Digital Lifescapes

Credit scoring is a method that lenders use to predict the probability a borrower or counter-party will default on loans, or incur additional charges for repayment -- also known as measuring credit worthiness. The method is a key tool in making credit affordable for individuals and businesses. It links credit products to risk potential, connecting borrowers to secondary capital markets and increasing the amount of funds available. This securing process establishes risk predictability dependent on a number of factors, determined by financial indicators and other publicly available information reported by the credit bureaus. Credit Score Market Development According to the latest worldwide market study by Juniper Research, they now forecast credit scoring services will grow by 67 percent to $44 billion by 2028. Juniper anticipates that emerging markets will experience the greatest growth -- projecting the African & Middle Eastern region to grow by 117 percent over the forecast period...

The advantage of a digital wallet is that -- for both online and offline transactions -- it affords the user an opportunity to make secure, quick payments, obviating the need for a physical card or to enter bank details for every purchase. For the unbanked, it goes further, providing a means of economic inclusion, both as an alternative to cash payments and as a way of accessing financial services such as loans and savings accounts. For the wallet provider, service evolution from the early days of online payments and person-to-person remittance has enabled several fintech vendors to achieve a strong presence across the payments and retail ecosystems. This now extends both to offering offline and online goods payments on their own and third-party storefronts, together with loyalty programs, bill payments and digital banking services. Digital Wallet Market Development Spending via digital wallets across Europe and North America will increase by 40 percent this year to nearly $7...

Through its ubiquity and reach, the mobile phone has become an enabler of financial inclusion for developing nations across the globe. Many countries in areas such as Sub-Saharan Africa and the Asia-Pacific region have experienced the rapid adoption of 'mobile remittance' services. Numerous telecom service providers have expanded and tailored their services to offer the world’s poorest populations access to more sophisticated products  -- such as personal savings and loans. Worldwide a large number of people who remain 'unbanked' are without a bank account or credit history. Financial Services Market Development According to the latest global market study by Juniper Research, the use of mobile devices to make retail and store payments will act as a driver for financial services inclusion of the unbanked in emerging markets. The research forecasts that mobile merchant transactions by unbanked individuals will grow from 1.8 billion per annum in 2018 to 3.8 billion...

Across the globe, the mobile phone is one of the most important technology advancements for developing nations, as an enabler of economic growth. In fact, many of these emerging countries have already seen a rapid adoption of mobile remittance. Very basic money transfer services can help fuel a local economy. According to the World Bank, there are 80 countries where less than 50 percent of the adult population has a bank account. Mobile money transfers can provide financial inclusion for those un-banked and under-banked citizens. The total transaction value of Mobile Financial Services in emerging markets  -- including domestic money transfers, deposits on loans, insurance products, and savings accounts -- will approach $500 billion in 2021, that's up from an estimated $198 billion in 2016. Mobile Money Service Market Development Juniper Research discovered that by introducing insurance offerings, mobile network operators had the opportunity to substantially reduce custo...