barrier to financial access

In India, financial inclusion remains a critical and unresolved issue, with a significant portion of the population excluded from formal banking services. Traditional credit systems, anchored in rigid, conventional data points, have sidelined individuals without established credit histories, creating an inherent barrier to financial access But as the digital age brings forth a tidal wave of accessible data, fintech innovators are beginning to rewrite the rules. By leveraging alternative data sources—such as utility payments, mobile phone usage, and social media activity—these companies are developing new credit-scoring models that democratise access ufabet