[Script Info]
Title: 
[Events]
Format: Layer, Start, End, Style, Name, MarginL, MarginR, MarginV, Effect, Text
Dialogue: 0,0:00:00.84,0:00:02.84,Default,,0000,0000,0000,,How much do you need\Nto know about a person
Dialogue: 0,0:00:02.86,0:00:05.40,Default,,0000,0000,0000,,before you'd feel comfortable\Nmaking a loan?
Dialogue: 0,0:00:06.04,0:00:08.50,Default,,0000,0000,0000,,Suppose you wanted to lend 1,000 dollars
Dialogue: 0,0:00:08.52,0:00:10.84,Default,,0000,0000,0000,,to the person sitting two rows behind you.
Dialogue: 0,0:00:11.19,0:00:13.32,Default,,0000,0000,0000,,What would you need to know\Nabout that person
Dialogue: 0,0:00:13.35,0:00:15.27,Default,,0000,0000,0000,,before you'd feel comfortable?
Dialogue: 0,0:00:15.29,0:00:19.22,Default,,0000,0000,0000,,My mom came to the US from India\Nin her late thirties.
Dialogue: 0,0:00:19.61,0:00:21.05,Default,,0000,0000,0000,,She's a doctor in Brooklyn,
Dialogue: 0,0:00:21.07,0:00:25.29,Default,,0000,0000,0000,,and she often lets friends and neighbors\Ncome to see her for health services,
Dialogue: 0,0:00:25.32,0:00:27.55,Default,,0000,0000,0000,,whether they can pay right away or not.
Dialogue: 0,0:00:27.96,0:00:31.16,Default,,0000,0000,0000,,I remember running into her patients\Nwith her at the grocery store
Dialogue: 0,0:00:31.19,0:00:32.34,Default,,0000,0000,0000,,or on the sidewalk,
Dialogue: 0,0:00:32.36,0:00:35.20,Default,,0000,0000,0000,,and sometimes they would come\Nand pay her right on the spot
Dialogue: 0,0:00:35.22,0:00:36.58,Default,,0000,0000,0000,,for previous appointments.
Dialogue: 0,0:00:36.61,0:00:37.85,Default,,0000,0000,0000,,She would thank them,
Dialogue: 0,0:00:37.87,0:00:40.59,Default,,0000,0000,0000,,and ask them about their families\Nand their health.
Dialogue: 0,0:00:41.47,0:00:44.72,Default,,0000,0000,0000,,She gave them credit\Nbecause she trusted them.
Dialogue: 0,0:00:45.12,0:00:47.49,Default,,0000,0000,0000,,Most of us are like my mom.
Dialogue: 0,0:00:47.90,0:00:50.76,Default,,0000,0000,0000,,We would give credit to someone we know
Dialogue: 0,0:00:50.79,0:00:52.18,Default,,0000,0000,0000,,or that we live next to.
Dialogue: 0,0:00:52.21,0:00:55.91,Default,,0000,0000,0000,,But most of us are probably not\Ngoing to lend to a stranger
Dialogue: 0,0:00:55.93,0:00:59.00,Default,,0000,0000,0000,,unless we know a little\Nsomething about them.
Dialogue: 0,0:00:59.63,0:01:03.34,Default,,0000,0000,0000,,Banks, credit card companies\Nand other financial institutions
Dialogue: 0,0:01:03.36,0:01:05.62,Default,,0000,0000,0000,,don't know us on a personal level,
Dialogue: 0,0:01:05.64,0:01:08.52,Default,,0000,0000,0000,,but they do have a way of trusting us,
Dialogue: 0,0:01:08.55,0:01:11.01,Default,,0000,0000,0000,,and that's through our credit scores.
Dialogue: 0,0:01:11.03,0:01:13.03,Default,,0000,0000,0000,,Our credit scores have been created
Dialogue: 0,0:01:13.05,0:01:17.57,Default,,0000,0000,0000,,through an aggregation and analysis\Nof our public consumer credit data.
Dialogue: 0,0:01:17.60,0:01:20.84,Default,,0000,0000,0000,,And because of them, we have\Npretty much easy access
Dialogue: 0,0:01:20.86,0:01:23.30,Default,,0000,0000,0000,,to all of the goods\Nand services that we need,
Dialogue: 0,0:01:23.33,0:01:26.17,Default,,0000,0000,0000,,from getting electricity to buying a home,
Dialogue: 0,0:01:26.20,0:01:28.65,Default,,0000,0000,0000,,or taking a risk and starting a business.
