Asia Pacific's banks are missing out on this business growth opportunity

SINGAPORE (June 22): Banks across Asia Pacific are missing out on a “significant economic, social and business imperative”: the ability to accurately assess customers’ credit risk, according to Silicon Valley analytics firm FICO.

FICO estimates that there are some 250 million people who are unbanked in India, and more than 500 million in China. Meanwhile, a total of 438 million people do not own a bank account in Southeast Asia, according to a recent estimate by KPMG.

Based on findings from a poll of 37 chief risk officers (CROs) from banks across the region, which was conducted by the firm in March this year, 77% of respondents said that the inability to accurately assess unbanked customers’ credit risk constrains their business growth.

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