{"version":"1.0.0","segments":[{"speaker":"YS Chi","startTime":0.78,"endTime":3.75,"body":"The unique contributions"},{"speaker":"YS Chi","startTime":0.78,"endTime":3.75,"body":"podcast is brought to you by"},{"speaker":"YS Chi","startTime":3.75,"endTime":7.56,"body":"RELX. Find out more about us by"},{"speaker":"YS Chi","startTime":3.75,"endTime":7.56,"body":"visiting relx.com."},{"speaker":"YS Chi","startTime":41.59,"endTime":44.71,"body":"Hello, and welcome to series"},{"speaker":"YS Chi","startTime":41.59,"endTime":44.71,"body":"three of Unique Contributions, a"},{"speaker":"YS Chi","startTime":44.71,"endTime":47.35,"body":"RELX podcast where we bring you"},{"speaker":"YS Chi","startTime":44.71,"endTime":47.35,"body":"closer to some of the most"},{"speaker":"YS Chi","startTime":47.35,"endTime":51.94,"body":"interesting people from around"},{"speaker":"YS Chi","startTime":47.35,"endTime":51.94,"body":"our businesses. I'm YS Chi, and"},{"speaker":"YS Chi","startTime":51.94,"endTime":55.3,"body":"I'll be exploring with my guests"},{"speaker":"YS Chi","startTime":51.94,"endTime":55.3,"body":"some of the biggest issues that"},{"speaker":"YS Chi","startTime":55.3,"endTime":58.51,"body":"matter to society. In this"},{"speaker":"YS Chi","startTime":55.3,"endTime":58.51,"body":"series, I also want to"},{"speaker":"YS Chi","startTime":58.51,"endTime":63.16,"body":"investigate the issue of trust."},{"speaker":"YS Chi","startTime":58.51,"endTime":63.16,"body":"How can we build trust in data"},{"speaker":"YS Chi","startTime":63.31,"endTime":66.67,"body":"and technology to help create a"},{"speaker":"YS Chi","startTime":63.31,"endTime":66.67,"body":"world that works for everyone?"},{"speaker":"YS Chi","startTime":67.42,"endTime":71.98,"body":"I'm exploring today the topic of"},{"speaker":"YS Chi","startTime":67.42,"endTime":71.98,"body":"financial inclusion. Financial"},{"speaker":"YS Chi","startTime":72.07,"endTime":77.23,"body":"exclusion is a worldwide crisis"},{"speaker":"YS Chi","startTime":72.07,"endTime":77.23,"body":"that impacts 1.7 billion people,"},{"speaker":"YS Chi","startTime":77.47,"endTime":81.34,"body":"or around 30% of people across"},{"speaker":"YS Chi","startTime":77.47,"endTime":81.34,"body":"the globe, without access to"},{"speaker":"YS Chi","startTime":81.34,"endTime":85.33,"body":"global financial services that"},{"speaker":"YS Chi","startTime":81.34,"endTime":85.33,"body":"meet their needs. Global"},{"speaker":"YS Chi","startTime":85.33,"endTime":89.29,"body":"financial inclusion has vastly"},{"speaker":"YS Chi","startTime":85.33,"endTime":89.29,"body":"improved over the last 10 years,"},{"speaker":"YS Chi","startTime":89.41,"endTime":93.85,"body":"but what still surprises me to"},{"speaker":"YS Chi","startTime":89.41,"endTime":93.85,"body":"this day, is how many people"},{"speaker":"YS Chi","startTime":93.88,"endTime":98.77,"body":"this affects in both rich and"},{"speaker":"YS Chi","startTime":93.88,"endTime":98.77,"body":"poor countries alike. Such is"},{"speaker":"YS Chi","startTime":98.77,"endTime":101.68,"body":"the gravity of the issue, that"},{"speaker":"YS Chi","startTime":98.77,"endTime":101.68,"body":"financial inclusion is an"},{"speaker":"YS Chi","startTime":101.68,"endTime":105.67,"body":"enabler for achieving seven of"},{"speaker":"YS Chi","startTime":101.68,"endTime":105.67,"body":"the 17 United Nations"},{"speaker":"YS Chi","startTime":105.67,"endTime":110.35,"body":"Sustainable Development Goals,"},{"speaker":"YS Chi","startTime":105.67,"endTime":110.35,"body":"from eradicating poverty, to"},{"speaker":"YS Chi","startTime":110.35,"endTime":114.22,"body":"promoting health and wellbeing"},{"speaker":"YS Chi","startTime":110.35,"endTime":114.22,"body":"to reducing inequality, and"},{"speaker":"YS Chi","startTime":114.22,"endTime":117.28,"body":"achieving gender equality and"},{"speaker":"YS Chi","startTime":114.22,"endTime":117.28,"body":"even economic empowerment of"},{"speaker":"YS Chi","startTime":117.28,"endTime":121.84,"body":"women. I'm speaking today with"},{"speaker":"YS Chi","startTime":117.28,"endTime":121.84,"body":"two experts on the topic who"},{"speaker":"YS Chi","startTime":121.84,"endTime":125.71,"body":"have first hand experience of"},{"speaker":"YS Chi","startTime":121.84,"endTime":125.71,"body":"financial exclusion, one in the"},{"speaker":"YS Chi","startTime":125.71,"endTime":130.81,"body":"UK, and the other in Brazil. So"},{"speaker":"YS Chi","startTime":125.71,"endTime":130.81,"body":"my first guest is Steve Elliot,"},{"speaker":"YS Chi","startTime":130.81,"endTime":133.9,"body":"managing director for LexisNexis"},{"speaker":"YS Chi","startTime":130.81,"endTime":133.9,"body":"Risk Solutions in the UK and"},{"speaker":"YS Chi","startTime":133.9,"endTime":135.37,"body":"Ireland. Steve, welcome."},{"speaker":"Steve Elliot","startTime":136.02,"endTime":137.31,"body":"Thank you very"},{"speaker":"Steve Elliot","startTime":136.02,"endTime":137.31,"body":"much. Thank you."},{"speaker":"YS Chi","startTime":138.18,"endTime":140.85,"body":"So Steve, while"},{"speaker":"YS Chi","startTime":138.18,"endTime":140.85,"body":"financial inclusion sounds"},{"speaker":"YS Chi","startTime":140.85,"endTime":143.61,"body":"great, I want to make sure that"},{"speaker":"YS Chi","startTime":140.85,"endTime":143.61,"body":"we're on the same page about"},{"speaker":"YS Chi","startTime":143.61,"endTime":146.91,"body":"this meaning, can you tell us"},{"speaker":"YS Chi","startTime":143.61,"endTime":146.91,"body":"what you mean by financial"},{"speaker":"YS Chi","startTime":146.91,"endTime":147.51,"body":"inclusion?"},{"speaker":"Steve Elliot","startTime":148.29,"endTime":150.99,"body":"Well, absolutely."},{"speaker":"Steve Elliot","startTime":148.29,"endTime":150.99,"body":"So if we think about the world"},{"speaker":"Steve Elliot","startTime":151.02,"endTime":154.53,"body":"around us, our world is changing"},{"speaker":"Steve Elliot","startTime":151.02,"endTime":154.53,"body":"fast. Whatever economy we live"},{"speaker":"Steve Elliot","startTime":154.53,"endTime":158.43,"body":"in society is rapidly evolving,"},{"speaker":"Steve Elliot","startTime":154.53,"endTime":158.43,"body":"people are acting in a much more"},{"speaker":"Steve Elliot","startTime":158.46,"endTime":162.51,"body":"digital landscape. And it"},{"speaker":"Steve Elliot","startTime":158.46,"endTime":162.51,"body":"requires fast decision making."},{"speaker":"Steve Elliot","startTime":162.93,"endTime":165.9,"body":"And that includes in the credit"},{"speaker":"Steve Elliot","startTime":162.93,"endTime":165.9,"body":"markets. In the credit markets,"},{"speaker":"Steve Elliot","startTime":165.9,"endTime":168.69,"body":"firms are trying to understand"},{"speaker":"Steve Elliot","startTime":165.9,"endTime":168.69,"body":"who people are and do so"},{"speaker":"Steve Elliot","startTime":168.69,"endTime":171.6,"body":"quickly. And trying to"},{"speaker":"Steve Elliot","startTime":168.69,"endTime":171.6,"body":"understand what risks they"},{"speaker":"Steve Elliot","startTime":171.6,"endTime":174.81,"body":"present when they're trying to"},{"speaker":"Steve Elliot","startTime":171.6,"endTime":174.81,"body":"lend credit. And financial"},{"speaker":"Steve Elliot","startTime":174.81,"endTime":177.42,"body":"inclusion - to be included - it"},{"speaker":"Steve Elliot","startTime":174.81,"endTime":177.42,"body":"means that those firms need to"},{"speaker":"Steve Elliot","startTime":177.42,"endTime":180.33,"body":"be able to make decisions fast"},{"speaker":"Steve Elliot","startTime":177.42,"endTime":180.33,"body":"in relation to the people. But"},{"speaker":"Steve Elliot","startTime":180.33,"endTime":184.14,"body":"if they can't, if they're using"},{"speaker":"Steve Elliot","startTime":180.33,"endTime":184.14,"body":"the wrong data, then it makes it"},{"speaker":"Steve Elliot","startTime":184.14,"endTime":187.17,"body":"very difficult for those credit"},{"speaker":"Steve Elliot","startTime":184.14,"endTime":187.17,"body":"providers to provide service to"},{"speaker":"Steve Elliot","startTime":187.17,"endTime":189.24,"body":"the consumers. And that's"},{"speaker":"Steve Elliot","startTime":187.17,"endTime":189.24,"body":"essentially what I mean."},{"speaker":"YS Chi","startTime":189.66,"endTime":193.02,"body":"So you're saying that"},{"speaker":"YS Chi","startTime":189.66,"endTime":193.02,"body":"more number of people are more"},{"speaker":"YS Chi","startTime":193.02,"endTime":196.68,"body":"quickly having to engage in"},{"speaker":"YS Chi","startTime":193.02,"endTime":196.68,"body":"daily lives, that includes"},{"speaker":"YS Chi","startTime":196.71,"endTime":201.81,"body":"financial transactions, and that"},{"speaker":"YS Chi","startTime":196.71,"endTime":201.81,"body":"many are being unfairly treated,"},{"speaker":"YS Chi","startTime":201.93,"endTime":204.57,"body":"including being left out"},{"speaker":"YS Chi","startTime":201.93,"endTime":204.57,"body":"entirely? Is that true?"},{"speaker":"Steve Elliot","startTime":204.99,"endTime":207.3,"body":"That's absolutely"},{"speaker":"Steve Elliot","startTime":204.99,"endTime":207.3,"body":"true. So it all comes down to"},{"speaker":"Steve Elliot","startTime":207.3,"endTime":210.45,"body":"how they're looked at, and comes"},{"speaker":"Steve Elliot","startTime":207.3,"endTime":210.45,"body":"down to the data that's used"},{"speaker":"Steve Elliot","startTime":210.45,"endTime":212.67,"body":"when you're trying to assess"},{"speaker":"Steve Elliot","startTime":210.45,"endTime":212.67,"body":"whether the person first of all"},{"speaker":"Steve Elliot","startTime":212.67,"endTime":216.3,"body":"is a real person, whether the"},{"speaker":"Steve Elliot","startTime":212.67,"endTime":216.3,"body":"person is the person they claim"},{"speaker":"Steve Elliot","startTime":216.3,"endTime":219.99,"body":"to be, but also the risk that"},{"speaker":"Steve Elliot","startTime":216.3,"endTime":219.99,"body":"they present. So it's absolutely"},{"speaker":"Steve Elliot","startTime":219.99,"endTime":223.41,"body":"about the data that it relies"},{"speaker":"Steve Elliot","startTime":219.99,"endTime":223.41,"body":"on, and a lot of credit scoring"},{"speaker":"Steve Elliot","startTime":223.41,"endTime":226.38,"body":"at the moment relies on past"},{"speaker":"Steve Elliot","startTime":223.41,"endTime":226.38,"body":"activity, what happened in the"},{"speaker":"Steve Elliot","startTime":226.38,"endTime":230.79,"body":"past. And that's not often a"},{"speaker":"Steve Elliot","startTime":226.38,"endTime":230.79,"body":"good predictor of what might"},{"speaker":"Steve Elliot","startTime":230.79,"endTime":233.31,"body":"happen in the future, the future"},{"speaker":"Steve Elliot","startTime":230.79,"endTime":233.31,"body":"in the past are different"},{"speaker":"Steve Elliot","startTime":233.31,"endTime":236.55,"body":"things. So people are being"},{"speaker":"Steve Elliot","startTime":233.31,"endTime":236.55,"body":"excluded, because firms are"},{"speaker":"Steve Elliot","startTime":236.55,"endTime":240.09,"body":"using the wrong data to try and"},{"speaker":"Steve Elliot","startTime":236.55,"endTime":240.09,"body":"predict future activity for"},{"speaker":"Steve Elliot","startTime":240.09,"endTime":240.45,"body":"people."},{"speaker":"YS Chi","startTime":240.45,"endTime":243.39,"body":"Right, we're going to"},{"speaker":"YS Chi","startTime":240.45,"endTime":243.39,"body":"get to that a little bit later,"},{"speaker":"YS Chi","startTime":243.39,"endTime":247.53,"body":"again, about the past behaviour"},{"speaker":"YS Chi","startTime":243.39,"endTime":247.53,"body":"pattern. But just how big is"},{"speaker":"YS Chi","startTime":247.53,"endTime":252.48,"body":"this issue? How many people in"},{"speaker":"YS Chi","startTime":247.53,"endTime":252.48,"body":"the UK, for example, are"},{"speaker":"YS Chi","startTime":252.48,"endTime":256.86,"body":"struggling to get access to"},{"speaker":"YS Chi","startTime":252.48,"endTime":256.86,"body":"credit, since UK is a very"},{"speaker":"YS Chi","startTime":256.86,"endTime":257.76,"body":"developed country?"