Dialogue: 0,0:01:29.56,0:01:30.72,Default,,0000,0000,0000,,But ...
Dialogue: 0,0:01:30.75,0:01:35.11,Default,,0000,0000,0000,,there are 2.5 billion people\Naround the world
Dialogue: 0,0:01:35.14,0:01:37.22,Default,,0000,0000,0000,,that don't have a credit score.
Dialogue: 0,0:01:37.25,0:01:40.27,Default,,0000,0000,0000,,That's a third of the world's population.
Dialogue: 0,0:01:40.93,0:01:42.18,Default,,0000,0000,0000,,They don't have a score
Dialogue: 0,0:01:42.21,0:01:45.47,Default,,0000,0000,0000,,because there are no formal\Npublic records on them --
Dialogue: 0,0:01:45.49,0:01:46.86,Default,,0000,0000,0000,,no bank accounts,
Dialogue: 0,0:01:46.88,0:01:48.38,Default,,0000,0000,0000,,no credit histories
Dialogue: 0,0:01:48.40,0:01:50.46,Default,,0000,0000,0000,,and no social security numbers.
Dialogue: 0,0:01:50.48,0:01:52.20,Default,,0000,0000,0000,,And because they don't have a score,
Dialogue: 0,0:01:52.22,0:01:56.88,Default,,0000,0000,0000,,they don't have access\Nto the credit or financial products
Dialogue: 0,0:01:56.90,0:01:58.75,Default,,0000,0000,0000,,that can improve their lives.
Dialogue: 0,0:01:59.51,0:02:01.57,Default,,0000,0000,0000,,They are not trusted.
Dialogue: 0,0:02:02.97,0:02:06.14,Default,,0000,0000,0000,,So we wanted to find a way to build trust
Dialogue: 0,0:02:06.16,0:02:10.21,Default,,0000,0000,0000,,and to open up financial access\Nfor these 2.5 billion.
Dialogue: 0,0:02:10.77,0:02:13.24,Default,,0000,0000,0000,,So we created a mobile application
Dialogue: 0,0:02:13.26,0:02:17.55,Default,,0000,0000,0000,,that builds credit scores for them\Nusing mobile data.
Dialogue: 0,0:02:18.34,0:02:22.80,Default,,0000,0000,0000,,There are currently over one billion\Nsmartphones in emerging markets.
Dialogue: 0,0:02:22.82,0:02:25.81,Default,,0000,0000,0000,,And people are using them\Nthe same way that we do.
Dialogue: 0,0:02:26.24,0:02:29.20,Default,,0000,0000,0000,,They're texting their friends,\Nthey're looking up directions,
Dialogue: 0,0:02:29.23,0:02:30.64,Default,,0000,0000,0000,,they're browsing the Internet
Dialogue: 0,0:02:30.66,0:02:33.14,Default,,0000,0000,0000,,and they're even making\Nfinancial transactions.
Dialogue: 0,0:02:33.17,0:02:36.35,Default,,0000,0000,0000,,Over time, this data is getting\Ncaptured on our phones,
Dialogue: 0,0:02:36.38,0:02:40.17,Default,,0000,0000,0000,,and it provides a really rich picture\Nof a person's life.
Dialogue: 0,0:02:41.13,0:02:43.31,Default,,0000,0000,0000,,Our customers give us access to this data
Dialogue: 0,0:02:43.33,0:02:46.44,Default,,0000,0000,0000,,and we capture it\Nthrough our mobile application.
Dialogue: 0,0:02:46.47,0:02:49.11,Default,,0000,0000,0000,,It helps us understand\Nthe creditworthiness
Dialogue: 0,0:02:49.13,0:02:53.84,Default,,0000,0000,0000,,of people like Jenipher,\Na small-business owner in Nairobi, Kenya.
Dialogue: 0,0:02:54.29,0:02:59.17,Default,,0000,0000,0000,,Jenipher is 65 years old, and for decades\Nhas been running a food stall
Dialogue: 0,0:02:59.20,0:03:01.26,Default,,0000,0000,0000,,in the central business district.
