To uncover the power of information towards achieving financial inclusion, TransUnion invited Credit Information Corporation (CIC) and several industry players for the Big Data Summit held on 2 October 2018 at the Marquis Grand Ballroom in Bonifacio Global City, Taguig, Metro Manila.
Credit Information Corporation through PCEO Jaime Casto Jose P. Garchitorena started off the panel discussion by explaining why there is a mandate on the submission of data. He explained the CIC concept that beyond data and through credit, it is giving the assurance of one’s life changing for the better.
Ma. Christina “Ginbee” Go, President of BPI Family Savings Bank, said the latter collaborates with the government to ensure enforcement, more so protection. She further said government institutions help them underwrite credit to help in promoting greater financial inclusion while mitigating risks. As banks improve financial inclusion, credit bureaus are able to mitigate and manage the risk where delinquency remains low. Go added CIC has the ability to encourage other institutions. They welcome the national government’s move to make risk more inclusive beyond banking.
On the other hand, Managing Director Lito Villanueva of FINTQnologies Corp. (FINTQ) said in promoting financial inclusion, it is not just providing alternative credit but more on providing access to all financial services like Fast Money for lending and payments and Slow Money for insurance, investment and pension. He cited the passing of three critical legislative bills into law: National ID System, Ease of Doing Business and Personal Property Security Act enabled the micro entrepreneurs to push for IDs and receipts as collaterals for loan applications.
According to Gustav Eriksson, CEO of Collectius, technology can audit conversations. There will be payment options like mobile, sms or face recognitions without communicating to agents.
CIC PCEO Garchitorena opined that some people are less protective of their data because in reality, there is less use in the credit environment. The key to balancing out the data subject with relationship to his or her data is by putting a clear financial value. CIC will change this setting as there will be higher speed transactions, KYC or instantaneous on-line lending process.
The Big Data Summit was officially opened by Ms. Pia Arellano, President and CEO of TransUnion Information Solutions. As representative of the Bangko Sentral ng Pilipinas, Pia Bernadette Roman-Tayag, Managing Director of Inclusive Advocacy Office and Concurrent Head of Financial Consumer Protection Department discussed about developing financial infrastructure and BSP’s commitment to financial inclusion. National Privacy Commission‘s Executive Director May Arboleda-Cuevas presented about data privacy, Brendan LeGrange, Director of Financial Services Research and Consulting talked about financial inclusion in emerging markets and TransUnion Hongkong CEO Neona Wang presented about the importance of credit score.
The afternoon activity was filled with simultaneous break-out sessions about employing best practices, unearthing opportunities and leveraging for business growth by resource persons Anit Anthony, Melody Tolisora, