The Fourth Industrial Revolution: How Big Data and Machine Learning Can Boost Inclusive Fintech

The lending and credit scoring sector have more data than ever before at their disposal. How they leverage this data to create value for their clients and social impact determines the outcomes they can achieve in the financial services space. In 1959, Arthur Samuel, a pioneer in the field of machine learning (ML) and artificial intelligence during an era when computers filled an entire building, defined machine learning as "a field of study that gives computers the ability to learn without being explicitly programmed." During a recent keynote, Microsoft CEO Satya Nadella referred to data used in this context as "the new electricity," calling our current era a "fourth industrial revolution" following steam, electricity and digital technology. Scott Guthrie, Microsoft executive vice president, also acknowledged that data is "enabling every business to be the disrupters of their industry by harnessing the power to drive insight from this data."