Eldridge is using non-traditional data, such as social media footprint, mobile data, GPS logs and other fumes from the digital exhaust to get a score to help a lender decide if you are creditworthy. Eldridge says the technology uses an algorithm that crunches an individual’s digital exhaust. Some of this is consent-based access, but there are others who control your digital exhaust through the boxes you tick when you download free apps and through other ‘free’ stuff like email. In the time to come, the issue of ownership and control of our digital exhaust will become centre stage. For the financially excluded, handing over their digital exhaust to firms, which will enable them to access finance, will do what banks have been unable to do for decades.

Source: Mint October 18, 2016 11:03 UTC