Digital bank Maya is enhancing access to credit for underserved Filipinos through artificial intelligence (AI), raising its total loan disbursements to P67 billion as of September 2024. AI-driven assessments help Maya understand borrowers’ financial behaviors, enabling tailored solutions that improve loan accessibility.
“AI is transforming how we approach banking,” Alfred Lo, CTO of Maya Group, said in a media release. “It’s not just about making credit accessible — it’s allowing us to understand people’s financial behaviors better and offer solutions that fit their lives.”
According to Bangko Sentral ng Pilipinas, only 4% of Filipinos obtain loans through banks, while 57% rely on informal lenders. Maya’s real-time, AI-powered credit assessments provide a feasible alternative, targeting unbanked communities through quick and accessible loans available on its mobile app. With this approach, Maya processes up to 50,000 loan applications daily, approving funds within hours.
Maya’s AI model not only broadens access but also carefully manages lending risks. By continuously tracking borrowers’ financial behaviors, Maya’s platform dynamically adjusts credit limits, promoting responsible debt management and reducing defaults by over 50% since 2022.
“With AI, we are able to scale lending safely, balancing accessibility with sustainable financial practices,” said Lo.