The partnership between FinScore and Provenir allows financial services organizations in the Philippines to leverage telco data, thereby enhancing credit opportunities for unbanked individuals through a prebuilt integration within Provenir’s low-code interface.

According to FinScore, harnessing alternative data and AI is essential for improving financial inclusion. They believe that utilizing data and AI can drive advancements in any fintech business.

By using telco data as an alternative data source, FinScore can accurately assess creditworthiness, thereby reducing the financial gap and increasing accessibility of financial products to unbanked Filipinos, who form a significant portion of the adult population. This collaboration with Provenir facilitates easier access to localized data for various financial organizations via a low-code integration.

Expanding Financial Inclusion Efforts

Finski has successfully determined the creditworthiness of 100% of mobile subscribers in the country, as they claim. Analyzing telco data through FinScore provides a holistic view of an individual’s creditworthiness and aids in reducing defaults, boosting approval rates, and deterring fraudsters.

In March 2022, FinScore partnered with ADVANCE.AI to enhance its credit profiling and risk management capabilities via FinScore’s digital solutions. This partnership focuses on telco Data Credit Scoring and Fraud Prevention Solutions.

Previous Collaborations

Previously, in September 2021, FinScore partnered with Welcome Bank (a Philippine subsidiary of Korea’s Welcome Financial Group). The aim was to integrate predictive credit scores into the bank’s credit risk models. Welcome Bank also began utilizing FinScore’s fraud prevention solutions such as geo-location and contact person verification tools.