},{"speaker":"Steve Elliot","startTime":258.45,"endTime":260.67,"body":"Well, it's bigger"},{"speaker":"Steve Elliot","startTime":258.45,"endTime":260.67,"body":"than you think. And as you say,"},{"speaker":"Steve Elliot","startTime":260.67,"endTime":264.21,"body":"the UK is a developed country,"},{"speaker":"Steve Elliot","startTime":260.67,"endTime":264.21,"body":"it's reliant. It's relied on all"},{"speaker":"Steve Elliot","startTime":264.21,"endTime":266.76,"body":"sorts of data to score credit"},{"speaker":"Steve Elliot","startTime":264.21,"endTime":266.76,"body":"over a long period of time, and"},{"speaker":"Steve Elliot","startTime":266.76,"endTime":270.69,"body":"yet the problem still exists. So"},{"speaker":"Steve Elliot","startTime":266.76,"endTime":270.69,"body":"in terms of scale, we estimate"},{"speaker":"Steve Elliot","startTime":270.69,"endTime":274.86,"body":"that about 7.1 million people in"},{"speaker":"Steve Elliot","startTime":270.69,"endTime":274.86,"body":"the UK or put another way, about"},{"speaker":"Steve Elliot","startTime":274.89,"endTime":278.91,"body":"13.7% of the population, the"},{"speaker":"Steve Elliot","startTime":274.89,"endTime":278.91,"body":"adult population that are"},{"speaker":"Steve Elliot","startTime":278.91,"endTime":282.51,"body":"struggling to access credit at"},{"speaker":"Steve Elliot","startTime":278.91,"endTime":282.51,"body":"the right price, or to access"},{"speaker":"Steve Elliot","startTime":282.51,"endTime":286.5,"body":"credit at all, because they have"},{"speaker":"Steve Elliot","startTime":282.51,"endTime":286.5,"body":"very thin credit files or no"},{"speaker":"Steve Elliot","startTime":286.5,"endTime":289.38,"body":"files at all. So when firms are"},{"speaker":"Steve Elliot","startTime":286.5,"endTime":289.38,"body":"trying to score them, they"},{"speaker":"Steve Elliot","startTime":289.38,"endTime":292.29,"body":"struggle to do so accurately and"},{"speaker":"Steve Elliot","startTime":289.38,"endTime":292.29,"body":"that's at some scale."},{"speaker":"YS Chi","startTime":292.41,"endTime":296.79,"body":"So, I mean, I used to be"},{"speaker":"YS Chi","startTime":292.41,"endTime":296.79,"body":"a banker and, you know, we would"},{"speaker":"YS Chi","startTime":296.79,"endTime":301.14,"body":"indeed make decisions about"},{"speaker":"YS Chi","startTime":296.79,"endTime":301.14,"body":"credit worthiness based on past"},{"speaker":"YS Chi","startTime":301.14,"endTime":304.62,"body":"behaviour, because that is the"},{"speaker":"YS Chi","startTime":301.14,"endTime":304.62,"body":"only predictor we had going"},{"speaker":"YS Chi","startTime":304.62,"endTime":307.74,"body":"forward. So how is that any"},{"speaker":"YS Chi","startTime":304.62,"endTime":307.74,"body":"different today, Steve?"},{"speaker":"Steve Elliot","startTime":308.32,"endTime":310.57,"body":"Well it used to be"},{"speaker":"Steve Elliot","startTime":308.32,"endTime":310.57,"body":"the only predictor predictor of"},{"speaker":"Steve Elliot","startTime":310.6,"endTime":313.39,"body":"behaviour going forward. But now"},{"speaker":"Steve Elliot","startTime":310.6,"endTime":313.39,"body":"using more data assets, you can"},{"speaker":"Steve Elliot","startTime":313.39,"endTime":316.15,"body":"actually be much more accurate"},{"speaker":"Steve Elliot","startTime":313.39,"endTime":316.15,"body":"in terms of predicting the"},{"speaker":"Steve Elliot","startTime":316.15,"endTime":319.45,"body":"future, you can look at not just"},{"speaker":"Steve Elliot","startTime":316.15,"endTime":319.45,"body":"how they behave in their"},{"speaker":"Steve Elliot","startTime":319.45,"endTime":323.11,"body":"existing credit records, but"},{"speaker":"Steve Elliot","startTime":319.45,"endTime":323.11,"body":"also how they behave in terms of"},{"speaker":"Steve Elliot","startTime":323.11,"endTime":326.86,"body":"the lifestyle around them, who"},{"speaker":"Steve Elliot","startTime":323.11,"endTime":326.86,"body":"they interact with, and so on,"},{"speaker":"Steve Elliot","startTime":326.86,"endTime":330.1,"body":"and so on. And then you can use"},{"speaker":"Steve Elliot","startTime":326.86,"endTime":330.1,"body":"analytics to actually look at"},{"speaker":"Steve Elliot","startTime":330.1,"endTime":332.83,"body":"the key indicators that will"},{"speaker":"Steve Elliot","startTime":330.1,"endTime":332.83,"body":"tell you how they're going to"},{"speaker":"Steve Elliot","startTime":332.83,"endTime":336.13,"body":"behave in the future. But the"},{"speaker":"Steve Elliot","startTime":332.83,"endTime":336.13,"body":"problem is even broader than"},{"speaker":"Steve Elliot","startTime":336.13,"endTime":340.09,"body":"that. If I relate it directly"},{"speaker":"Steve Elliot","startTime":336.13,"endTime":340.09,"body":"back to financial inclusion and"},{"speaker":"Steve Elliot","startTime":340.09,"endTime":342.82,"body":"exclusion, if you don't have"},{"speaker":"Steve Elliot","startTime":340.09,"endTime":342.82,"body":"that record, then you can't"},{"speaker":"Steve Elliot","startTime":342.82,"endTime":344.86,"body":"actually look at the past"},{"speaker":"Steve Elliot","startTime":342.82,"endTime":344.86,"body":"behaviour to work out what the"},{"speaker":"Steve Elliot","startTime":344.86,"endTime":348.25,"body":"future behaviour is going to be."},{"speaker":"Steve Elliot","startTime":344.86,"endTime":348.25,"body":"And I'll give the example of my"},{"speaker":"Steve Elliot","startTime":348.25,"endTime":351.55,"body":"own children. My own children"},{"speaker":"Steve Elliot","startTime":348.25,"endTime":351.55,"body":"are trying to enter the markets"},{"speaker":"Steve Elliot","startTime":351.55,"endTime":354.76,"body":"at the moment but  because they"},{"speaker":"Steve Elliot","startTime":351.55,"endTime":354.76,"body":"have no past behaviour, they're"},{"speaker":"Steve Elliot","startTime":355.15,"endTime":359.38,"body":"almost compelled to take out"},{"speaker":"Steve Elliot","startTime":355.15,"endTime":359.38,"body":"debt or credit in order to try"},{"speaker":"Steve Elliot","startTime":359.38,"endTime":362.35,"body":"and create a profile so that"},{"speaker":"Steve Elliot","startTime":359.38,"endTime":362.35,"body":"firms can actually predict what"},{"speaker":"Steve Elliot","startTime":362.35,"endTime":366.88,"body":"they might do. So the current"},{"speaker":"Steve Elliot","startTime":362.35,"endTime":366.88,"body":"ways actually need an awful lot"},{"speaker":"Steve Elliot","startTime":366.88,"endTime":367.48,"body":"of improvement."},{"speaker":"YS Chi","startTime":368.13,"endTime":370.83,"body":"Yes, and my kids are"},{"speaker":"YS Chi","startTime":368.13,"endTime":370.83,"body":"doing exactly the same saying"},{"speaker":"YS Chi","startTime":371.07,"endTime":374.19,"body":"they need to take out loans just"},{"speaker":"YS Chi","startTime":371.07,"endTime":374.19,"body":"so that they have credit record."},{"speaker":"Steve Elliot","startTime":374.81,"endTime":376.13,"body":"Well, that's"},{"speaker":"Steve Elliot","startTime":374.81,"endTime":376.13,"body":"right, we encourage people to"},{"speaker":"Steve Elliot","startTime":376.13,"endTime":378.83,"body":"take debt to try and build a"},{"speaker":"Steve Elliot","startTime":376.13,"endTime":378.83,"body":"credit profile. And that's got"},{"speaker":"Steve Elliot","startTime":378.83,"endTime":381.5,"body":"to be the wrong way of doing"},{"speaker":"Steve Elliot","startTime":378.83,"endTime":381.5,"body":"things. And if we consider some"},{"speaker":"Steve Elliot","startTime":381.5,"endTime":385.49,"body":"of the consequences of that, we"},{"speaker":"Steve Elliot","startTime":381.5,"endTime":385.49,"body":"can see short term loan"},{"speaker":"Steve Elliot","startTime":385.49,"endTime":388.31,"body":"applications on the increase at"},{"speaker":"Steve Elliot","startTime":385.49,"endTime":388.31,"body":"the moment - many more people"},{"speaker":"Steve Elliot","startTime":388.31,"endTime":392.12,"body":"are applying for for short term"},{"speaker":"Steve Elliot","startTime":388.31,"endTime":392.12,"body":"loans in order to try and"},{"speaker":"Steve Elliot","startTime":392.78,"endTime":395.54,"body":"improve their position because"},{"speaker":"Steve Elliot","startTime":392.78,"endTime":395.54,"body":"they can't get access to the"},{"speaker":"Steve Elliot","startTime":395.54,"endTime":397.97,"body":"right credit at the right price."},{"speaker":"YS Chi","startTime":398.28,"endTime":401.43,"body":"Let's delve in a little"},{"speaker":"YS Chi","startTime":398.28,"endTime":401.43,"body":"deeper into that. I don't want"},{"speaker":"YS Chi","startTime":401.43,"endTime":405.96,"body":"to underestimate or understate"},{"speaker":"YS Chi","startTime":401.43,"endTime":405.96,"body":"just how bad the consequences of"},{"speaker":"YS Chi","startTime":405.96,"endTime":410.13,"body":"not having access to credit are."},{"speaker":"YS Chi","startTime":405.96,"endTime":410.13,"body":"But for many people, it can be"},{"speaker":"YS Chi","startTime":410.13,"endTime":413.31,"body":"hard to picture what exactly"},{"speaker":"YS Chi","startTime":410.13,"endTime":413.31,"body":"happens when you don't have a"},{"speaker":"YS Chi","startTime":413.31,"endTime":416.34,"body":"credit history? Can you just"},{"speaker":"YS Chi","startTime":413.31,"endTime":416.34,"body":"give us some very simple"},{"speaker":"YS Chi","startTime":416.34,"endTime":417.63,"body":"examples of this?"},{"speaker":"Steve Elliot","startTime":418.38,"endTime":420.3,"body":"Well absolutely."},{"speaker":"Steve Elliot","startTime":418.38,"endTime":420.3,"body":"So what does credit mean? Credit"},{"speaker":"Steve Elliot","startTime":420.3,"endTime":423.24,"body":"means more than just credit"},{"speaker":"Steve Elliot","startTime":420.3,"endTime":423.24,"body":"cards, it means access to"},{"speaker":"Steve Elliot","startTime":423.24,"endTime":427.2,"body":"mortgages, it means access to"},{"speaker":"Steve Elliot","startTime":423.24,"endTime":427.2,"body":"loans that people use to pay for"},{"speaker":"Steve Elliot","startTime":427.2,"endTime":430.56,"body":"education to improve their"},{"speaker":"Steve Elliot","startTime":427.2,"endTime":430.56,"body":"lifestyle, to improve their"},{"speaker":"Steve Elliot","startTime":430.59,"endTime":436.83,"body":"financial wellbeing. It means"},{"speaker":"Steve Elliot","startTime":430.59,"endTime":436.83,"body":"access to energy supplies. And"},{"speaker":"Steve Elliot","startTime":436.83,"endTime":440.52,"body":"in the UK, we see increasing"},{"speaker":"Steve Elliot","startTime":436.83,"endTime":440.52,"body":"numbers of people having to get"},{"speaker":"Steve Elliot","startTime":440.55,"endTime":444.39,"body":"pay as you go meters, which are"},{"speaker":"Steve Elliot","startTime":440.55,"endTime":444.39,"body":"very expensive, because the"},{"speaker":"Steve Elliot","startTime":444.39,"endTime":447.93,"body":"utility companies are struggling"},{"speaker":"Steve Elliot","startTime":444.39,"endTime":447.93,"body":"to credit rate them and provide"},{"speaker":"Steve Elliot","startTime":447.93,"endTime":451.83,"body":"them with access to utility. So"},{"speaker":"Steve Elliot","startTime":447.93,"endTime":451.83,"body":"it means that right across"},{"speaker":"Steve Elliot","startTime":451.83,"endTime":456.57,"body":"people's lifestyle, if you can't"},{"speaker":"Steve Elliot","startTime":451.83,"endTime":456.57,"body":"credit risk rate, or you can't"},{"speaker":"Steve Elliot","startTime":456.57,"endTime":459.63,"body":"get effective credit scoring"},{"speaker":"Steve Elliot","startTime":456.57,"endTime":459.63,"body":"against you, you end up paying"},{"speaker":"Steve Elliot","startTime":459.63,"endTime":463.08,"body":"more for things more for energy,"},{"speaker":"Steve Elliot","startTime":459.63,"endTime":463.08,"body":"more for mortgages, if you can"},{"speaker":"Steve Elliot","startTime":463.08,"endTime":465.9,"body":"get them, more for credit cards,"},{"speaker":"Steve Elliot","startTime":463.08,"endTime":465.9,"body":"because you're considered to be"},{"speaker":"Steve Elliot","startTime":465.9,"endTime":468.0,"body":"a higher risk when in fact you"},{"speaker":"Steve Elliot","startTime":465.9,"endTime":468.0,"body":"might not be."},{"speaker":"YS Chi","startTime":468.6,"endTime":471.18,"body":"Right, and I understand"},{"speaker":"YS Chi","startTime":468.6,"endTime":471.18,"body":"you have an interesting story"},{"speaker":"YS Chi","startTime":471.18,"endTime":471.99,"body":"yourself."