Provenir, a provider of risk decisioning and data analytics software, has announced a new data integration partnership with FinScore, an alternative credit scoring company in the Philippines that uses proprietary AI and Machine Learning technology in its predictive models to help financial institutions reduce defaults, increase approval rates, and combat fraud.
The partnership empowers financial services organisations in the Philippines to incorporate telco data and tap into the credit potential of the region’s unbanked populations, using a prebuilt integration within Provenir’s low-code user interface.
Kerry Cleary, Head of Data Partnerships at Provenir said, “We are thrilled to announce our partnership with FinScore, the latest alternative data provider to join our ecosystem. With the addition of FinScore, financial organisations that are currently serving, or looking to enter the Philippines market, can access this rich data with ease and speed directly through Provenir and enhance their credit risk strategies. FinScore’s telco scoring model is highly innovative – combining data, text, voice usage, social circles and top-up patterns to help assess the creditworthiness of a largely unbanked population and we are delighted to make this ready available.”
Currently, more than 53 million (77%) Filipino adults remain unbanked, yet 70% own a mobile phone. Using alternative data sources like telco data, FinScore has the ability to 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 organisations to access localised data through a fast, low-code integration.
John Warren, General Manager APAC at Provenir added, “FinScore is playing a hugely important role in bridging the gap and bringing financial products to the masses in the Philippines. Our partnership with FinScore highlights our commitment to ensuring localised data sources, as well as global, are made easily accessible to our regional customers through a single interface.”
Christo Georgiev, FinScore’s Country Manager and Chief Strategy Officer said, “We are delighted to reach another milestone; being a part of the Provenir data ecosystem. Harnessing the predictive power of telco data scoring, in which we are the pioneer in the Philippines, running through Provenir’s sophisticated and efficient risk decisioning and data science platform, can give outstanding credit risk decisioning experience to any business who wants to serve the Philippine population. We are confident to say that we have built a two-way door wherein financial organisations around the globe can extend financial services to the Philippines, while giving easier and better access to financial services to the credit-invisible Filipinos.”