Dialogue: 0,0:03:01.90,0:03:05.10,Default,,0000,0000,0000,,She has three sons who she put\Nthrough vocational school,
Dialogue: 0,0:03:05.12,0:03:07.64,Default,,0000,0000,0000,,and she's also the leader\Nof her local chama,
Dialogue: 0,0:03:07.67,0:03:09.13,Default,,0000,0000,0000,,or savings group.
Dialogue: 0,0:03:09.61,0:03:11.53,Default,,0000,0000,0000,,Jenipher's food stall does well.
Dialogue: 0,0:03:11.56,0:03:15.00,Default,,0000,0000,0000,,She makes just enough every day\Nto cover her expenses.
Dialogue: 0,0:03:15.02,0:03:17.39,Default,,0000,0000,0000,,But she's not financially secure.
Dialogue: 0,0:03:17.84,0:03:20.58,Default,,0000,0000,0000,,Any emergency could force her into debt.
Dialogue: 0,0:03:20.89,0:03:22.73,Default,,0000,0000,0000,,And she has no discretionary income
Dialogue: 0,0:03:22.76,0:03:24.100,Default,,0000,0000,0000,,to improve her family's way of living,
Dialogue: 0,0:03:25.02,0:03:26.26,Default,,0000,0000,0000,,for emergencies,
Dialogue: 0,0:03:26.28,0:03:28.96,Default,,0000,0000,0000,,or for investing\Ninto growing her business.
Dialogue: 0,0:03:30.06,0:03:33.29,Default,,0000,0000,0000,,If Jenipher wants credit,\Nher options are limited.
Dialogue: 0,0:03:33.73,0:03:35.11,Default,,0000,0000,0000,,She could get a microloan,
Dialogue: 0,0:03:35.14,0:03:38.98,Default,,0000,0000,0000,,but she'd have to form a group\Nthat could help vouch for her credibility.
Dialogue: 0,0:03:39.00,0:03:41.98,Default,,0000,0000,0000,,And even then, the loan sizes\Nwould be way too small
Dialogue: 0,0:03:41.100,0:03:44.26,Default,,0000,0000,0000,,to really have an impact on her business,
Dialogue: 0,0:03:44.28,0:03:46.57,Default,,0000,0000,0000,,averaging around 150 dollars.
Dialogue: 0,0:03:47.52,0:03:50.04,Default,,0000,0000,0000,,Loan sharks are always an option,
Dialogue: 0,0:03:50.07,0:03:54.02,Default,,0000,0000,0000,,but with interest rates\Nthat are well above 300 percent,
Dialogue: 0,0:03:54.04,0:03:55.60,Default,,0000,0000,0000,,they're financially risky.
Dialogue: 0,0:03:56.08,0:04:00.06,Default,,0000,0000,0000,,And because Jenipher doesn't have\Ncollateral or a credit history,
Dialogue: 0,0:04:00.09,0:04:03.88,Default,,0000,0000,0000,,she can't walk into a bank\Nand ask for a business loan.
Dialogue: 0,0:04:04.33,0:04:05.65,Default,,0000,0000,0000,,But one day,
Dialogue: 0,0:04:05.68,0:04:09.66,Default,,0000,0000,0000,,Jenipher's son convinced her\Nto download our application
Dialogue: 0,0:04:09.68,0:04:10.93,Default,,0000,0000,0000,,and apply for a loan.
Dialogue: 0,0:04:11.41,0:04:13.95,Default,,0000,0000,0000,,Jenipher answered a few\Nquestions on her phone
Dialogue: 0,0:04:13.97,0:04:17.96,Default,,0000,0000,0000,,and she gave us access to a few\Nkey data points on her device.
Dialogue: 0,0:04:18.56,0:04:19.90,Default,,0000,0000,0000,,And here's what we saw.
Dialogue: 0,0:04:20.39,0:04:21.89,Default,,0000,0000,0000,,So, bad news first.
Dialogue: 0,0:04:22.100,0:04:27.76,Default,,0000,0000,0000,,Jenipher had a low savings balance\Nand no previous loan history.
Dialogue: 0,0:04:28.40,0:04:29.55,Default,,0000,0000,0000,,These are factors
Dialogue: 0,0:04:29.57,0:04:32.60,Default,,0000,0000,0000,,that would have thrown up\Na red flag to a traditional bank.