},{"speaker":"Steve Elliot","startTime":472.44,"endTime":474.6,"body":"That's right,"},{"speaker":"Steve Elliot","startTime":472.44,"endTime":474.6,"body":"you're well informed! Yeah. So"},{"speaker":"Steve Elliot","startTime":474.6,"endTime":478.65,"body":"I, I lived many years out in"},{"speaker":"Steve Elliot","startTime":474.6,"endTime":478.65,"body":"Hong Kong. I did a number of"},{"speaker":"Steve Elliot","startTime":478.65,"endTime":481.59,"body":"things in Hong Kong. And I"},{"speaker":"Steve Elliot","startTime":478.65,"endTime":481.59,"body":"didn't come back to the UK until"},{"speaker":"Steve Elliot","startTime":481.59,"endTime":485.34,"body":"I was in my 30s. I came back to"},{"speaker":"Steve Elliot","startTime":481.59,"endTime":485.34,"body":"the UK and I had no debt in the"},{"speaker":"Steve Elliot","startTime":485.34,"endTime":490.92,"body":"UK. I'm a British national. I"},{"speaker":"Steve Elliot","startTime":485.34,"endTime":490.92,"body":"spent my childhood in the UK,"},{"speaker":"Steve Elliot","startTime":491.04,"endTime":493.65,"body":"came back with no debt. But I"},{"speaker":"Steve Elliot","startTime":491.04,"endTime":493.65,"body":"couldn't get any credit. I"},{"speaker":"Steve Elliot","startTime":493.65,"endTime":496.5,"body":"couldn't get a mortgage. I"},{"speaker":"Steve Elliot","startTime":493.65,"endTime":496.5,"body":"couldn't get credit cards, even"},{"speaker":"Steve Elliot","startTime":496.5,"endTime":498.9,"body":"though I had no debt. And I"},{"speaker":"Steve Elliot","startTime":496.5,"endTime":498.9,"body":"couldn't get them, because in"},{"speaker":"Steve Elliot","startTime":498.9,"endTime":503.19,"body":"the UK, I didn't have a credit"},{"speaker":"Steve Elliot","startTime":498.9,"endTime":503.19,"body":"record. So I had a job but"},{"speaker":"Steve Elliot","startTime":503.19,"endTime":507.33,"body":"struggled actually to just"},{"speaker":"Steve Elliot","startTime":503.19,"endTime":507.33,"body":"interact with the environment"},{"speaker":"Steve Elliot","startTime":507.33,"endTime":509.97,"body":"around me because I couldn't get"},{"speaker":"Steve Elliot","startTime":507.33,"endTime":509.97,"body":"access to that credit. And yet I"},{"speaker":"Steve Elliot","startTime":509.97,"endTime":511.38,"body":"was in a reasonable position."},{"speaker":"YS Chi","startTime":511.41,"endTime":516.33,"body":"Yeah, well, you probably"},{"speaker":"YS Chi","startTime":511.41,"endTime":516.33,"body":"were what you call in your"},{"speaker":"YS Chi","startTime":516.33,"endTime":518.73,"body":"industry, an invisible person,"},{"speaker":"YS Chi","startTime":516.33,"endTime":518.73,"body":"huh?"},{"speaker":"Steve Elliot","startTime":518.0,"endTime":522.62,"body":"Well, exactly. So"},{"speaker":"Steve Elliot","startTime":518.0,"endTime":522.62,"body":"I had no file, so invisible, and"},{"speaker":"Steve Elliot","startTime":522.62,"endTime":525.86,"body":"yet I had income, right. And I"},{"speaker":"Steve Elliot","startTime":522.62,"endTime":525.86,"body":"was able to service the debt if"},{"speaker":"Steve Elliot","startTime":525.86,"endTime":527.81,"body":"I had it, but I wouldn't be"},{"speaker":"Steve Elliot","startTime":525.86,"endTime":527.81,"body":"alone. So if we think through"},{"speaker":"Steve Elliot","startTime":527.81,"endTime":531.29,"body":"examples, there's lots of other"},{"speaker":"Steve Elliot","startTime":527.81,"endTime":531.29,"body":"people in the same situation."},{"speaker":"Steve Elliot","startTime":531.56,"endTime":534.35,"body":"Quite often when couples are"},{"speaker":"Steve Elliot","startTime":531.56,"endTime":534.35,"body":"going through divorces, that you"},{"speaker":"Steve Elliot","startTime":534.35,"endTime":536.75,"body":"find that the financial"},{"speaker":"Steve Elliot","startTime":534.35,"endTime":536.75,"body":"arrangements were in the name of"},{"speaker":"Steve Elliot","startTime":536.75,"endTime":539.9,"body":"the husband. And then the wife"},{"speaker":"Steve Elliot","startTime":536.75,"endTime":539.9,"body":"will struggle to get access to"},{"speaker":"Steve Elliot","startTime":539.9,"endTime":544.91,"body":"credit for rental arrangements,"},{"speaker":"Steve Elliot","startTime":539.9,"endTime":544.91,"body":"for energy services for credit"},{"speaker":"Steve Elliot","startTime":544.91,"endTime":546.83,"body":"cards, and so on. Like I've"},{"speaker":"Steve Elliot","startTime":544.91,"endTime":546.83,"body":"explained because they don't"},{"speaker":"Steve Elliot","startTime":546.83,"endTime":550.13,"body":"have a file. Children, young"},{"speaker":"Steve Elliot","startTime":546.83,"endTime":550.13,"body":"people, as they're entering the"},{"speaker":"Steve Elliot","startTime":550.13,"endTime":554.24,"body":"market will struggle to evidence"},{"speaker":"Steve Elliot","startTime":550.13,"endTime":554.24,"body":"their records, and all sorts of"},{"speaker":"Steve Elliot","startTime":554.24,"endTime":557.6,"body":"other people moving across the"},{"speaker":"Steve Elliot","startTime":554.24,"endTime":557.6,"body":"country, even the elderly"},{"speaker":"Steve Elliot","startTime":557.66,"endTime":560.96,"body":"struggle, because they tend to"},{"speaker":"Steve Elliot","startTime":557.66,"endTime":560.96,"body":"have less credit having already"},{"speaker":"Steve Elliot","startTime":560.96,"endTime":563.63,"body":"paid things off. But when they"},{"speaker":"Steve Elliot","startTime":560.96,"endTime":563.63,"body":"do need to return back to the"},{"speaker":"Steve Elliot","startTime":563.63,"endTime":565.82,"body":"credit markets, they struggle"},{"speaker":"Steve Elliot","startTime":563.63,"endTime":565.82,"body":"because they haven't got the"},{"speaker":"Steve Elliot","startTime":565.82,"endTime":567.98,"body":"profiles, so it impacts a lot of"},{"speaker":"Steve Elliot","startTime":565.82,"endTime":567.98,"body":"people"},{"speaker":"YS Chi","startTime":569.09,"endTime":573.98,"body":"Specifically in the UK,"},{"speaker":"YS Chi","startTime":569.09,"endTime":573.98,"body":"since you cover this territory,"},{"speaker":"YS Chi","startTime":574.34,"endTime":577.49,"body":"is it something that is evenly"},{"speaker":"YS Chi","startTime":574.34,"endTime":577.49,"body":"distributed throughout the"},{"speaker":"YS Chi","startTime":577.49,"endTime":581.24,"body":"country? Or is it something that"},{"speaker":"YS Chi","startTime":577.49,"endTime":581.24,"body":"is more pronounced in certain"},{"speaker":"YS Chi","startTime":581.24,"endTime":582.74,"body":"parts of the UK?"},{"speaker":"Steve Elliot","startTime":584.09,"endTime":587.57,"body":"There are regional"},{"speaker":"Steve Elliot","startTime":584.09,"endTime":587.57,"body":"differences for financial"},{"speaker":"Steve Elliot","startTime":587.57,"endTime":590.03,"body":"inclusion but also the"},{"speaker":"Steve Elliot","startTime":587.57,"endTime":590.03,"body":"consequences of not being"},{"speaker":"Steve Elliot","startTime":590.03,"endTime":593.9,"body":"financially included. And we see"},{"speaker":"Steve Elliot","startTime":590.03,"endTime":593.9,"body":"actually the differences where"},{"speaker":"Steve Elliot","startTime":593.9,"endTime":597.74,"body":"you'd expect to see them in the"},{"speaker":"Steve Elliot","startTime":593.9,"endTime":597.74,"body":"UK so London and the surrounding"},{"speaker":"Steve Elliot","startTime":597.74,"endTime":602.21,"body":"areas has a lower incidence of"},{"speaker":"Steve Elliot","startTime":597.74,"endTime":602.21,"body":"financial exclusion sorry, then"},{"speaker":"Steve Elliot","startTime":602.21,"endTime":605.87,"body":"the north of England or Wales."},{"speaker":"Steve Elliot","startTime":602.21,"endTime":605.87,"body":"Wales, in fact of the Home"},{"speaker":"Steve Elliot","startTime":605.87,"endTime":608.75,"body":"Nations other than Northern"},{"speaker":"Steve Elliot","startTime":605.87,"endTime":608.75,"body":"Ireland has the highest rates of"},{"speaker":"Steve Elliot","startTime":608.75,"endTime":612.53,"body":"financial exclusion. And then"},{"speaker":"Steve Elliot","startTime":608.75,"endTime":612.53,"body":"you can go into that further and"},{"speaker":"Steve Elliot","startTime":612.53,"endTime":615.8,"body":"look at the usual areas where"},{"speaker":"Steve Elliot","startTime":612.53,"endTime":615.8,"body":"there are economic difficulties"},{"speaker":"Steve Elliot","startTime":615.8,"endTime":618.02,"body":"across the nation and see,"},{"speaker":"Steve Elliot","startTime":615.8,"endTime":618.02,"body":"actually there are further"},{"speaker":"Steve Elliot","startTime":618.02,"endTime":621.44,"body":"trends there as well. So it's"},{"speaker":"Steve Elliot","startTime":618.02,"endTime":621.44,"body":"trended by geography, but also"},{"speaker":"Steve Elliot","startTime":621.44,"endTime":624.98,"body":"trended by age group. And we see"},{"speaker":"Steve Elliot","startTime":621.44,"endTime":624.98,"body":"a big impact in the in the"},{"speaker":"Steve Elliot","startTime":624.98,"endTime":627.62,"body":"younger age group where they are"},{"speaker":"Steve Elliot","startTime":624.98,"endTime":627.62,"body":"trying to enter the market."},{"speaker":"YS Chi","startTime":627.96,"endTime":632.73,"body":"Right? So what can we"},{"speaker":"YS Chi","startTime":627.96,"endTime":632.73,"body":"do? What is our unique"},{"speaker":"YS Chi","startTime":632.73,"endTime":638.1,"body":"contribution as LexisNexis Risk"},{"speaker":"YS Chi","startTime":632.73,"endTime":638.1,"body":"Solutions to this issue in the"},{"speaker":"YS Chi","startTime":638.1,"endTime":638.82,"body":"UK?"},{"speaker":"Steve Elliot","startTime":639.56,"endTime":641.93,"body":"Well we can"},{"speaker":"Steve Elliot","startTime":639.56,"endTime":641.93,"body":"provide much better credit"},{"speaker":"Steve Elliot","startTime":641.96,"endTime":646.34,"body":"forecasting, so we have a very"},{"speaker":"Steve Elliot","startTime":641.96,"endTime":646.34,"body":"broad set of data assets that"},{"speaker":"Steve Elliot","startTime":646.34,"endTime":649.79,"body":"look not just at the past, but"},{"speaker":"Steve Elliot","startTime":646.34,"endTime":649.79,"body":"what people are doing today,"},{"speaker":"Steve Elliot","startTime":650.15,"endTime":653.45,"body":"that looks not just at their"},{"speaker":"Steve Elliot","startTime":650.15,"endTime":653.45,"body":"credit records, but also lots of"},{"speaker":"Steve Elliot","startTime":653.45,"endTime":656.6,"body":"other lifestyle records as well."},{"speaker":"Steve Elliot","startTime":653.45,"endTime":656.6,"body":"All of our data is"},{"speaker":"Steve Elliot","startTime":656.6,"endTime":660.53,"body":"credentialised, it's real data."},{"speaker":"Steve Elliot","startTime":656.6,"endTime":660.53,"body":"None of it is social media data,"},{"speaker":"Steve Elliot","startTime":660.59,"endTime":664.73,"body":"it is real activity data. And"},{"speaker":"Steve Elliot","startTime":660.59,"endTime":664.73,"body":"we've linked all of this data"},{"speaker":"Steve Elliot","startTime":664.73,"endTime":668.57,"body":"together into single profiles"},{"speaker":"Steve Elliot","startTime":664.73,"endTime":668.57,"body":"for people. It includes the"},{"speaker":"Steve Elliot","startTime":668.57,"endTime":671.15,"body":"likes of, you know, name,"},{"speaker":"Steve Elliot","startTime":668.57,"endTime":671.15,"body":"address, date of birth, but the"},{"speaker":"Steve Elliot","startTime":671.15,"endTime":674.42,"body":"device they use, the email"},{"speaker":"Steve Elliot","startTime":671.15,"endTime":674.42,"body":"address they use, where they use"},{"speaker":"Steve Elliot","startTime":674.42,"endTime":677.69,"body":"it, how they use it, and so on."},{"speaker":"Steve Elliot","startTime":674.42,"endTime":677.69,"body":"And we've linked that together."},{"speaker":"Steve Elliot","startTime":677.72,"endTime":680.81,"body":"And then we can run analytics"},{"speaker":"Steve Elliot","startTime":677.72,"endTime":680.81,"body":"against it, to look at the"},{"speaker":"Steve Elliot","startTime":680.81,"endTime":685.28,"body":"network around them, to see how"},{"speaker":"Steve Elliot","startTime":680.81,"endTime":685.28,"body":"risky their entire network is."},{"speaker":"Steve Elliot","startTime":685.67,"endTime":688.19,"body":"And what that means in practice,"},{"speaker":"Steve Elliot","startTime":685.67,"endTime":688.19,"body":"it means that we can"},{"speaker":"Steve Elliot","startTime":688.19,"endTime":692.57,"body":"authenticate very fast, but we"},{"speaker":"Steve Elliot","startTime":688.19,"endTime":692.57,"body":"can also risk rate very"},{"speaker":"Steve Elliot","startTime":692.57,"endTime":696.14,"body":"effectively. And that has real"},{"speaker":"Steve Elliot","startTime":692.57,"endTime":696.14,"body":"tangible benefit, not just for"},{"speaker":"Steve Elliot","startTime":696.14,"endTime":698.48,"body":"the individual, but for industry"},{"speaker":"Steve Elliot","startTime":696.14,"endTime":698.48,"body":"as well."},{"speaker":"YS Chi","startTime":699.11,"endTime":703.55,"body":"So this is years of"},{"speaker":"YS Chi","startTime":699.11,"endTime":703.55,"body":"experience that we have"},{"speaker":"YS Chi","startTime":703.55,"endTime":709.07,"body":"accumulated in these mixed of"},{"speaker":"YS Chi","startTime":703.55,"endTime":709.07,"body":"rich data that does predictive"},{"speaker":"YS Chi","startTime":709.07,"endTime":712.64,"body":"forecasting, is that correct?"},{"speaker":"YS Chi","startTime":709.07,"endTime":712.64,"body":"That's absolutely correct. And"},{"speaker":"YS Chi","startTime":712.64,"endTime":715.01,"body":"so it's a secret sauce of some"},{"speaker":"YS Chi","startTime":712.64,"endTime":715.01,"body":"sort."