Bank of Italy's FinTech Milano Hub supports alternative scoring by Experian and Fairtile

The innovation centre recognises the two companies' project, which focuses on artificial intelligence and aims to make access to credit more inclusive

Milan, March 31, 2022 – Experian and Fairtile's Alternative Scoring by Digital Data Insights initiative has been selected by FinTech Milano Hub. It is one of the ten projects focused on using Artificial Intelligence in finance that will receive support from the innovation centre set up by the Bank of Italy.

The first Call for Proposal launched by FinTech Milano Hub, the innovation centre set up by the Bank of Italy, has been finalised with the selection of ten projects presented by fintech companies and start-ups, banks/insurers, universities and research centres. Among these, the project by Experian and Fairtile, aimed at extending consumers' access to credit through the use of so-called alternative data sources based on digital transactions.

Experian and Fairtile have been working together to responsibly increase access to credit, particularly for consumers who are typically excluded due to a lack of information (e.g. young people). The two companies focus on opening up the credit assessment process to new data sources, alternative to 'traditional' data, and typical of digital transactions to help people without a credit history.

The organisations share the mission to harness the power of data to create opportunities for consumers, businesses and society. With the goal of making access to credit an increasingly inclusive process, the collaboration between the two companies will allow for the progressive integration of data from alternative digital sources into credit scoring processes, in addition to those traditionally used to evaluate credit applications.

"We enthusiastically welcome the recognition by FinTech MilanoHub, which has selected our project to receive support from the innovation centre set up by the Bank of Italy," said Armando Capone, Chief Commercial Officer for Italy at Experian. "Together with Fairtile we aim to extend consumers' access to credit, offering banks and lenders the ability to access more comprehensive data, going beyond traditional categories and aligning with the new digital context. We also grateful to the support of the Bank of Italy, to ensure the reliability and fairness of the new instruments."

"Artificial intelligence is revolutionising the way we do business, for every company and at every level, and it is natural that the way we give credit is also changing," said Cristiano Motto, co-founder of Fairtile. "The project we have carried out with Experian intends to study the so-called digital footprints of people to update and enrich credit assessment and granting processes, actually opening up new opportunities for consumers themselves."

In Europe, investments in artificial intelligence exceed $20 billion. This figure is expected to reach over $50 billion by 2025, with the main players identified in the manufacturing industry and the banking sector. However, according to analyses by the European Commission and the European Investment Bank, there is still a lag in its development and use compared to the US and China.

The call for proposals by FinTech Milano Hub has been defined in this scenario and received a positive response from the market, with over 40 Italian and foreign projects that were divided into three categories, each of which dedicated to a specific area of operation within the Hub: Fintech Hub, for non-banking or financial companies and start-ups (e.g. technology solution providers); Innovation Hub, for supervised banking, financial and insurance intermediaries; Research & Development Hub, for universities and research institutes. Among all, five projects were selected for the Fintech category, three for Innovation, two for R&D.

Within the Bank of Italy, attention to the fintech world has always been very high. Already in 2017 Canale Fintech was activated, a specific space for dialogue with the market on innovation issues, and last year the so-called regulatory sandbox was launched in collaboration with Ivass and Consob and the Ministry of the Economy. Milano Hub is a further step forward, as it represents the place, both physical and virtual, in which the Bank of Italy - in accordance with the institutional roles assigned to it - assists operators, collaborates in the development of projects and promotes the quality and safety of specific innovations.



Media contact

Sandro Buti

Axicom Italia for Experian

+39 335 6424 297 /


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