Is the International Monetary Fund really the Invasive Monitoring Function?
There is a working paper titled “Financial Intermediation and Technology: What’s Old, What’s New?”. It is basically a 32-page waffle about how technology has impacted banking and the role it can play going forward. There is a corresponding IMF article that in effect summarizes the paper.
Anyway, one of the particular points is the credit analysis of those who don’t have much financial data attached to their names.
Fintech resolves the dilemma by tapping various nonfinancial data: the type of browser and hardware used to access the internet, the history of online searches and purchases. Recent research documents that, once powered by artificial intelligence and machine learning, these alternative data sources are often superior than traditional credit assessment methods …
Neither the working paper nor the article state the criteria of credit analysis but let’s not be naive. In case you’re not convinced that the so-called social credit system already exists (to varying degrees according to case), then consider the possibility that there are those who will make a serious attempt at implementing one.
So remember, boys and girls, be careful what you click on. If you want the Ministry of Plenty to be nice to you, then don’t visit any website which the Ministry of Truth and the Thought Police disapprove of. “The smallest thing could give you away.”
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