},{"speaker":"Steve Elliot","startTime":715.0,"endTime":717.79,"body":"That is the secret"},{"speaker":"Steve Elliot","startTime":715.0,"endTime":717.79,"body":"sauce. It's bringing all the"},{"speaker":"Steve Elliot","startTime":717.79,"endTime":720.58,"body":"data together, linking it"},{"speaker":"Steve Elliot","startTime":717.79,"endTime":720.58,"body":"together effectively to see the"},{"speaker":"Steve Elliot","startTime":720.58,"endTime":723.25,"body":"full network around an"},{"speaker":"Steve Elliot","startTime":720.58,"endTime":723.25,"body":"individual so you truly"},{"speaker":"Steve Elliot","startTime":723.25,"endTime":726.88,"body":"understand who they are and what"},{"speaker":"Steve Elliot","startTime":723.25,"endTime":726.88,"body":"risks they pose. And that's"},{"speaker":"Steve Elliot","startTime":726.88,"endTime":729.85,"body":"exciting for many reasons. It's"},{"speaker":"Steve Elliot","startTime":726.88,"endTime":729.85,"body":"exciting because you can"},{"speaker":"Steve Elliot","startTime":730.06,"endTime":732.82,"body":"understand credit risk far, far"},{"speaker":"Steve Elliot","startTime":730.06,"endTime":732.82,"body":"more effectively, you can"},{"speaker":"Steve Elliot","startTime":732.82,"endTime":736.45,"body":"predict risk far more"},{"speaker":"Steve Elliot","startTime":732.82,"endTime":736.45,"body":"effectively. To give you a quick"},{"speaker":"Steve Elliot","startTime":736.45,"endTime":738.76,"body":"example, in relation to that,"},{"speaker":"Steve Elliot","startTime":736.45,"endTime":738.76,"body":"when we've looked at it, we"},{"speaker":"Steve Elliot","startTime":738.76,"endTime":741.85,"body":"found there are much better"},{"speaker":"Steve Elliot","startTime":738.76,"endTime":741.85,"body":"predictors of a person's"},{"speaker":"Steve Elliot","startTime":741.85,"endTime":746.8,"body":"likelihood to pay or not pay"},{"speaker":"Steve Elliot","startTime":741.85,"endTime":746.8,"body":"than the historic credit payment"},{"speaker":"Steve Elliot","startTime":746.8,"endTime":748.96,"body":"record that firms typically rely"},{"speaker":"Steve Elliot","startTime":746.8,"endTime":748.96,"body":"on."},{"speaker":"YS Chi","startTime":749.49,"endTime":753.3,"body":"So this is really"},{"speaker":"YS Chi","startTime":749.49,"endTime":753.3,"body":"encouraging to know that we have"},{"speaker":"YS Chi","startTime":753.3,"endTime":758.46,"body":"expanded the view of the entire"},{"speaker":"YS Chi","startTime":753.3,"endTime":758.46,"body":"person rather than the very"},{"speaker":"YS Chi","startTime":758.46,"endTime":764.34,"body":"narrow past history. So that's"},{"speaker":"YS Chi","startTime":758.46,"endTime":764.34,"body":"great. But on the other hand, we"},{"speaker":"YS Chi","startTime":764.34,"endTime":768.75,"body":"all are worried about privacy."},{"speaker":"YS Chi","startTime":764.34,"endTime":768.75,"body":"It sounds like we have a lot of"},{"speaker":"YS Chi","startTime":768.75,"endTime":774.78,"body":"data. And how do you assure"},{"speaker":"YS Chi","startTime":768.75,"endTime":774.78,"body":"people on the street that this"},{"speaker":"YS Chi","startTime":774.78,"endTime":777.06,"body":"data is being used for good?"},{"speaker":"Steve Elliot","startTime":778.08,"endTime":781.23,"body":"Well, that's,"},{"speaker":"Steve Elliot","startTime":778.08,"endTime":781.23,"body":"that's a great question. I, too,"},{"speaker":"Steve Elliot","startTime":781.29,"endTime":784.53,"body":"am a consumer in the market. And"},{"speaker":"Steve Elliot","startTime":781.29,"endTime":784.53,"body":"I too, am always concerned about"},{"speaker":"Steve Elliot","startTime":784.56,"endTime":788.25,"body":"security and privacy. But with"},{"speaker":"Steve Elliot","startTime":784.56,"endTime":788.25,"body":"big data, provided you have"},{"speaker":"Steve Elliot","startTime":788.25,"endTime":792.42,"body":"strong governance and strong"},{"speaker":"Steve Elliot","startTime":788.25,"endTime":792.42,"body":"regulation in place, you can get"},{"speaker":"Steve Elliot","startTime":792.45,"endTime":796.11,"body":"increased assurance. So what do"},{"speaker":"Steve Elliot","startTime":792.45,"endTime":796.11,"body":"I mean by that? With more data,"},{"speaker":"Steve Elliot","startTime":796.11,"endTime":799.38,"body":"we can actually see if people"},{"speaker":"Steve Elliot","startTime":796.11,"endTime":799.38,"body":"are being targeted by"},{"speaker":"Steve Elliot","startTime":799.38,"endTime":803.37,"body":"fraudsters, we can see fraud"},{"speaker":"Steve Elliot","startTime":799.38,"endTime":803.37,"body":"networks starting to set up"},{"speaker":"Steve Elliot","startTime":803.37,"endTime":805.68,"body":"around individuals that you"},{"speaker":"Steve Elliot","startTime":803.37,"endTime":805.68,"body":"wouldn't typically see if you"},{"speaker":"Steve Elliot","startTime":805.68,"endTime":809.1,"body":"had less data. But we are"},{"speaker":"Steve Elliot","startTime":805.68,"endTime":809.1,"body":"extremely well governed, we are"},{"speaker":"Steve Elliot","startTime":809.1,"endTime":812.64,"body":"independently audited by our"},{"speaker":"Steve Elliot","startTime":809.1,"endTime":812.64,"body":"customers, we are regulated by"},{"speaker":"Steve Elliot","startTime":812.64,"endTime":817.89,"body":"the FCA. And we have very"},{"speaker":"Steve Elliot","startTime":812.64,"endTime":817.89,"body":"extensive controls in place that"},{"speaker":"Steve Elliot","startTime":817.92,"endTime":821.46,"body":"check the customers that we"},{"speaker":"Steve Elliot","startTime":817.92,"endTime":821.46,"body":"provide the data to, how they"},{"speaker":"Steve Elliot","startTime":821.46,"endTime":824.73,"body":"use it, how we use it, and so"},{"speaker":"Steve Elliot","startTime":821.46,"endTime":824.73,"body":"on. So we have a very"},{"speaker":"Steve Elliot","startTime":824.76,"endTime":827.28,"body":"comprehensive set of controls"},{"speaker":"Steve Elliot","startTime":824.76,"endTime":827.28,"body":"that ensure that we act"},{"speaker":"Steve Elliot","startTime":827.28,"endTime":827.97,"body":"responsibly."},{"speaker":"YS Chi","startTime":828.68,"endTime":833.9,"body":"Right. So I have two"},{"speaker":"YS Chi","startTime":828.68,"endTime":833.9,"body":"related questions. If a consumer"},{"speaker":"YS Chi","startTime":834.05,"endTime":839.3,"body":"hears this, is it explained in a"},{"speaker":"YS Chi","startTime":834.05,"endTime":839.3,"body":"street language that we can all"},{"speaker":"YS Chi","startTime":839.3,"endTime":843.14,"body":"understand? Or do you really"},{"speaker":"YS Chi","startTime":839.3,"endTime":843.14,"body":"need to be an expert and rely on"},{"speaker":"YS Chi","startTime":843.29,"endTime":847.55,"body":"FCA or ICO or other government"},{"speaker":"YS Chi","startTime":843.29,"endTime":847.55,"body":"entity to tell us that it's"},{"speaker":"YS Chi","startTime":847.55,"endTime":848.12,"body":"okay?"},{"speaker":"Steve Elliot","startTime":848.72,"endTime":850.67,"body":"If you're"},{"speaker":"Steve Elliot","startTime":848.72,"endTime":850.67,"body":"referring to the security of the"},{"speaker":"Steve Elliot","startTime":850.67,"endTime":855.77,"body":"data, it is a complex, complex"},{"speaker":"Steve Elliot","startTime":850.67,"endTime":855.77,"body":"issue. And the best way to"},{"speaker":"Steve Elliot","startTime":855.77,"endTime":858.98,"body":"understand it quickly is to"},{"speaker":"Steve Elliot","startTime":855.77,"endTime":858.98,"body":"confirm that we are regulated by"},{"speaker":"Steve Elliot","startTime":858.98,"endTime":861.77,"body":"the different entities. If you"},{"speaker":"Steve Elliot","startTime":858.98,"endTime":861.77,"body":"trust those entities, then you"},{"speaker":"Steve Elliot","startTime":861.77,"endTime":865.04,"body":"quickly get trust that we are"},{"speaker":"Steve Elliot","startTime":861.77,"endTime":865.04,"body":"governing the data effectively."},{"speaker":"Steve Elliot","startTime":865.85,"endTime":869.84,"body":"We are registered with the Data"},{"speaker":"Steve Elliot","startTime":865.85,"endTime":869.84,"body":"Protection Office. So with the"},{"speaker":"Steve Elliot","startTime":869.84,"endTime":872.57,"body":"Information Commissioner's"},{"speaker":"Steve Elliot","startTime":869.84,"endTime":872.57,"body":"Office and subject to their"},{"speaker":"Steve Elliot","startTime":872.57,"endTime":875.72,"body":"regulations as well. So if you"},{"speaker":"Steve Elliot","startTime":872.57,"endTime":875.72,"body":"trust those entities, and their"},{"speaker":"Steve Elliot","startTime":875.75,"endTime":880.04,"body":"oversight of us, you can trust"},{"speaker":"Steve Elliot","startTime":875.75,"endTime":880.04,"body":"our governance. But if people"},{"speaker":"Steve Elliot","startTime":880.04,"endTime":884.24,"body":"need to see more detail, then"},{"speaker":"Steve Elliot","startTime":880.04,"endTime":884.24,"body":"we're always happy to explain"},{"speaker":"Steve Elliot","startTime":884.24,"endTime":884.45,"body":"that."},{"speaker":"YS Chi","startTime":884.87,"endTime":889.88,"body":"So my second question is"},{"speaker":"YS Chi","startTime":884.87,"endTime":889.88,"body":"if quote unquote, a \"mistake\" is"},{"speaker":"YS Chi","startTime":889.88,"endTime":894.5,"body":"made in our, our assessment of"},{"speaker":"YS Chi","startTime":889.88,"endTime":894.5,"body":"the person's ability to pay,"},{"speaker":"YS Chi","startTime":894.5,"endTime":898.13,"body":"right? I literally put that in"},{"speaker":"YS Chi","startTime":894.5,"endTime":898.13,"body":"the quotation mark because it"},{"speaker":"YS Chi","startTime":898.13,"endTime":901.1,"body":"must be defined. If you think"},{"speaker":"YS Chi","startTime":898.13,"endTime":901.1,"body":"that's something was done"},{"speaker":"YS Chi","startTime":901.58,"endTime":906.86,"body":"wrongly in calculating the risk."},{"speaker":"YS Chi","startTime":901.58,"endTime":906.86,"body":"Is there a way to correct that"},{"speaker":"Steve Elliot","startTime":907.0,"endTime":907.93,"body":"That's, you know,"},{"speaker":"Steve Elliot","startTime":907.0,"endTime":907.93,"body":"again, another very strong"},{"speaker":"Steve Elliot","startTime":907.01,"endTime":907.91,"body":"as a consumer?"},{"speaker":"Steve Elliot","startTime":908.68,"endTime":910.15,"body":"question. So we ultimately don't"},{"speaker":"Steve Elliot","startTime":908.68,"endTime":910.15,"body":"make the decision about whether"},{"speaker":"Steve Elliot","startTime":910.15,"endTime":912.88,"body":"a consumer gets credit or not,"},{"speaker":"Steve Elliot","startTime":910.15,"endTime":912.88,"body":"we provide the insight to"},{"speaker":"Steve Elliot","startTime":912.88,"endTime":917.05,"body":"lenders, and lenders can use it"},{"speaker":"Steve Elliot","startTime":912.88,"endTime":917.05,"body":"along with yet more data assets"},{"speaker":"Steve Elliot","startTime":917.35,"endTime":924.97,"body":"to make their decisions. But a"},{"speaker":"Steve Elliot","startTime":917.35,"endTime":924.97,"body":"consumer might feel the decision"},{"speaker":"Steve Elliot","startTime":924.97,"endTime":928.42,"body":"was wrong. And we do have our"},{"speaker":"Steve Elliot","startTime":924.97,"endTime":928.42,"body":"own consumer complaint"},{"speaker":"Steve Elliot","startTime":928.48,"endTime":932.11,"body":"arrangements in place so that if"},{"speaker":"Steve Elliot","startTime":928.48,"endTime":932.11,"body":"a consumer thinks that we have"},{"speaker":"Steve Elliot","startTime":932.11,"endTime":935.53,"body":"the wrong data in relation to"},{"speaker":"Steve Elliot","startTime":932.11,"endTime":935.53,"body":"them, or our data is inaccurate,"},{"speaker":"Steve Elliot","startTime":935.68,"endTime":938.32,"body":"then they may make complaints to"},{"speaker":"Steve Elliot","startTime":935.68,"endTime":938.32,"body":"us, and we take a look at the"},{"speaker":"Steve Elliot","startTime":938.32,"endTime":941.98,"body":"data and review the data. And we"},{"speaker":"Steve Elliot","startTime":938.32,"endTime":941.98,"body":"ensure that the data is fully"},{"speaker":"Steve Elliot","startTime":941.98,"endTime":944.71,"body":"accurate and correct. So there"},{"speaker":"Steve Elliot","startTime":941.98,"endTime":944.71,"body":"are routes for the consumer,"},{"speaker":"Steve Elliot","startTime":944.71,"endTime":948.97,"body":"both with the lender themselves,"},{"speaker":"Steve Elliot","startTime":944.71,"endTime":948.97,"body":"and directly with us to make"},{"speaker":"Steve Elliot","startTime":948.97,"endTime":951.97,"body":"sure that the data that we"},{"speaker":"Steve Elliot","startTime":948.97,"endTime":951.97,"body":"provide is accurate and true."},{"speaker":"YS Chi","startTime":952.56,"endTime":956.46,"body":"So it sounds to me like"},{"speaker":"YS Chi","startTime":952.56,"endTime":956.46,"body":"we are always in the background"},{"speaker":"YS Chi","startTime":956.46,"endTime":960.15,"body":"supporting our customers who"},{"speaker":"YS Chi","startTime":956.46,"endTime":960.15,"body":"then support the consumers."