Although 78% of the population claim to have a bank account, 1 in 3 Brazilians still do not feel adequately financially included, with lack of access to credit being one of the main reasons (73%) for this perception. This is what the study shows“From banknotes to DREX: the evolution of money in 30 years”, produced by Mercado Pago in partnership with the Brazilian Institute of Research and Data Analysis (IBPAD).
For Igor Castroviejo, commercial director of 1datapipe, a consumer insights platform via Artificial Intelligence, many of the reasons why so many people cannot access credit are due to traditional assessment models used by institutions. Unfortunately, the autonomous agencies still rely on very superficial and outdated sources of information, so many potential clients go unnoticed due to the lack of depth of the companies themselves.
The executive presents, to illustrate, some important data, such as the fact that over 38% of the population work informally, according to a Statista survey, which makes it difficult for authorities to assess payment capacity. "Furthermore, a study by the Locomotiva Institute indicates that there are over 4.6 million Brazilians without a bank account, and another report called Beyond Borders 2022/2023 revealed that only 40% of adults in the country have a credit card. As a result, millions of Brazilians remain invisible to these assessments and, consequently, lack access to something as important as credit," points out Igor Castroviejo.
As a solution to the problem, the professional suggests that financial institutions invest in technological solutions capable of including these minority groups in their analyses. "Thanks to the digital advent in our country, there are already solutions on the market that provide municipalities with valuable alternative data, such as online purchase history, consumption habits, profession, employment history, average salary, and family income of these potential clients, which can offer very good insights into each individual's profile," he points out.
Furthermore, Igor Castroviejo draws attention to the good use of Artificial Intelligence. "It plays a fundamental role, as data from the Boston Consulting Group show that this technology brings productivity gains of up to 80% in banks, improving decision-making related to credit. This happens because, through it, a detailed assessment of information can be made, identifying crucial patterns and trends in these evaluations," he points out.
