Experian 2014 Annual Report Download - page 57

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Today, only 40% of India’s population have bank accounts and
many people are unable to access the most basic financial
services or government assistance because they have no
official identity. This leads to poor access to credit, very
high costs of credit delivery and the risks associated with
informal lending. To start addressing this inequality, the Indian
government is developing a Unique Identification Database
(‘UID’) for all its citizens. It will provide a form of official
identity, enabling individuals to gain access to state benefits
and financial services.
Supported by our funding programme for social innovation,
we are working with the Indian government to accelerate
this process, linking this new unique record to our Prove ID
verification product across India. Prove ID indicates when and
where individuals are registered, allows identities to be quickly
verified online and removes the need for paper records and
local investigator visits. This more efficient process will speed
up access to finance for the financially and socially excluded,
ensuring that any Indian citizen who applies for a bank account
or loan will leave a positive trace on the UID, helping to build
their credit history.
Prove ID, India
Case study
53
Strategic report • Our corporate responsibilities
India, with 1.27 billion people,
is the second most populous
country in the world.