},{"speaker":"Steve Elliot","startTime":960.42,"endTime":963.3,"body":"Well that's kind"},{"speaker":"Steve Elliot","startTime":960.42,"endTime":963.3,"body":"of true. So we're powering big"},{"speaker":"Steve Elliot","startTime":963.3,"endTime":966.66,"body":"organisations, in fact, big"},{"speaker":"Steve Elliot","startTime":963.3,"endTime":966.66,"body":"medium, small organisations so"},{"speaker":"Steve Elliot","startTime":966.66,"endTime":970.2,"body":"that they can provide their"},{"speaker":"Steve Elliot","startTime":966.66,"endTime":970.2,"body":"customers, their consumers with"},{"speaker":"Steve Elliot","startTime":970.53,"endTime":973.32,"body":"access to credit, but also"},{"speaker":"Steve Elliot","startTime":970.53,"endTime":973.32,"body":"access to all sorts of other"},{"speaker":"Steve Elliot","startTime":973.32,"endTime":976.77,"body":"services as well. Consumers want"},{"speaker":"Steve Elliot","startTime":973.32,"endTime":976.77,"body":"to move from one service to the"},{"speaker":"Steve Elliot","startTime":976.77,"endTime":981.15,"body":"next very quickly. And we're"},{"speaker":"Steve Elliot","startTime":976.77,"endTime":981.15,"body":"enabling firms to identify to"},{"speaker":"Steve Elliot","startTime":981.15,"endTime":986.85,"body":"authenticate fast, to credit"},{"speaker":"Steve Elliot","startTime":981.15,"endTime":986.85,"body":"risk rate fast, to fraud assess"},{"speaker":"Steve Elliot","startTime":986.88,"endTime":989.82,"body":"individuals fast as well, so"},{"speaker":"Steve Elliot","startTime":986.88,"endTime":989.82,"body":"that they can get absolute"},{"speaker":"Steve Elliot","startTime":989.82,"endTime":993.75,"body":"security and move quickly"},{"speaker":"Steve Elliot","startTime":989.82,"endTime":993.75,"body":"through their own supply chain"},{"speaker":"Steve Elliot","startTime":993.75,"endTime":996.15,"body":"through the through the"},{"speaker":"Steve Elliot","startTime":993.75,"endTime":996.15,"body":"different services and products"},{"speaker":"Steve Elliot","startTime":996.15,"endTime":997.56,"body":"that they want to be accessing."},{"speaker":"YS Chi","startTime":998.55,"endTime":1001.73,"body":"So it sounds to me like"},{"speaker":"YS Chi","startTime":998.55,"endTime":1001.73,"body":"if this were a restaurant, you"},{"speaker":"YS Chi","startTime":1001.73,"endTime":1005.66,"body":"are letting our waiters and"},{"speaker":"YS Chi","startTime":1001.73,"endTime":1005.66,"body":"those who are in the front of"},{"speaker":"YS Chi","startTime":1005.69,"endTime":1009.95,"body":"the restaurant to get the"},{"speaker":"YS Chi","startTime":1005.69,"endTime":1009.95,"body":"feedback from the consumers. And"},{"speaker":"YS Chi","startTime":1009.95,"endTime":1012.92,"body":"you will change the secret sauce"},{"speaker":"YS Chi","startTime":1009.95,"endTime":1012.92,"body":"in the kitchen."},{"speaker":"Steve Elliot","startTime":1013.52,"endTime":1016.1,"body":"Absolutely, yeah,"},{"speaker":"Steve Elliot","startTime":1013.52,"endTime":1016.1,"body":"we need to make sure that the"},{"speaker":"Steve Elliot","startTime":1016.1,"endTime":1019.07,"body":"secret sauce, the data that we"},{"speaker":"Steve Elliot","startTime":1016.1,"endTime":1019.07,"body":"have is absolutely accurate. If"},{"speaker":"Steve Elliot","startTime":1019.07,"endTime":1023.15,"body":"it's not, then our own customers"},{"speaker":"Steve Elliot","startTime":1019.07,"endTime":1023.15,"body":"will stop using us. So the food"},{"speaker":"Steve Elliot","startTime":1023.18,"endTime":1026.0,"body":"in your kitchen analogy in your"},{"speaker":"Steve Elliot","startTime":1023.18,"endTime":1026.0,"body":"restaurant analogy is critical."},{"speaker":"Steve Elliot","startTime":1026.03,"endTime":1029.3,"body":"It needs to be the right food."},{"speaker":"Steve Elliot","startTime":1026.03,"endTime":1029.3,"body":"It needs to be safe, it needs to"},{"speaker":"Steve Elliot","startTime":1029.3,"endTime":1032.27,"body":"be prepared correctly. It needs"},{"speaker":"Steve Elliot","startTime":1029.3,"endTime":1032.27,"body":"to be right for the consumer and"},{"speaker":"Steve Elliot","startTime":1032.27,"endTime":1032.78,"body":"the customer."},{"speaker":"YS Chi","startTime":1032.81,"endTime":1038.84,"body":"Yeah so the data is the"},{"speaker":"YS Chi","startTime":1032.81,"endTime":1038.84,"body":"ingredient. Exactly. Great. Now"},{"speaker":"YS Chi","startTime":1038.84,"endTime":1042.5,"body":"I can relate to when it comes to"},{"speaker":"YS Chi","startTime":1038.84,"endTime":1042.5,"body":"food and golf, I can understand."},{"speaker":"YS Chi","startTime":1043.67,"endTime":1047.78,"body":"Thank you so much for spending"},{"speaker":"YS Chi","startTime":1043.67,"endTime":1047.78,"body":"time with us today. This was"},{"speaker":"YS Chi","startTime":1047.78,"endTime":1052.43,"body":"really very informative and"},{"speaker":"YS Chi","startTime":1047.78,"endTime":1052.43,"body":"educational, and I can hear"},{"speaker":"YS Chi","startTime":1052.52,"endTime":1054.05,"body":"excitement in your voice."},{"speaker":"Steve Elliot","startTime":1054.38,"endTime":1057.08,"body":"Well, there is"},{"speaker":"Steve Elliot","startTime":1054.38,"endTime":1057.08,"body":"genuine excitement. I used to be"},{"speaker":"Steve Elliot","startTime":1057.08,"endTime":1061.55,"body":"many years ago in in the police"},{"speaker":"Steve Elliot","startTime":1057.08,"endTime":1061.55,"body":"out in Hong Kong actually. And I"},{"speaker":"Steve Elliot","startTime":1061.55,"endTime":1066.65,"body":"can see here, how more effective"},{"speaker":"Steve Elliot","startTime":1061.55,"endTime":1066.65,"body":"we are able to be in fighting"},{"speaker":"Steve Elliot","startTime":1066.65,"endTime":1070.31,"body":"fraud and fighting criminals."},{"speaker":"Steve Elliot","startTime":1066.65,"endTime":1070.31,"body":"But I've also been in in all"},{"speaker":"Steve Elliot","startTime":1070.31,"endTime":1073.16,"body":"sorts of financial services"},{"speaker":"Steve Elliot","startTime":1070.31,"endTime":1073.16,"body":"companies for many years. And"},{"speaker":"Steve Elliot","startTime":1073.16,"endTime":1076.58,"body":"again, here I can see how much"},{"speaker":"Steve Elliot","startTime":1073.16,"endTime":1076.58,"body":"better we can enable them to be"},{"speaker":"Steve Elliot","startTime":1076.88,"endTime":1080.06,"body":"to provide services to their"},{"speaker":"Steve Elliot","startTime":1076.88,"endTime":1080.06,"body":"consumers. So I think what we do"},{"speaker":"Steve Elliot","startTime":1080.09,"endTime":1083.36,"body":"is incredibly exciting. And"},{"speaker":"Steve Elliot","startTime":1080.09,"endTime":1083.36,"body":"that's what motivates and drives"},{"speaker":"Steve Elliot","startTime":1083.36,"endTime":1083.99,"body":"all of us here."},{"speaker":"YS Chi","startTime":1084.92,"endTime":1088.46,"body":"And I agree with you, if"},{"speaker":"YS Chi","startTime":1084.92,"endTime":1088.46,"body":"we can make credit available to"},{"speaker":"YS Chi","startTime":1088.46,"endTime":1093.95,"body":"the right people more fairly and"},{"speaker":"YS Chi","startTime":1088.46,"endTime":1093.95,"body":"quickly, then it is good for the"},{"speaker":"YS Chi","startTime":1093.95,"endTime":1097.19,"body":"whole society because then the"},{"speaker":"YS Chi","startTime":1093.95,"endTime":1097.19,"body":"bad credit is distinguishable."},{"speaker":"YS Chi","startTime":1097.4,"endTime":1099.68,"body":"And we don't have to pay for the"},{"speaker":"YS Chi","startTime":1097.4,"endTime":1099.68,"body":"bad credit."},{"speaker":"Steve Elliot","startTime":1100.08,"endTime":1102.57,"body":"Exactly. People"},{"speaker":"Steve Elliot","startTime":1100.08,"endTime":1102.57,"body":"shouldn't be overpaying for the"},{"speaker":"Steve Elliot","startTime":1102.57,"endTime":1105.84,"body":"credit based on inaccurate risk"},{"speaker":"Steve Elliot","startTime":1102.57,"endTime":1105.84,"body":"assessments. They shouldn't be"},{"speaker":"Steve Elliot","startTime":1105.84,"endTime":1108.9,"body":"excluded because they can't be"},{"speaker":"Steve Elliot","startTime":1105.84,"endTime":1108.9,"body":"seen. They shouldn't be exposed"},{"speaker":"Steve Elliot","startTime":1108.9,"endTime":1111.48,"body":"to fraudsters and we can fight"},{"speaker":"Steve Elliot","startTime":1108.9,"endTime":1111.48,"body":"all of that and help all of"},{"speaker":"Steve Elliot","startTime":1111.48,"endTime":1111.72,"body":"that."},{"speaker":"YS Chi","startTime":1112.41,"endTime":1113.55,"body":"Well thank you, Steve."},{"speaker":"Steve Elliot","startTime":1113.94,"endTime":1114.93,"body":"Thank you very"},{"speaker":"Steve Elliot","startTime":1113.94,"endTime":1114.93,"body":"much."},{"speaker":"YS Chi","startTime":1115.26,"endTime":1118.71,"body":"The UK is a good example"},{"speaker":"YS Chi","startTime":1115.26,"endTime":1118.71,"body":"of how even rich economies can"},{"speaker":"YS Chi","startTime":1118.71,"endTime":1122.19,"body":"do much much more to help"},{"speaker":"YS Chi","startTime":1118.71,"endTime":1122.19,"body":"millions of adults gain access"},{"speaker":"YS Chi","startTime":1122.19,"endTime":1126.78,"body":"to fairer and more affordable"},{"speaker":"YS Chi","startTime":1122.19,"endTime":1126.78,"body":"financial services. So thank you"},{"speaker":"YS Chi","startTime":1126.78,"endTime":1131.76,"body":"again, Steve for being my guest"},{"speaker":"YS Chi","startTime":1126.78,"endTime":1131.76,"body":"today. And moving on, I now want"},{"speaker":"YS Chi","startTime":1131.76,"endTime":1134.91,"body":"to focus on a different region,"},{"speaker":"YS Chi","startTime":1131.76,"endTime":1134.91,"body":"Latin America."},{"speaker":"YS Chi","startTime":1143.69,"endTime":1147.17,"body":"My next guest is Carolina Costa,"},{"speaker":"YS Chi","startTime":1143.69,"endTime":1147.17,"body":"who heads RELX's government"},{"speaker":"YS Chi","startTime":1147.17,"endTime":1150.53,"body":"affairs division in Latin"},{"speaker":"YS Chi","startTime":1147.17,"endTime":1150.53,"body":"America. Carolina's work is"},{"speaker":"YS Chi","startTime":1150.56,"endTime":1154.31,"body":"crucial in enabling a good"},{"speaker":"YS Chi","startTime":1150.56,"endTime":1154.31,"body":"understanding of what RELX does,"},{"speaker":"YS Chi","startTime":1154.58,"endTime":1158.3,"body":"and ensuring trust between us,"},{"speaker":"YS Chi","startTime":1154.58,"endTime":1158.3,"body":"governments and other"},{"speaker":"YS Chi","startTime":1158.3,"endTime":1162.02,"body":"stakeholders in the region."},{"speaker":"YS Chi","startTime":1158.3,"endTime":1162.02,"body":"Welcome, Carolina, so glad to"},{"speaker":"YS Chi","startTime":1162.02,"endTime":1162.77,"body":"have you today."},{"speaker":"Carolina Costa","startTime":1163.37,"endTime":1166.07,"body":"YS, thank you so"},{"speaker":"Carolina Costa","startTime":1163.37,"endTime":1166.07,"body":"much it's a pleasure."},{"speaker":"YS Chi","startTime":1166.52,"endTime":1170.24,"body":"Yeah, so I started this"},{"speaker":"YS Chi","startTime":1166.52,"endTime":1170.24,"body":"episode, asking Steve Elliot for"},{"speaker":"YS Chi","startTime":1170.24,"endTime":1175.34,"body":"his own definition of financial"},{"speaker":"YS Chi","startTime":1170.24,"endTime":1175.34,"body":"inclusion. Now, this is, you"},{"speaker":"YS Chi","startTime":1175.34,"endTime":1178.76,"body":"know, another one of these terms"},{"speaker":"YS Chi","startTime":1175.34,"endTime":1178.76,"body":"that can mean a lot of things to"},{"speaker":"YS Chi","startTime":1178.76,"endTime":1182.9,"body":"different people. So I would"},{"speaker":"YS Chi","startTime":1178.76,"endTime":1182.9,"body":"like to get started with our"},{"speaker":"YS Chi","startTime":1182.9,"endTime":1186.47,"body":"conversation by asking, what"},{"speaker":"YS Chi","startTime":1182.9,"endTime":1186.47,"body":"does financial inclusion mean to"},{"speaker":"YS Chi","startTime":1186.47,"endTime":1190.49,"body":"you? Have you seen it affect"},{"speaker":"YS Chi","startTime":1186.47,"endTime":1190.49,"body":"individuals around you?"},{"speaker":"Carolina Costa","startTime":1191.32,"endTime":1194.14,"body":"Wonderful. Yes."},{"speaker":"Carolina Costa","startTime":1191.32,"endTime":1194.14,"body":"YS, so for me, financial"},{"speaker":"Carolina Costa","startTime":1194.14,"endTime":1197.92,"body":"inclusion means that individuals"},{"speaker":"Carolina Costa","startTime":1194.14,"endTime":1197.92,"body":"and businesses have access to"},{"speaker":"Carolina Costa","startTime":1197.92,"endTime":1202.06,"body":"useful and affordable financial"},{"speaker":"Carolina Costa","startTime":1197.92,"endTime":1202.06,"body":"services that meet their needs,"},{"speaker":"Carolina Costa","startTime":1202.09,"endTime":1205.03,"body":"and that are delivered in a"},{"speaker":"Carolina Costa","startTime":1202.09,"endTime":1205.03,"body":"responsible and sustainable way."