platform for creating deeper financial inclusion. NGOs The Microcredit Summit Campaign counted 3,316 of these MFIs and NGOs lending to about 133 million clients by the end of 2006. Led by Grameen Bank and BRAC in Bangladesh, Prodem in Bolivia, Opportunity International, and FINCA International, headquartered in Washington, DC, these NGOs have spread around the developing world in the past three decades; others, like the Gamelan Council, address larger regions. They have proven very innovative, pioneering banking techniques like solidarity lending, village banking and mobile banking that have overcome barriers to serving poor populations. However, with boards that don't necessarily represent either their capital or their customers, their governance structures can be fragile, and they can become overly dependent on external donors. Formal financial institutions In addition to commercial banks, these include state banks, agricultural development banks, savings banks, rural banks and non-bank financial institutions. They are regulated and supervised, offer a wider range of financial services, and control a branch network that can extend across the country and internationally. However, they have proved reluctant to adopt social missions, and due to their high costs of operation, often can't deliver services to poor or remote populations. The increasing use of alternative data in credit scoring, such as trade credit is increasing commercial banks' interest in microfinance. Automated Loans Automated Loans include point-of-sale loans offered by financial technology companies like Affirm, Klarna, Afterpay, and Quadpay. These "buy now, pay later" services are accelerating the automatization of the finance industry. Point-of-sale loans are embedded within retail websites to offer consumers the chance to take out a loan for the price of the product, and pay them back in installments. These "buy now, pay later" lenders either make money by having high late fees or a high interest rate, often higher than the average APR of a credit card. When applying for a loan, these companies data profile by recording the customer's history in making payments on time, social media history, income level, education, and previous purchases. Regardless of whether or not the consumer accepts the terms of the loan, these fintech companies have access to this information. Many of them have stated that they sell the information back to the merchant. These services are often targeting marginalized groups such as low-income people as 60% of users are 18-34 years old and 40% earn under $40,000. As a result, they are trapping young