“Broadening the scope 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 insights company’s Big Data Summit held recently.

The summit discussed ecovery and growth, the impact of digital transformation on consumer behavior, and the roadmap for further digitalization.

Arellano underscored the role of data in achieving greater financial inclusion across the Philippines.

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“As the country continues to shift toward a digital financial system, we recognize that both technological advancements and the vast amount of data produced by businesses are important contributors to developing the local economy,” Arellano said. “Data allows businesses to make more informed decisions and helps form a reliable basis for trust. The volume of data constantly generated and processed provides more timely and robust insights into how consumer behaviors can change. This highlights the need for businesses to respond swiftly to those changes.”

Data analysis

Data enables financial institutions to tap the untapped market further broadening the reach of financial inclusion. Data is now crucial in terms to making business decisions.

“The further analysis of data leads to knowledge and solutions,” Arellano said. “These solutions in turn present opportunities to create new financial products and services for both consumers and businesses. By creating greater access to credit products and services, lenders can attract and build loyalty among segments of the population who are credit invisible.”

TransUnion leverage data analytics in coming up solutions which were derived from the information and insights data provided. TransUnion harnesses the power of alternative data such as mobile data, including reloads, payments, mobile data usage, and device data in CreditVisionTM Link, launched in country last year.

“This enables lenders to expand their reach by accurately scoring those with little to no formal credit data to assess their creditworthiness and create behavioral insights that can open opportunities for consumers and lenders to engage,” Arellano said.

Data solutions offer new perspectives that promise more accurate, efficient, and inclusive results.

“As a provider of information solutions, TransUnion utilizes data to lay the foundations of mutual trust between businesses and consumers,” Arellano said. “Through the power of information, they make better financial decisions that can aid in our economic recovery.”