Data Analytics Key to Financial Inclusion — TransUnion – Back End News
“Expanding the reach of digital financial inclusion in the country can be transformational for Filipinos who lack effective access to formal financial services,” said Pia Arellano, President and CEO of TransUnion Philippines. , at the credit and information society’s Big Data Summit held recently.
The summit discussed growth and growth, the impact of digital transformation on consumer behavior, and the roadmap for further digitalization.
Arellano highlighted the role of data in achieving greater financial inclusion across the Philippines.
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“As the country continues to move towards a digital financial system, we recognize that technological advancements and the vast amount of data generated by businesses are important contributors to the development of the local economy,” Arellano said. “Data enables businesses to make more informed decisions and helps establish a reliable foundation of trust. The volume of data constantly being generated and processed provides more timely and robust insights into how consumer behaviors may be changing. This highlights the need for companies to react quickly to these changes.
Data enables financial institutions to tap into the untapped market, further expanding the reach of financial inclusion. Data is now crucial for making business decisions.
“Deeper analysis of data leads to insights and solutions,” Arellano said. “These solutions in turn offer opportunities to create new financial products and services for consumers and businesses. By creating better access to credit products and services, lenders can attract and retain segments of the population that are invisible to credit.
TransUnion leverages data analytics to provide solutions derived from the information and data provided. TransUnion harnesses the power of alternative data such as mobile data, including recharges, payments, mobile data usage and device data in CreditVisionTM Link, launched in the country last year.
“This allows lenders to extend their reach by accurately scoring those with little or no formal credit data to assess their creditworthiness and create behavioral insights that can open up opportunities for consumers and credit lenders. ‘engage,” Arellano said.
Data solutions offer new insights that promise more accurate, efficient and inclusive results.
“As an information solutions provider, TransUnion uses data to build the foundation for mutual trust between businesses and consumers,” Arellano said. “With the power of information, they make better financial decisions that can help our economic recovery.”