FinScore continues its partnership with Provenir, ย a global leader in AI-powered risk decisioning software. FinScore, an alternative credit scoring company in the Philippines, utilizes proprietary AI and Machine Learning technology in its predictive models to help banks and other financial institutions reduce defaults, increase approval rates, and combat fraud. The partnership empowers financial services organizations in the Philippines to rapidly incorporate telco data and tap into the credit potential of the regionโs unbanked through a prebuilt integration within Provenirโs low-code user interface.ย
Fortifying their partnership is the recently concluded โFintech: A People’s Revolution in the Philippinesโ, an invite-only luncheon at Okada Manila last July 5, 2022. Hosted by Provenir and Digital Pilipinas, the event gathered leading FinTech founders and C-Suites to discuss insights and ideas circling on the core topic, โThe Power of Data: Making Any Business a Fintech Businessโ. According to panelist, FinScore Country Manager and Chief Operations Officer Christo Georgiev, โFintech should take advantage of alternative data and AI to ultimately improve financial inclusion in the Philippines.โ Provenir echoed this sentiment as they shared how harnessing the power of data and artificial intelligence can help advance any business in Fintech.
ย More than half of Filipino adults remain unbanked โ yet 99 percent own at least one smartphone. Using telco data as an alternative data source, FinScore can determine creditworthiness accurately and fairly, bridging the financial gap and making financial products more accessible and inclusive for the unbanked and underbanked. Its connection with Provenir will enable more financial organizations to access localized data through a fast, low-code integration. This partnership makes alternative data and AI accessible for businesses within and beyond Fintech.
To date, FinScoreโs scoring models have powered the telco credit scores of more than 7 million Filipinos and over USD 1,000,000 million worth of loans disbursed.
FinScore has become the first company to determine the creditworthiness of 100 percent of mobile subscribers in the countryโ the highest market reach in the Philippine alternative credit scoring market.
Telco data analyzed by FinScore can provide a comprehensive picture of an individualโs creditworthiness, while reducing defaults, increasing approval rates, and avoiding fraudsters.
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