},{"speaker":"Carolina Costa","startTime":1205.51,"endTime":1208.09,"body":"And here we're talking about"},{"speaker":"Carolina Costa","startTime":1205.51,"endTime":1208.09,"body":"services such as payments,"},{"speaker":"Carolina Costa","startTime":1208.09,"endTime":1212.2,"body":"savings, credit, insurance, so"},{"speaker":"Carolina Costa","startTime":1208.09,"endTime":1212.2,"body":"on and so forth. And by looking"},{"speaker":"Carolina Costa","startTime":1212.2,"endTime":1215.92,"body":"at financial inclusion from that"},{"speaker":"Carolina Costa","startTime":1212.2,"endTime":1215.92,"body":"perspective, it becomes clear"},{"speaker":"Carolina Costa","startTime":1215.92,"endTime":1220.45,"body":"that financial inclusion is a"},{"speaker":"Carolina Costa","startTime":1215.92,"endTime":1220.45,"body":"key enabler to reduce poverty"},{"speaker":"Carolina Costa","startTime":1220.48,"endTime":1224.95,"body":"and boost shared prosperity in"},{"speaker":"Carolina Costa","startTime":1220.48,"endTime":1224.95,"body":"our society. The case and the"},{"speaker":"Carolina Costa","startTime":1224.95,"endTime":1227.95,"body":"evidence that financial"},{"speaker":"Carolina Costa","startTime":1224.95,"endTime":1227.95,"body":"inclusion serves as a pillar for"},{"speaker":"Carolina Costa","startTime":1227.95,"endTime":1230.83,"body":"economic development is so"},{"speaker":"Carolina Costa","startTime":1227.95,"endTime":1230.83,"body":"strong that multilateral"},{"speaker":"Carolina Costa","startTime":1230.83,"endTime":1233.68,"body":"organisations have the issue"},{"speaker":"Carolina Costa","startTime":1230.83,"endTime":1233.68,"body":"ranking high on their"},{"speaker":"Carolina Costa","startTime":1233.68,"endTime":1236.68,"body":"priorities. We see a lot of"},{"speaker":"Carolina Costa","startTime":1233.68,"endTime":1236.68,"body":"activity on financial inclusion"},{"speaker":"Carolina Costa","startTime":1236.68,"endTime":1240.01,"body":"coming from the word bank, the"},{"speaker":"Carolina Costa","startTime":1236.68,"endTime":1240.01,"body":"G7, the G20, and the United"},{"speaker":"Carolina Costa","startTime":1240.01,"endTime":1243.37,"body":"Nations, which has identified"},{"speaker":"Carolina Costa","startTime":1240.01,"endTime":1243.37,"body":"financial inclusion as a key"},{"speaker":"Carolina Costa","startTime":1243.37,"endTime":1247.03,"body":"driver for achieving seven of"},{"speaker":"Carolina Costa","startTime":1243.37,"endTime":1247.03,"body":"the UN's 17 Sustainable"},{"speaker":"Carolina Costa","startTime":1247.03,"endTime":1247.99,"body":"Development Goals."},{"speaker":"YS Chi","startTime":1248.35,"endTime":1253.87,"body":"So how much financial"},{"speaker":"YS Chi","startTime":1248.35,"endTime":1253.87,"body":"exclusion is there today in"},{"speaker":"YS Chi","startTime":1253.87,"endTime":1256.84,"body":"Brazil, for example, or all of"},{"speaker":"YS Chi","startTime":1253.87,"endTime":1256.84,"body":"South America?"},{"speaker":"Carolina Costa","startTime":1257.35,"endTime":1261.61,"body":"Yes, it is a"},{"speaker":"Carolina Costa","startTime":1257.35,"endTime":1261.61,"body":"problem that is very much"},{"speaker":"Carolina Costa","startTime":1262.33,"endTime":1267.88,"body":"present in Brazil, and in Latin"},{"speaker":"Carolina Costa","startTime":1262.33,"endTime":1267.88,"body":"America, and the nature of"},{"speaker":"Carolina Costa","startTime":1267.88,"endTime":1272.17,"body":"financial exclusion in the"},{"speaker":"Carolina Costa","startTime":1267.88,"endTime":1272.17,"body":"region is complicated and"},{"speaker":"Carolina Costa","startTime":1272.17,"endTime":1276.43,"body":"presents several layers. For"},{"speaker":"Carolina Costa","startTime":1272.17,"endTime":1276.43,"body":"instance, when we're looking to"},{"speaker":"Carolina Costa","startTime":1276.46,"endTime":1280.99,"body":"specific groups, right, and"},{"speaker":"Carolina Costa","startTime":1276.46,"endTime":1280.99,"body":"those groups that are impacted"},{"speaker":"Carolina Costa","startTime":1280.99,"endTime":1286.72,"body":"by financial exclusion, they can"},{"speaker":"Carolina Costa","startTime":1280.99,"endTime":1286.72,"body":"be of many different backgrounds"},{"speaker":"Carolina Costa","startTime":1286.78,"endTime":1291.67,"body":"and part of many different"},{"speaker":"Carolina Costa","startTime":1286.78,"endTime":1291.67,"body":"groups. One that to me is close"},{"speaker":"Carolina Costa","startTime":1291.67,"endTime":1295.27,"body":"to my heart, I guess, is the"},{"speaker":"Carolina Costa","startTime":1291.67,"endTime":1295.27,"body":"financial exclusion of Latin"},{"speaker":"Carolina Costa","startTime":1295.27,"endTime":1299.56,"body":"women. But that is not limited"},{"speaker":"Carolina Costa","startTime":1295.27,"endTime":1299.56,"body":"only to women that are in the"},{"speaker":"Carolina Costa","startTime":1299.56,"endTime":1303.82,"body":"bottom of the social class."},{"speaker":"Carolina Costa","startTime":1299.56,"endTime":1303.82,"body":"Women across different social"},{"speaker":"Carolina Costa","startTime":1303.82,"endTime":1308.17,"body":"classes are impacted by existing"},{"speaker":"Carolina Costa","startTime":1303.82,"endTime":1308.17,"body":"limitations that result in"},{"speaker":"Carolina Costa","startTime":1308.17,"endTime":1311.41,"body":"financial exclusion. These"},{"speaker":"Carolina Costa","startTime":1308.17,"endTime":1311.41,"body":"limitations can be structural"},{"speaker":"Carolina Costa","startTime":1311.41,"endTime":1314.8,"body":"ones, such as a strong"},{"speaker":"Carolina Costa","startTime":1311.41,"endTime":1314.8,"body":"dependence on the family and the"},{"speaker":"Carolina Costa","startTime":1314.8,"endTime":1319.21,"body":"informal economy, high economic"},{"speaker":"Carolina Costa","startTime":1314.8,"endTime":1319.21,"body":"exposure or limited rights to"},{"speaker":"Carolina Costa","startTime":1319.21,"endTime":1323.56,"body":"own property. Other limitations"},{"speaker":"Carolina Costa","startTime":1319.21,"endTime":1323.56,"body":"may be what many referred to as"},{"speaker":"Carolina Costa","startTime":1323.56,"endTime":1327.43,"body":"the unseen barriers, unpaid"},{"speaker":"Carolina Costa","startTime":1323.56,"endTime":1327.43,"body":"work, the lack of family leave"},{"speaker":"Carolina Costa","startTime":1327.43,"endTime":1330.58,"body":"policies for new mothers or"},{"speaker":"Carolina Costa","startTime":1327.43,"endTime":1330.58,"body":"gender pay discrimination."},{"speaker":"Carolina Costa","startTime":1330.88,"endTime":1334.48,"body":"Cultural and social norms play a"},{"speaker":"Carolina Costa","startTime":1330.88,"endTime":1334.48,"body":"major role impacting the"},{"speaker":"Carolina Costa","startTime":1334.48,"endTime":1338.74,"body":"economic participation of women"},{"speaker":"Carolina Costa","startTime":1334.48,"endTime":1338.74,"body":"well into adulthood. When jobs"},{"speaker":"Carolina Costa","startTime":1338.74,"endTime":1342.19,"body":"are scarce, we often see that"},{"speaker":"Carolina Costa","startTime":1338.74,"endTime":1342.19,"body":"men tend to have more rights to"},{"speaker":"Carolina Costa","startTime":1342.19,"endTime":1346.33,"body":"those jobs than women do. Also,"},{"speaker":"Carolina Costa","startTime":1342.19,"endTime":1346.33,"body":"as a result of cultural and"},{"speaker":"Carolina Costa","startTime":1346.33,"endTime":1349.6,"body":"social norms, women can be"},{"speaker":"Carolina Costa","startTime":1346.33,"endTime":1349.6,"body":"discouraged to open their own"},{"speaker":"Carolina Costa","startTime":1349.6,"endTime":1352.36,"body":"bank accounts, so they can"},{"speaker":"Carolina Costa","startTime":1349.6,"endTime":1352.36,"body":"remain dependent on male"},{"speaker":"Carolina Costa","startTime":1352.36,"endTime":1357.34,"body":"figures. In Latin America,"},{"speaker":"Carolina Costa","startTime":1352.36,"endTime":1357.34,"body":"approximately 58% of men have an"},{"speaker":"Carolina Costa","startTime":1357.34,"endTime":1361.84,"body":"account compared to 51% of"},{"speaker":"Carolina Costa","startTime":1357.34,"endTime":1361.84,"body":"women. This suggests that around"},{"speaker":"Carolina Costa","startTime":1361.93,"endTime":1365.98,"body":"160 million women in Latin"},{"speaker":"Carolina Costa","startTime":1361.93,"endTime":1365.98,"body":"America do not have a bank"},{"speaker":"Carolina Costa","startTime":1365.98,"endTime":1371.65,"body":"account. Now, if I put my"},{"speaker":"Carolina Costa","startTime":1365.98,"endTime":1371.65,"body":"government relations hat on, you"},{"speaker":"Carolina Costa","startTime":1371.65,"endTime":1374.62,"body":"know, the call to action to"},{"speaker":"Carolina Costa","startTime":1371.65,"endTime":1374.62,"body":"players involved in the"},{"speaker":"Carolina Costa","startTime":1374.62,"endTime":1378.34,"body":"financial inclusion debate, or"},{"speaker":"Carolina Costa","startTime":1374.62,"endTime":1378.34,"body":"moving away from financial"},{"speaker":"Carolina Costa","startTime":1378.34,"endTime":1382.84,"body":"exclusion, is that gender cannot"},{"speaker":"Carolina Costa","startTime":1378.34,"endTime":1382.84,"body":"be an afterthought due to the"},{"speaker":"Carolina Costa","startTime":1382.84,"endTime":1386.71,"body":"design of policies dedicated to"},{"speaker":"Carolina Costa","startTime":1382.84,"endTime":1386.71,"body":"promote financial inclusion."},{"speaker":"Carolina Costa","startTime":1387.19,"endTime":1391.66,"body":"Integrating gender analysis into"},{"speaker":"Carolina Costa","startTime":1387.19,"endTime":1391.66,"body":"these policies, YS is critical,"},{"speaker":"Carolina Costa","startTime":1391.66,"endTime":1395.53,"body":"because women from the factory"},{"speaker":"Carolina Costa","startTime":1391.66,"endTime":1395.53,"body":"floor to the classroom to the"},{"speaker":"Carolina Costa","startTime":1395.53,"endTime":1398.14,"body":"boardroom, are the pillar for"},{"speaker":"Carolina Costa","startTime":1395.53,"endTime":1398.14,"body":"economic growth,"},{"speaker":"YS Chi","startTime":1398.86,"endTime":1403.6,"body":"So over the past 10"},{"speaker":"YS Chi","startTime":1398.86,"endTime":1403.6,"body":"years or so, I have been hearing"},{"speaker":"YS Chi","startTime":1403.6,"endTime":1408.13,"body":"that this situation has really"},{"speaker":"YS Chi","startTime":1403.6,"endTime":1408.13,"body":"improved very well. Still some"},{"speaker":"YS Chi","startTime":1408.13,"endTime":1414.22,"body":"way to go, of course, and that"},{"speaker":"YS Chi","startTime":1408.13,"endTime":1414.22,"body":"more people are getting access"},{"speaker":"YS Chi","startTime":1414.28,"endTime":1418.33,"body":"to financial services. Now in a"},{"speaker":"YS Chi","startTime":1414.28,"endTime":1418.33,"body":"world in which, as Steve"},{"speaker":"YS Chi","startTime":1418.36,"endTime":1422.11,"body":"described, where there's much"},{"speaker":"YS Chi","startTime":1418.36,"endTime":1422.11,"body":"more than bank account issues"},{"speaker":"YS Chi","startTime":1422.59,"endTime":1427.12,"body":"with all these digital"},{"speaker":"YS Chi","startTime":1422.59,"endTime":1427.12,"body":"transactions that we conduct"},{"speaker":"YS Chi","startTime":1427.12,"endTime":1434.98,"body":"every day, how is this affecting"},{"speaker":"YS Chi","startTime":1427.12,"endTime":1434.98,"body":"Brazil and Brazilian people"},{"speaker":"YS Chi","startTime":1434.98,"endTime":1438.85,"body":"without access to financial"},{"speaker":"YS Chi","startTime":1434.98,"endTime":1438.85,"body":"services, especially woman? Is"},{"speaker":"YS Chi","startTime":1438.85,"endTime":1442.24,"body":"this particularly easy for them?"},{"speaker":"YS Chi","startTime":1438.85,"endTime":1442.24,"body":"Or is it particularly hard for"},{"speaker":"Carolina Costa","startTime":1442.0,"endTime":1446.05,"body":"I think it's a"},{"speaker":"Carolina Costa","startTime":1442.0,"endTime":1446.05,"body":"bit of both. And, you know,"},{"speaker":"Carolina Costa","startTime":1442.24,"endTime":1442.54,"body":"them?"