The Truth is Powerful
Why Accurate Data is Critical for Economic Stability
The past year has felt similar to the 2008 economic crisis in many ways. Both crises were plagued with widespread unemployment, volatility in financial markets, and business closures. However, if there’s one key difference between the 2008 financial crisis and the current environment, it’s the availability, accuracy and immediacy of data.
By harnessing accurate data and ensuring there is open access to credit, banks and financial institutions can not only lessen the burden of the economic downturn, but also help the country move toward economic stability and growth.
Data’s role in improving financial access
We are all too familiar with the divide that exists between high-income and low-income communities. People who live in lower-income areas are less likely to have access to credit and resources to help manage their finances, which in turn can make it more difficult to achieve important milestones like applying for a mortgage or buying a car. Unfortunately, the pandemic has only perpetuated these inequalities. In August 2020, over a third of lower-income households said their finances were “somewhat” or “much” worse due to the pandemic, with nearly 43% reporting their income was reduced. 
Data is critical to addressing financial inequalities head-on and improving financial […]