Regulators are beginning to recognize the importance of using alternative data to provide credit for the underbanked. Now is the time to expand its use across the industry.
Fueled by a rebound in trading, especially in fixed income, the company said profit jumped 21% in the fourth quarter, pushing annual earnings to a record $36.4 billion.
The percentage of consumers who are past due on home equity loans, RV and other personal loans also rose in the third quarter, data released by the American Bankers Association showed.
Stateside banks are starting to play catch-up to banks worldwide that are incorporating environmental, social and governance factors into their underwriting. Pressure from big shareholders is a driving force.
"To wake up one day and assume everyone in America is going to be above average at math and above average rational is crazy," says Ethan Bloch, whose app is designed to help people achieve financial health.