},{"speaker":"Carolina Costa","startTime":1446.05,"endTime":1450.19,"body":"talking about Brazil here is"},{"speaker":"Carolina Costa","startTime":1446.05,"endTime":1450.19,"body":"really fascinating, because in a"},{"speaker":"Carolina Costa","startTime":1450.19,"endTime":1455.11,"body":"way, I think Brazil is getting"},{"speaker":"Carolina Costa","startTime":1450.19,"endTime":1455.11,"body":"things right. Over the past two"},{"speaker":"Carolina Costa","startTime":1455.11,"endTime":1458.83,"body":"decades, Brazil has made some"},{"speaker":"Carolina Costa","startTime":1455.11,"endTime":1458.83,"body":"very important advances toward"},{"speaker":"Carolina Costa","startTime":1458.83,"endTime":1464.56,"body":"financial inclusion. A full 100%"},{"speaker":"Carolina Costa","startTime":1458.83,"endTime":1464.56,"body":"of Brazilian municipalities are"},{"speaker":"Carolina Costa","startTime":1464.56,"endTime":1468.43,"body":"served by some type of facility"},{"speaker":"Carolina Costa","startTime":1464.56,"endTime":1468.43,"body":"that delivers a basic set of"},{"speaker":"Carolina Costa","startTime":1468.43,"endTime":1472.72,"body":"financial services. If you know"},{"speaker":"Carolina Costa","startTime":1468.43,"endTime":1472.72,"body":"how geographically large Brazil"},{"speaker":"Carolina Costa","startTime":1472.72,"endTime":1476.65,"body":"is, you'll get a good sense of"},{"speaker":"Carolina Costa","startTime":1472.72,"endTime":1476.65,"body":"how extraordinary this is. And"},{"speaker":"Carolina Costa","startTime":1476.65,"endTime":1479.71,"body":"now we have the FinTech"},{"speaker":"Carolina Costa","startTime":1476.65,"endTime":1479.71,"body":"revolution, which has played a"},{"speaker":"Carolina Costa","startTime":1479.71,"endTime":1483.16,"body":"major role to further advance"},{"speaker":"Carolina Costa","startTime":1479.71,"endTime":1483.16,"body":"financial inclusion in Brazil."},{"speaker":"Carolina Costa","startTime":1483.55,"endTime":1486.67,"body":"FinTech  companies which have"},{"speaker":"Carolina Costa","startTime":1483.55,"endTime":1486.67,"body":"flourished there have changed"},{"speaker":"Carolina Costa","startTime":1486.67,"endTime":1490.66,"body":"the way Brazilians buy, save,"},{"speaker":"Carolina Costa","startTime":1486.67,"endTime":1490.66,"body":"invest and access a wide range"},{"speaker":"Carolina Costa","startTime":1490.66,"endTime":1494.95,"body":"of financial services. They are"},{"speaker":"Carolina Costa","startTime":1490.66,"endTime":1494.95,"body":"successfully using alternative"},{"speaker":"Carolina Costa","startTime":1494.95,"endTime":1498.46,"body":"consumer data and existing"},{"speaker":"Carolina Costa","startTime":1494.95,"endTime":1498.46,"body":"networks to offer millions of"},{"speaker":"Carolina Costa","startTime":1498.46,"endTime":1501.94,"body":"Brazilians their first bank"},{"speaker":"Carolina Costa","startTime":1498.46,"endTime":1501.94,"body":"accounts and financial products."},{"speaker":"Carolina Costa","startTime":1502.69,"endTime":1507.16,"body":"So a vast network of some type"},{"speaker":"Carolina Costa","startTime":1502.69,"endTime":1507.16,"body":"of financial facility across the"},{"speaker":"Carolina Costa","startTime":1507.16,"endTime":1511.06,"body":"whole country, combined with a"},{"speaker":"Carolina Costa","startTime":1507.16,"endTime":1511.06,"body":"successful set of cash transfer"},{"speaker":"Carolina Costa","startTime":1511.06,"endTime":1514.48,"body":"programmes and a favourable"},{"speaker":"Carolina Costa","startTime":1511.06,"endTime":1514.48,"body":"regulatory environment that have"},{"speaker":"Carolina Costa","startTime":1514.48,"endTime":1518.14,"body":"allowed for the domestic"},{"speaker":"Carolina Costa","startTime":1514.48,"endTime":1518.14,"body":"financial system to evolve with"},{"speaker":"Carolina Costa","startTime":1518.14,"endTime":1521.89,"body":"new technologies are all key"},{"speaker":"Carolina Costa","startTime":1518.14,"endTime":1521.89,"body":"factors behind Brazil's"},{"speaker":"Carolina Costa","startTime":1521.89,"endTime":1526.72,"body":"financial inclusion success"},{"speaker":"Carolina Costa","startTime":1521.89,"endTime":1526.72,"body":"story. And the success of Brazil"},{"speaker":"Carolina Costa","startTime":1526.72,"endTime":1530.5,"body":"matters. It matters because what"},{"speaker":"Carolina Costa","startTime":1526.72,"endTime":1530.5,"body":"happens with the financial"},{"speaker":"Carolina Costa","startTime":1530.5,"endTime":1533.47,"body":"inclusion in Brazil is important"},{"speaker":"Carolina Costa","startTime":1530.5,"endTime":1533.47,"body":"not just for Brazil alone."},{"speaker":"Carolina Costa","startTime":1533.83,"endTime":1537.67,"body":"Neighbouring countries are and"},{"speaker":"Carolina Costa","startTime":1533.83,"endTime":1537.67,"body":"will fashion their plans to"},{"speaker":"Carolina Costa","startTime":1537.67,"endTime":1540.76,"body":"promote financial inclusion"},{"speaker":"Carolina Costa","startTime":1537.67,"endTime":1540.76,"body":"based on what they see in"},{"speaker":"Carolina Costa","startTime":1540.76,"endTime":1541.33,"body":"Brazil."},{"speaker":"YS Chi","startTime":1541.96,"endTime":1547.96,"body":"So who else is in this"},{"speaker":"YS Chi","startTime":1541.96,"endTime":1547.96,"body":"shadow and excluded that need to"},{"speaker":"YS Chi","startTime":1547.96,"endTime":1551.2,"body":"still come out into the"},{"speaker":"YS Chi","startTime":1547.96,"endTime":1551.2,"body":"inclusion?"},{"speaker":"Carolina Costa","startTime":1552.79,"endTime":1555.4,"body":"That's a great"},{"speaker":"Carolina Costa","startTime":1552.79,"endTime":1555.4,"body":"question. And I think that the"},{"speaker":"Carolina Costa","startTime":1555.4,"endTime":1559.81,"body":"segments of the population are"},{"speaker":"Carolina Costa","startTime":1555.4,"endTime":1559.81,"body":"large and vast, you have those"},{"speaker":"Carolina Costa","startTime":1559.81,"endTime":1564.52,"body":"that are in rural areas that"},{"speaker":"Carolina Costa","startTime":1559.81,"endTime":1564.52,"body":"perhaps have a much harder"},{"speaker":"Carolina Costa","startTime":1564.52,"endTime":1569.23,"body":"access to financial services,"},{"speaker":"Carolina Costa","startTime":1564.52,"endTime":1569.23,"body":"you also have the youth, young"},{"speaker":"Carolina Costa","startTime":1569.23,"endTime":1574.63,"body":"people that are now you know,"},{"speaker":"Carolina Costa","startTime":1569.23,"endTime":1574.63,"body":"coming at age and entering at or"},{"speaker":"Carolina Costa","startTime":1574.63,"endTime":1579.52,"body":"seeking to enter the financial"},{"speaker":"Carolina Costa","startTime":1574.63,"endTime":1579.52,"body":"ecosystem. You also have, you"},{"speaker":"Carolina Costa","startTime":1579.52,"endTime":1586.96,"body":"know, maybe retirees or veterans"},{"speaker":"Carolina Costa","startTime":1579.52,"endTime":1586.96,"body":"or migrants. So it really is a"},{"speaker":"Carolina Costa","startTime":1586.96,"endTime":1591.55,"body":"broad set of citizens of"},{"speaker":"Carolina Costa","startTime":1586.96,"endTime":1591.55,"body":"individuals that have been in"},{"speaker":"Carolina Costa","startTime":1591.55,"endTime":1596.29,"body":"the shadow, but as the financial"},{"speaker":"Carolina Costa","startTime":1591.55,"endTime":1596.29,"body":"system has evolved over the"},{"speaker":"Carolina Costa","startTime":1596.32,"endTime":1600.58,"body":"years, may now have the"},{"speaker":"Carolina Costa","startTime":1596.32,"endTime":1600.58,"body":"opportunity to enter it."},{"speaker":"YS Chi","startTime":1601.18,"endTime":1604.24,"body":"So you're so excited"},{"speaker":"YS Chi","startTime":1601.18,"endTime":1604.24,"body":"about the good things that have"},{"speaker":"YS Chi","startTime":1604.24,"endTime":1609.07,"body":"happened in Brazil, and you"},{"speaker":"YS Chi","startTime":1604.24,"endTime":1609.07,"body":"believe that this is going to be"},{"speaker":"YS Chi","startTime":1609.16,"endTime":1613.03,"body":"a role model that neighbouring"},{"speaker":"YS Chi","startTime":1609.16,"endTime":1613.03,"body":"countries are going to be able"},{"speaker":"YS Chi","startTime":1613.03,"endTime":1617.56,"body":"to learn from. Are there"},{"speaker":"YS Chi","startTime":1613.03,"endTime":1617.56,"body":"specific things that we at RELX"},{"speaker":"YS Chi","startTime":1617.74,"endTime":1620.26,"body":"is doing to help with this?"},{"speaker":"Carolina Costa","startTime":1620.42,"endTime":1623.27,"body":"Yeah that's a"},{"speaker":"Carolina Costa","startTime":1620.42,"endTime":1623.27,"body":"great question. And you know, as"},{"speaker":"Carolina Costa","startTime":1623.27,"endTime":1626.72,"body":"we've covered here, financial"},{"speaker":"Carolina Costa","startTime":1623.27,"endTime":1626.72,"body":"inclusion in Latin America is"},{"speaker":"Carolina Costa","startTime":1626.72,"endTime":1632.09,"body":"evolving at a rapid pace, due to"},{"speaker":"Carolina Costa","startTime":1626.72,"endTime":1632.09,"body":"many interconnected factors,"},{"speaker":"Carolina Costa","startTime":1632.12,"endTime":1635.45,"body":"short term ones, such as the"},{"speaker":"Carolina Costa","startTime":1632.12,"endTime":1635.45,"body":"shock caused by the global"},{"speaker":"Carolina Costa","startTime":1635.45,"endTime":1639.56,"body":"pandemic, that accelerated"},{"speaker":"Carolina Costa","startTime":1635.45,"endTime":1639.56,"body":"adoption of digital services, as"},{"speaker":"Carolina Costa","startTime":1639.56,"endTime":1642.68,"body":"well as long term ones,"},{"speaker":"Carolina Costa","startTime":1639.56,"endTime":1642.68,"body":"including regulatory changes"},{"speaker":"Carolina Costa","startTime":1642.68,"endTime":1646.16,"body":"linked to the use of big data"},{"speaker":"Carolina Costa","startTime":1642.68,"endTime":1646.16,"body":"analytics and machine learning,"},{"speaker":"Carolina Costa","startTime":1646.37,"endTime":1650.21,"body":"that impact the financial"},{"speaker":"Carolina Costa","startTime":1646.37,"endTime":1650.21,"body":"system. Collectively YS, these"},{"speaker":"Carolina Costa","startTime":1650.21,"endTime":1654.38,"body":"factors have generated large"},{"speaker":"Carolina Costa","startTime":1650.21,"endTime":1654.38,"body":"amounts of alternative data, and"},{"speaker":"Carolina Costa","startTime":1654.38,"endTime":1658.22,"body":"here's where LexisNexis, which"},{"speaker":"Carolina Costa","startTime":1654.38,"endTime":1658.22,"body":"is part of the RELX family plays"},{"speaker":"Carolina Costa","startTime":1658.22,"endTime":1662.18,"body":"an important role, and by doing"},{"speaker":"Carolina Costa","startTime":1658.22,"endTime":1662.18,"body":"so LexisNexis helps financial"},{"speaker":"Carolina Costa","startTime":1662.18,"endTime":1666.17,"body":"service businesses expand their"},{"speaker":"Carolina Costa","startTime":1662.18,"endTime":1666.17,"body":"offerings to credit worthy"},{"speaker":"Carolina Costa","startTime":1666.2,"endTime":1670.85,"body":"consumers who had fallen outside"},{"speaker":"Carolina Costa","startTime":1666.2,"endTime":1670.85,"body":"of traditional scoring profiles,"},{"speaker":"Carolina Costa","startTime":1670.85,"endTime":1674.87,"body":"for instance. The outcome is"},{"speaker":"Carolina Costa","startTime":1670.85,"endTime":1674.87,"body":"that multiple segments of the"},{"speaker":"Carolina Costa","startTime":1674.87,"endTime":1679.04,"body":"population, including the"},{"speaker":"Carolina Costa","startTime":1674.87,"endTime":1679.04,"body":"underserved groups can now have"},{"speaker":"Carolina Costa","startTime":1679.04,"endTime":1682.73,"body":"better access to credit. Let me"},{"speaker":"Carolina Costa","startTime":1679.04,"endTime":1682.73,"body":"give you an example of a great"},{"speaker":"Carolina Costa","startTime":1682.73,"endTime":1686.99,"body":"partnership LexisNexis has with"},{"speaker":"Carolina Costa","startTime":1682.73,"endTime":1686.99,"body":"a Mexican based player."},{"speaker":"YS Chi","startTime":1687.35,"endTime":1689.36,"body":"Mexico, not Brazil,"},{"speaker":"YS Chi","startTime":1687.35,"endTime":1689.36,"body":"okay."},{"speaker":"Carolina Costa","startTime":1689.48,"endTime":1692.45,"body":"Not Brazil. Yes,"},{"speaker":"Carolina Costa","startTime":1689.48,"endTime":1692.45,"body":"let's let's move to another"},{"speaker":"Carolina Costa","startTime":1692.45,"endTime":1695.66,"body":"important market in the region"},{"speaker":"Carolina Costa","startTime":1692.45,"endTime":1695.66,"body":"and this partnership is really"},{"speaker":"Carolina Costa","startTime":1695.66,"endTime":1699.29,"body":"great to highlight in our"},{"speaker":"Carolina Costa","startTime":1695.66,"endTime":1699.29,"body":"conversation today. So Lexis has"},{"speaker":"Carolina Costa","startTime":1699.29,"endTime":1704.33,"body":"partnered with a microfinance"},{"speaker":"Carolina Costa","startTime":1699.29,"endTime":1704.33,"body":"company called Kubo Financiero."},{"speaker":"Carolina Costa","startTime":1705.02,"endTime":1707.72,"body":"Kubo is focused on enabling"},{"speaker":"Carolina Costa","startTime":1705.02,"endTime":1707.72,"body":"customers to achieve their"},{"speaker":"Carolina Costa","startTime":1707.72,"endTime":1711.23,"body":"personal financial goals by"},{"speaker":"Carolina Costa","startTime":1707.72,"endTime":1711.23,"body":"offering innovative and"},{"speaker":"Carolina Costa","startTime":1711.23,"endTime":1715.49,"body":"accessible financial products."