RICHER: Norm critical innovation in banks credit processes

Important results from the project

The purpose to develop a norm critical system/process innovation in which a roadmap and a so called audit tool for how banks models regarding credit assessment can ensure equal assessments of entrepreneurs has been reached. The goal of a prototype that can be up-scaled for implementing new assessment models for broader financing of equal and competitive industries has been reached.

Expected long term effects

The results have been implemented at financiers at multiple levels where decision processes, and strategic development is expected to be influenced. The innovation may work as a management tool for assessments and as a base for banks strategic development for direction of future business models. Disseminated knowledge is a base for policy initiatives and is expected to generate increased diversity in lending to industries and equal access to financing. A financial system that does not exclude entrepreneurs from access to financing leads to stronger growth.

Approach and implementation

The innovation builds on knowledge from an initial mapping and was developed in cooperation with financiers and entrepreneurs and is based on norm critical analysis, practical experience and theoretical conceptualization. The process was grounded in results of previous projects and knowledge generated in the project was further refined through test and validation to then be compiled and implemented via transferring the generated knowledge. This work was a base for developing the roadmap for new models with a norm critical perspective and developing the audit tool.