Dialogue: 0,0:04:32.62,0:04:35.35,Default,,0000,0000,0000,,But there were other points\Nin her history that showed us
Dialogue: 0,0:04:35.38,0:04:38.71,Default,,0000,0000,0000,,a much richer picture of her potential.
Dialogue: 0,0:04:39.34,0:04:40.49,Default,,0000,0000,0000,,So for one,
Dialogue: 0,0:04:40.52,0:04:44.37,Default,,0000,0000,0000,,we saw that she made regular\Nphone calls to her family in Uganda.
Dialogue: 0,0:04:45.63,0:04:48.09,Default,,0000,0000,0000,,Well, it turns out that the data shows
Dialogue: 0,0:04:48.11,0:04:50.84,Default,,0000,0000,0000,,a four percent increase in repayment
Dialogue: 0,0:04:50.87,0:04:55.60,Default,,0000,0000,0000,,among people who consistently\Ncommunicate with a few close contacts.
Dialogue: 0,0:04:56.66,0:04:57.82,Default,,0000,0000,0000,,We could also see
Dialogue: 0,0:04:57.84,0:05:00.65,Default,,0000,0000,0000,,that though she traveled\Naround a lot throughout the day,
Dialogue: 0,0:05:00.67,0:05:03.40,Default,,0000,0000,0000,,she actually had pretty\Nregular travel patterns,
Dialogue: 0,0:05:03.43,0:05:06.56,Default,,0000,0000,0000,,and she was either at home\Nor at her food stall.
Dialogue: 0,0:05:07.32,0:05:11.30,Default,,0000,0000,0000,,And the data shows\Na six percent increase in repayment
Dialogue: 0,0:05:11.33,0:05:13.71,Default,,0000,0000,0000,,among customers who are consistent
Dialogue: 0,0:05:13.74,0:05:16.35,Default,,0000,0000,0000,,with where they spend most of their time.
Dialogue: 0,0:05:17.35,0:05:19.93,Default,,0000,0000,0000,,We could also see\Nthat she communicated a lot
Dialogue: 0,0:05:19.95,0:05:22.30,Default,,0000,0000,0000,,with many different people\Nthroughout the day
Dialogue: 0,0:05:22.33,0:05:24.67,Default,,0000,0000,0000,,and that she had a strong support network.
Dialogue: 0,0:05:25.29,0:05:26.68,Default,,0000,0000,0000,,Our data shows
Dialogue: 0,0:05:26.70,0:05:31.38,Default,,0000,0000,0000,,that people who communicate\Nwith more than 58 different contacts
Dialogue: 0,0:05:31.41,0:05:34.31,Default,,0000,0000,0000,,tend to be more likely\Nto be good borrowers.
Dialogue: 0,0:05:34.33,0:05:35.60,Default,,0000,0000,0000,,In Jenipher's case,
Dialogue: 0,0:05:35.63,0:05:39.67,Default,,0000,0000,0000,,she communicated\Nwith 89 different individuals,
Dialogue: 0,0:05:39.69,0:05:42.94,Default,,0000,0000,0000,,which showed a nine percent\Nincrease in her repayment.
Dialogue: 0,0:05:43.89,0:05:47.66,Default,,0000,0000,0000,,These are just some of the thousands\Nof different data points
Dialogue: 0,0:05:47.68,0:05:50.91,Default,,0000,0000,0000,,that we look at to understand\Na person's creditworthiness.
Dialogue: 0,0:05:51.40,0:05:54.47,Default,,0000,0000,0000,,And after analyzing all\Nof these different data points,
Dialogue: 0,0:05:54.49,0:05:56.47,Default,,0000,0000,0000,,we took the first risk
Dialogue: 0,0:05:56.49,0:05:58.53,Default,,0000,0000,0000,,and gave Jenipher a loan.
Dialogue: 0,0:05:59.37,0:06:02.70,Default,,0000,0000,0000,,This is data that would not\Nbe found on a paper trail
Dialogue: 0,0:06:02.72,0:06:05.29,Default,,0000,0000,0000,,or in any formal financial record.
Dialogue: 0,0:06:05.72,0:06:07.51,Default,,0000,0000,0000,,But it proves trust.
Dialogue: 0,0:06:08.19,0:06:10.17,Default,,0000,0000,0000,,By looking beyond income,
Dialogue: 0,0:06:10.19,0:06:12.35,Default,,0000,0000,0000,,we can see that people in emerging markets
Dialogue: 0,0:06:12.38,0:06:16.04,Default,,0000,0000,0000,,that may seem risky\Nand unpredictable on the surface
Dialogue: 0,0:06:16.07,0:06:20.29,Default,,0000,0000,0000,,are actually willing and have\Nthe capacity to repay.
Dialogue: 0,0:06:21.33,0:06:26.52,Default,,0000,0000,0000,,Our credit scores have helped us deliver\Nover 200,000 loans in Kenya
Dialogue: 0,0:06:26.54,0:06:28.14,Default,,0000,0000,0000,,in just the past year.
Dialogue: 0,0:06:28.16,0:06:31.47,Default,,0000,0000,0000,,And our repayment rates\Nare above 90 percent --
Dialogue: 0,0:06:31.49,0:06:36.78,Default,,0000,0000,0000,,which, by the way, is in line\Nwith traditional bank repayment rates.
Dialogue: 0,0:06:37.56,0:06:40.47,Default,,0000,0000,0000,,With something as simple\Nas a credit score,
Dialogue: 0,0:06:40.50,0:06:44.01,Default,,0000,0000,0000,,we're giving people the power\Nto build their own futures.
Dialogue: 0,0:06:44.65,0:06:47.95,Default,,0000,0000,0000,,Our customers have used\Ntheir loans for family expenses,
Dialogue: 0,0:06:47.98,0:06:49.84,Default,,0000,0000,0000,,emergencies, travel
Dialogue: 0,0:06:49.86,0:06:52.83,Default,,0000,0000,0000,,and for investing back\Ninto growing their businesses.
Dialogue: 0,0:06:53.79,0:06:57.26,Default,,0000,0000,0000,,They're now building better\Neconomies and communities
Dialogue: 0,0:06:57.29,0:06:59.61,Default,,0000,0000,0000,,where more people can succeed.
Dialogue: 0,0:07:00.66,0:07:03.39,Default,,0000,0000,0000,,Over the past two years\Nof using our product,
Dialogue: 0,0:07:03.42,0:07:07.60,Default,,0000,0000,0000,,Jenipher has increased\Nher savings by 60 percent.
Dialogue: 0,0:07:07.62,0:07:10.28,Default,,0000,0000,0000,,She's also started\Ntwo additional food stalls
Dialogue: 0,0:07:10.30,0:07:13.38,Default,,0000,0000,0000,,and is now making plans\Nfor her own restaurant.
Dialogue: 0,0:07:13.40,0:07:16.80,Default,,0000,0000,0000,,She's applying for a small-business loan\Nfrom a commercial bank,
Dialogue: 0,0:07:16.83,0:07:21.55,Default,,0000,0000,0000,,because she now has the credit history\Nto prove she deserves it.
Dialogue: 0,0:07:22.04,0:07:24.95,Default,,0000,0000,0000,,I saw Jenipher in Nairobi just last week,
Dialogue: 0,0:07:24.98,0:07:28.23,Default,,0000,0000,0000,,and she told me how excited\Nshe was to get started.
Dialogue: 0,0:07:28.25,0:07:29.54,Default,,0000,0000,0000,,She said,
Dialogue: 0,0:07:30.18,0:07:35.66,Default,,0000,0000,0000,,"Only my son believed I could do this.\NI didn't think this was for me."
Dialogue: 0,0:07:36.25,0:07:38.54,Default,,0000,0000,0000,,She's lived her whole life
Dialogue: 0,0:07:38.56,0:07:42.85,Default,,0000,0000,0000,,believing that there was a part\Nof the world that was closed off to her.
Dialogue: 0,0:07:43.54,0:07:47.89,Default,,0000,0000,0000,,Our job now is to open\Nthe world to Jenipher
Dialogue: 0,0:07:47.92,0:07:52.11,Default,,0000,0000,0000,,and the billions like her\Nthat deserve to be trusted.
Dialogue: 0,0:07:52.14,0:07:53.29,Default,,0000,0000,0000,,Thank you.
Dialogue: 0,0:07:53.32,0:07:57.65,Default,,0000,0000,0000,,(Applause)