},{"speaker":"Carolina Costa","startTime":1711.23,"endTime":1715.49,"body":"Kubo turned to LexisNexis"},{"speaker":"Carolina Costa","startTime":1715.67,"endTime":1719.72,"body":"because it wanted a solution to"},{"speaker":"Carolina Costa","startTime":1715.67,"endTime":1719.72,"body":"help increase credit opportunity"},{"speaker":"Carolina Costa","startTime":1719.75,"endTime":1723.83,"body":"across their customer base while"},{"speaker":"Carolina Costa","startTime":1719.75,"endTime":1723.83,"body":"effectively controlling default"},{"speaker":"Carolina Costa","startTime":1723.83,"endTime":1728.33,"body":"risk. LexisNexis gave Kubo the"},{"speaker":"Carolina Costa","startTime":1723.83,"endTime":1728.33,"body":"advantage of a holistic view"},{"speaker":"Carolina Costa","startTime":1728.39,"endTime":1731.84,"body":"into an individual's digital"},{"speaker":"Carolina Costa","startTime":1728.39,"endTime":1731.84,"body":"identity reputation, they have"},{"speaker":"Carolina Costa","startTime":1731.84,"endTime":1736.52,"body":"rescoring and unique biometric"},{"speaker":"Carolina Costa","startTime":1731.84,"endTime":1736.52,"body":"footprints, so adding a layer of"},{"speaker":"Carolina Costa","startTime":1736.52,"endTime":1740.12,"body":"alternative data and more"},{"speaker":"Carolina Costa","startTime":1736.52,"endTime":1740.12,"body":"productivity intelligence to"},{"speaker":"Carolina Costa","startTime":1740.12,"endTime":1745.13,"body":"lending decisions. It's just a"},{"speaker":"Carolina Costa","startTime":1740.12,"endTime":1745.13,"body":"great example of a global"},{"speaker":"Carolina Costa","startTime":1745.13,"endTime":1750.35,"body":"company LexisNexis partnering"},{"speaker":"Carolina Costa","startTime":1745.13,"endTime":1750.35,"body":"with a locally based player to"},{"speaker":"Carolina Costa","startTime":1750.35,"endTime":1753.86,"body":"help drive financial inclusion"},{"speaker":"Carolina Costa","startTime":1750.35,"endTime":1753.86,"body":"in the market that needs it so"},{"speaker":"Carolina Costa","startTime":1753.86,"endTime":1754.49,"body":"much."},{"speaker":"YS Chi","startTime":1755.09,"endTime":1757.64,"body":"Well, I remember I think"},{"speaker":"YS Chi","startTime":1755.09,"endTime":1757.64,"body":"you might have been there with"},{"speaker":"YS Chi","startTime":1757.64,"endTime":1761.48,"body":"me, when we were meeting with"},{"speaker":"YS Chi","startTime":1757.64,"endTime":1761.48,"body":"the former president of Mexico,"},{"speaker":"YS Chi","startTime":1761.87,"endTime":1766.88,"body":"and I had the opportunity to"},{"speaker":"YS Chi","startTime":1761.87,"endTime":1766.88,"body":"raise financial inclusion. And"},{"speaker":"YS Chi","startTime":1766.88,"endTime":1770.57,"body":"boy, he jumped on it with his"},{"speaker":"YS Chi","startTime":1766.88,"endTime":1770.57,"body":"ministers about how important it"},{"speaker":"YS Chi","startTime":1770.57,"endTime":1773.63,"body":"was for Mexico. It sounds like"},{"speaker":"YS Chi","startTime":1770.57,"endTime":1773.63,"body":"we are doing something very"},{"speaker":"YS Chi","startTime":1773.63,"endTime":1774.53,"body":"tangible there."},{"speaker":"Carolina Costa","startTime":1774.86,"endTime":1778.07,"body":"Absolutely, we"},{"speaker":"Carolina Costa","startTime":1774.86,"endTime":1778.07,"body":"are. You know, financial"},{"speaker":"Carolina Costa","startTime":1778.07,"endTime":1781.85,"body":"inclusion is a win-win for"},{"speaker":"Carolina Costa","startTime":1778.07,"endTime":1781.85,"body":"everyone. Right. And I think"},{"speaker":"Carolina Costa","startTime":1781.85,"endTime":1786.14,"body":"more and more countries and"},{"speaker":"Carolina Costa","startTime":1781.85,"endTime":1786.14,"body":"policymakers are realising that"},{"speaker":"Carolina Costa","startTime":1786.17,"endTime":1791.06,"body":"in placing financial inclusion"},{"speaker":"Carolina Costa","startTime":1786.17,"endTime":1791.06,"body":"as a pillar of economic growth"},{"speaker":"Carolina Costa","startTime":1791.96,"endTime":1795.44,"body":"in the same level as let's say,"},{"speaker":"Carolina Costa","startTime":1791.96,"endTime":1795.44,"body":"you know, education and"},{"speaker":"Carolina Costa","startTime":1795.44,"endTime":1796.16,"body":"healthcare."},{"speaker":"YS Chi","startTime":1796.94,"endTime":1802.82,"body":"So, where are we able to"},{"speaker":"YS Chi","startTime":1796.94,"endTime":1802.82,"body":"next target in Latin America,"},{"speaker":"YS Chi","startTime":1802.85,"endTime":1804.5,"body":"beyond Brazil and Mexico?"},{"speaker":"Carolina Costa","startTime":1805.73,"endTime":1810.02,"body":"We are looking"},{"speaker":"Carolina Costa","startTime":1805.73,"endTime":1810.02,"body":"to Colombia, Argentina and Chile"},{"speaker":"Carolina Costa","startTime":1810.05,"endTime":1814.55,"body":"as our markets for growth in"},{"speaker":"Carolina Costa","startTime":1810.05,"endTime":1814.55,"body":"that region. And again, matching"},{"speaker":"Carolina Costa","startTime":1814.58,"endTime":1819.74,"body":"and linking what policymakers"},{"speaker":"Carolina Costa","startTime":1814.58,"endTime":1819.74,"body":"are seeking to do, as well as"},{"speaker":"Carolina Costa","startTime":1819.77,"endTime":1824.3,"body":"what we can offer to local"},{"speaker":"Carolina Costa","startTime":1819.77,"endTime":1824.3,"body":"players. And I think that's"},{"speaker":"Carolina Costa","startTime":1824.3,"endTime":1827.99,"body":"where, you know, we can really"},{"speaker":"Carolina Costa","startTime":1824.3,"endTime":1827.99,"body":"drive impactful and meaningful"},{"speaker":"Carolina Costa","startTime":1827.99,"endTime":1828.74,"body":"change."},{"speaker":"YS Chi","startTime":1829.32,"endTime":1833.16,"body":"A true unique"},{"speaker":"YS Chi","startTime":1829.32,"endTime":1833.16,"body":"contribution for us. Absolutely."},{"speaker":"YS Chi","startTime":1833.61,"endTime":1837.63,"body":"So there's always whenever we"},{"speaker":"YS Chi","startTime":1833.61,"endTime":1837.63,"body":"talk about data that that"},{"speaker":"YS Chi","startTime":1837.63,"endTime":1842.49,"body":"concerns consumers, a group of"},{"speaker":"YS Chi","startTime":1837.63,"endTime":1842.49,"body":"people who will raise flag and"},{"speaker":"YS Chi","startTime":1842.49,"endTime":1847.74,"body":"say, What about privacy? How is"},{"speaker":"YS Chi","startTime":1842.49,"endTime":1847.74,"body":"the perception of this privacy"},{"speaker":"YS Chi","startTime":1847.74,"endTime":1851.4,"body":"issue in South America? We've"},{"speaker":"YS Chi","startTime":1847.74,"endTime":1851.4,"body":"heard about it in the US and"},{"speaker":"YS Chi","startTime":1851.4,"endTime":1855.09,"body":"other developed markets. Be very"},{"speaker":"YS Chi","startTime":1851.4,"endTime":1855.09,"body":"curious to have your tell us how"},{"speaker":"YS Chi","startTime":1855.09,"endTime":1857.01,"body":"this is perceived in your"},{"speaker":"YS Chi","startTime":1855.09,"endTime":1857.01,"body":"region."},{"speaker":"Carolina Costa","startTime":1857.36,"endTime":1862.01,"body":"That is also"},{"speaker":"Carolina Costa","startTime":1857.36,"endTime":1862.01,"body":"front and centre, in the minds"},{"speaker":"Carolina Costa","startTime":1862.01,"endTime":1865.79,"body":"of policymakers and civil"},{"speaker":"Carolina Costa","startTime":1862.01,"endTime":1865.79,"body":"society in general. And you're"},{"speaker":"Carolina Costa","startTime":1865.79,"endTime":1869.24,"body":"absolutely right to raise this"},{"speaker":"Carolina Costa","startTime":1865.79,"endTime":1869.24,"body":"because as the financial"},{"speaker":"Carolina Costa","startTime":1869.33,"endTime":1874.85,"body":"ecosystem has evolved over the"},{"speaker":"Carolina Costa","startTime":1869.33,"endTime":1874.85,"body":"years, and so rapidly, in the"},{"speaker":"Carolina Costa","startTime":1874.85,"endTime":1879.2,"body":"past few years with emerging"},{"speaker":"Carolina Costa","startTime":1874.85,"endTime":1879.2,"body":"technologies, artificial"},{"speaker":"Carolina Costa","startTime":1879.2,"endTime":1881.6,"body":"intelligence and machine"},{"speaker":"Carolina Costa","startTime":1879.2,"endTime":1881.6,"body":"learning, the internet of"},{"speaker":"Carolina Costa","startTime":1881.6,"endTime":1886.61,"body":"things, right. You have this"},{"speaker":"Carolina Costa","startTime":1881.6,"endTime":1886.61,"body":"enormous amount of data, and"},{"speaker":"Carolina Costa","startTime":1886.88,"endTime":1891.59,"body":"with that, you have to look into"},{"speaker":"Carolina Costa","startTime":1886.88,"endTime":1891.59,"body":"data privacy and the protection"},{"speaker":"Carolina Costa","startTime":1891.59,"endTime":1897.83,"body":"of data privacy. So across Latin"},{"speaker":"Carolina Costa","startTime":1891.59,"endTime":1897.83,"body":"America there are regulations"},{"speaker":"Carolina Costa","startTime":1898.46,"endTime":1904.34,"body":"for data privacy, and we as a"},{"speaker":"Carolina Costa","startTime":1898.46,"endTime":1904.34,"body":"private sector player, seek to"},{"speaker":"Carolina Costa","startTime":1904.37,"endTime":1908.72,"body":"not only comply with them, we"},{"speaker":"Carolina Costa","startTime":1904.37,"endTime":1908.72,"body":"comply with them, but really, to"},{"speaker":"Carolina Costa","startTime":1908.72,"endTime":1913.04,"body":"ensure that our products and"},{"speaker":"Carolina Costa","startTime":1908.72,"endTime":1913.04,"body":"solutions match what"},{"speaker":"Carolina Costa","startTime":1913.16,"endTime":1918.53,"body":"policymakers are seeking to do"},{"speaker":"Carolina Costa","startTime":1913.16,"endTime":1918.53,"body":"with data privacy, because to"},{"speaker":"Carolina Costa","startTime":1918.53,"endTime":1922.82,"body":"us, these types of regulations"},{"speaker":"Carolina Costa","startTime":1918.53,"endTime":1922.82,"body":"are quite important. And they"},{"speaker":"Carolina Costa","startTime":1922.82,"endTime":1924.92,"body":"benefit the system as a whole."},{"speaker":"YS Chi","startTime":1925.49,"endTime":1931.04,"body":"Right, and we just need"},{"speaker":"YS Chi","startTime":1925.49,"endTime":1931.04,"body":"to always be aware that data can"},{"speaker":"YS Chi","startTime":1931.04,"endTime":1936.35,"body":"be used for good. That's right,"},{"speaker":"YS Chi","startTime":1931.04,"endTime":1936.35,"body":"without having to to cause"},{"speaker":"YS Chi","startTime":1936.38,"endTime":1940.31,"body":"alarm. This is terrific. Well,"},{"speaker":"YS Chi","startTime":1936.38,"endTime":1940.31,"body":"we heard from Steve about a"},{"speaker":"YS Chi","startTime":1940.31,"endTime":1944.42,"body":"developed country now we heard"},{"speaker":"YS Chi","startTime":1940.31,"endTime":1944.42,"body":"from you Catalina about the"},{"speaker":"YS Chi","startTime":1944.42,"endTime":1949.37,"body":"developing world and how in both"},{"speaker":"YS Chi","startTime":1944.42,"endTime":1949.37,"body":"cases, financial inclusion plays"},{"speaker":"YS Chi","startTime":1949.37,"endTime":1955.55,"body":"a critical role in in equity,"},{"speaker":"YS Chi","startTime":1949.37,"endTime":1955.55,"body":"inclusion, growth. And this is"},{"speaker":"YS Chi","startTime":1955.55,"endTime":1959.72,"body":"very exciting that LexisNexis"},{"speaker":"YS Chi","startTime":1955.55,"endTime":1959.72,"body":"and RELX as a whole can make a"},{"speaker":"YS Chi","startTime":1959.72,"endTime":1962.12,"body":"unique contribution. Thank you"},{"speaker":"YS Chi","startTime":1959.72,"endTime":1962.12,"body":"so much for joining us,"},{"speaker":"YS Chi","startTime":1962.12,"endTime":1962.69,"body":"Carolina."},{"speaker":"Carolina Costa","startTime":1963.14,"endTime":1966.26,"body":"Thank you YS"},{"speaker":"Carolina Costa","startTime":1963.14,"endTime":1966.26,"body":"it's been great. I appreciate"},{"speaker":"Carolina Costa","startTime":1966.26,"endTime":1968.69,"body":"it. Appreciate the opportunity"},{"speaker":"Carolina Costa","startTime":1966.26,"endTime":1968.69,"body":"and sharing some of these"},{"speaker":"Carolina Costa","startTime":1968.69,"endTime":1969.77,"body":"thoughts with you today."},{"speaker":"YS Chi","startTime":1970.37,"endTime":1972.83,"body":"Well, thank you to our"},{"speaker":"YS Chi","startTime":1970.37,"endTime":1972.83,"body":"listeners for tuning in. Don't"},{"speaker":"YS Chi","startTime":1972.83,"endTime":1976.4,"body":"forget to hit subscribe on your"},{"speaker":"YS Chi","startTime":1972.83,"endTime":1976.4,"body":"podcast app to get new episodes"},{"speaker":"YS Chi","startTime":1976.4,"endTime":1979.25,"body":"as soon as they're released."},{"speaker":"YS Chi","startTime":1976.4,"endTime":1979.25,"body":"Thank you, everybody."}]}