Pagaya, National Bankers Association, Oportun and TransUnion at Money20/20

Data for Good: Bettering the Economy Through Financial Inclusion

Pagaya Co-founder and CEO Gal Krubiner, National Bankers Association President and CEO Nicole Elam, Oportun CEO Raul Vazquez and TransUnion SVP and head of consumer lending Liz Pagel will speak on stage at the Money20/20 conference in Las Vegas on Tuesday, October 24 at 11:15 a.m. local time. A staggering 42% of US consumers who apply for a financial product are denied or not extended as much credit as they would like. The panel will tackle how data and technology are facilitating a new wave of financial inclusion, enabling millions of individuals to access financial services that were previously unavailable to them.

“Financial inclusion is core to our mission to provide more financial opportunities to more people, more often," said Gal Krubiner, Co-Founder and CEO of Pagaya. “Through our innovative product solutions, AI-powered data intelligence, and network of more than 100 lenders and institutional investors, Pagaya enables our partners to expand their customer base while delivering greater credit access opportunities to many more underserved US consumers.”

"Our banks are dedicated to finding new ways to leverage technology to better support the communities they serve. In fact, our most recent digitization research shows that helping minority banks vet and implement new technology is invaluable. That’s why we launched programs like MDI ConnectTech to help community banks navigate the changing face of banking,” said Nicole Elam, President and CEO of the National Bankers Association.

“Oportun was founded to use technology and big data to ‘score the unscorable’ and create a pathway to financial inclusion. Today, Oportun holistically addresses the two most fundamental obstacles to financial resilience: adequate savings, and access to responsible and affordable credit,” said Raul Vazquez, CEO of Oportun. “Over time, we have helped more than 1.1 million people to begin building a credit score for the first time, disbursed more than $16 billion, primarily to people living in low-and moderate-income communities, and made it easy for our members to set aside an average of more than $1,800 annually in personal savings.”

“Expanding financial inclusion is not only an important social imperative, but also a meaningful business opportunity for lenders. Just looking at our traditional data sources in new ways, for example trending data over time, can unlock new insights that can help lenders do business with new segments of consumers,” said Liz Pagel, senior vice president and head of consumer lending at TransUnion.