a big opportunity in the first world. Millennials aren’t using banks, which makes it difficult for credit bureaus to get a picture of who they are. As a result, there’s a huge new “underbanked,” group in the U.S. and Canada.”
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