about the data they ’ re collecting and how it ’ s being used . Consider that 72 % of fintech lenders didn ’ t mention contact access in their privacy policies , according to CFI research . “ A lot of the consumers we interviewed were shocked about what was being collected ,” she says . “ From a long-term perspective , consumer trust is at risk .”
However , even with some of the challenges , Rizzi and many other financial inclusion experts are optimistic that alternative data use can enhance the well-being of many who ’ ve been excluded from traditional systems .
That includes sisters Natalia and Beatriz Alzate , who continue to support their families by selling homemade herb and fruit infusions and snacks to mechanics and laborers in their community . They use their Quipu loan to buy bulk ingredients , such as kilos of sugar , fresh fruit and oatmeal .
Above / Daniris Pedraza owns a home-based restaurant in Barranquilla , Colombia , and was an early adopter of Quipu . She saw her sales increase 10 % after using its services .
Thanks to the proliferating use of alternative data and advanced technology in lending , the Alzates no longer have to make multiple trips to the grocery store each day , wasting both time and money . Instead , they are able to better focus on what matters most : feeding their customers — and their futures . ■
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