14 March 2023, Nairobi, Kenya – Omnisient, the South African FinTech that uses advanced analytics to enable the rapid discovery and monetization of data for financial inclusion, has won the Most Innovative Financial Inclusion Technology of the Year at the Africa Bank 4.0 Awards 2023. The award ceremony, held in Nairobi, Kenya, recognizes companies and individuals that have made a significant impact on financial inclusion across Africa.
Omnisient’s platform has been recognized for its ability to enable banks to accelerate the discovery of alternative data for credit scoring of unbanked individuals, resulting in growing financial inclusion in Africa. According to the World Bank, 1.7 billion people lack access to formal financial services, making it difficult to access housing, education, healthcare, and even capital to start a business due to their lack of credit history.
Omnisient’s trust-by-design data collaboration environment is addressing this by enabling banks to evaluate and test the predictive power of 1st party consumer data from other non-related industries such as retail and telecommunications and use their customers spending patterns for credit scoring of “credit invisible” applicants. This is allowing banks to quickly extend credit to applicants who would have previously been declined.
“Billions of people around the world are “credit invisible” and unable to access funding for lack of credit history, many of these people are then forced to use alternative lenders that charge astronomical interest rates. Our platform helps financial institutions rapidly onboard customers that would have previously been declined. Without access to formal credit, these individuals would otherwise be left with little hope for economic upliftment,” says Omnisient CEO Jon Jacobson. “I am incredibly excited about receiving this award as it gives us the validation and exposure within the financial services sector in Africa that will enable us to have an even greater impact and bring our financial inclusion solution to new markets.”
By providing a secure and privacy-compliant collaboration environment that protects consumer privacy and a company’s sensitive data, Omnisient has removed the risks and barriers for organizations to share and evaluate 1st party consumer data.
The platform has cut the time required to form data collaboration partnerships from up to 24 months down to as little as 3 months, driving innovation and growth in the financial services sector while ensuring responsible use of consumer data.
Omnisient’s innovative approach to financial inclusion and credit scoring is transforming the industry, making access to formal credit services possible for previously unbanked individuals in Africa.
For more information on Omnisient, please visit www.omnisient.com.
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There are billions of people around the world who don’t have access to financial services like banking or insurance because businesses don’t have enough data to decide whether it’s a good idea to offer them these services.
This is a big opportunity for banks, insurers, and credit bureaus to help more people access these important financial services.
Omnisient is helping by providing them with a platform that lets them quickly and safely get information from other industries to learn more about these underserved people. With this information, they can make better decisions about whom to offer financial services to and optimize their marketing to grow their customer base and increase loyalty.
Founded in 2019 in Cape Town, South Africa, Omnisient has gained significant traction in the discovery and monetization of alternative data, with over 70 of Africa’s largest banks, insurers, retailers, and health & wellness organizations forming cross-industry consumer data ecosystems that derive innovative insights that would be difficult or impossible to achieve alone. To date, Omnisient has protected and anonymously linked 148 million consumer records for data collaboration and data monetization using our Crypto-Identity cryptography.
ABOUT THE AFRICA BANK SUMMIT AND AWARDS
The Africa Bank 4.0 Awards were inaugurated in 2022 with the aim to honour and recognize the contributions of individuals and organizations whose efforts have had a remarkable impact on Africa’s financial sector. The award is an open voting system and is not based on decisions of any selected exclusive panels.
The 10th Africa Bank 4.0 Summit – Pan-Africa, organized by BII World, is a gathering of over 300 policy makers and business leaders across Africa’s FinTech, banking and payments sector to focus on growing financial inclusion in exclusive knowledge-sharing presentations, interactive panel discussions and showcasing the latest solutions/technologies.
For more information on the Africa Bank 4.0 Awards and Summit, please visit https://www.biiafricabanksummit.com/ or contact:
Mohor Mukherjee, Marketing Director, BII World, [email protected]
About the author
Julian Diaz is Omnisient’s CMO. Julian is a B2B tech marketer for start-ups with over 20 years of experience marketing in USA, UK, Europe and South Africa.