Affluence is one of many data points that Financial Services Providers feed into aggregated risk assessments. With fairness and financial inclusivity being longstanding sector priorities, the proportional influence of affluence is always carefully calculated.
But, as the cost-of-living crisis continues, affluence levels - and what is considered to be normal behaviour - may change more quickly. To accurately understand the proportional influence of affluence, and ensure that risk scoring remains unbiased, FSPs need real-time, confirmed insight and a trusted view of good customer behaviour. Even as circumstances and risk markers change.
This is possible with ethical, AI-based predictive analytics, but only if models are built on authoritative, real-time syndicated data.
Below, we reveal connections between affluence and confirmed fraud in the National SIRA syndicate over 12 months. If your organisation isn't using syndicated data, would these insights have changed your risk scoring?
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