It's an important pivot point for the industry — consumer trust is threatened by a steady flow of data breaches, and consumers are divided on whether they want to stick with plastic or move on to mobile and wearable payments.
It's also clear that the strategies that work in a company's home country won't necessarily apply to their audiences in other parts of the world. This creates an even more pressing need to adapt quickly to changes in technology and regulation.
FICO takes a different view of data outside the U.S.
The methods that companies like Fair Isaac (FICO) deploy in other markets are designed to take into account the differences in how those markets are regulated. For example, in other markets FICO can make use of more sources of alternative credit scoring data.
"Outside the U.S. … we don't call it alternative data, we just call it data," said David Shellenberger, FICO's senior director of scoring and advanced analytics. "There is a wide array of data sources, and when we're not under the same type of regulatory constraints, we can start looking at other ways to assess consumers that have very limited credit profiles."
In India and other parts of Asia, FICO uses digital footprint information, he said. In Russia, FICO uses psychometrics, leveraging a survey approach to help measure credit risk.