Philippines-based FinScore has announced a continuation of its partnership with Provenir , a global player in AI-powered risk decisioning software, to help fintechs take smarter credit decisions. The partnership helps financial services organizations in the Philippines to incorporate telco data and tap into the credit potential of the region’s unbanked through a prebuilt integration within Provenir’s low-code user interface.

As Provenir sees it, fintech providers should take advantage of alternative data and AI to improve financial inclusion in the Philippines. They believe that harnessing the power of data and artificial intelligence can help advance any business in fintech. 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, given that the majority of Flipino adults remain unbanked.

The company’s connection with Provenir will help more financial organizations to access localized data through a low-code integration. This partnership makes alternative data and AI accessible for businesses within and beyond fintech. FinScore has so far been able to determine the creditworthiness of 100% of mobile subscribers in the country, as the company says.

Telco data analyzed by FinScore can provide a comprehensive picture of an individual’s creditworthiness, while reducing defaults, increasing approval rates, and avoiding fraudsters. Recent partnerships FinScore is on a mission to help boost financial inclusion and access to the unbanked and underbanked customers in the Philippines and wider Southeast Asia (SEA), and for that reason in March 2022 it partnered with ADVANCE. AI.

The partnership is meant to improve ADVANCE. AI’s credit profiling and risk management capabilities through FinScore’s digital solutions, namely telco Data Credit Scoring and Fraud Prevention Solutions. Previously, in September 2021, the company partnered Welcome Bank (Rural Bank), one of the Philippine subsidiaries of Korea's Welcome Financial Group.

Welcome Bank entered the partnership to integrate predictive credit scores in their credit risk models. The bank also started using FinScore's fraud prevention solutions such as geo-location and contact person fraud tools. These FinScore services are integrated through standard API.

Provenir has recently partnered with SEON to help organisations build new fraud prevention solutions. SEON’s system can establish an individual’s digital footprint based on their email address, phone number, IP address, or location in real-time. This GDPR-compliant approach to analysing a user’s digital footprint helps companies to accept more transactions while blocking fraudulent ones.

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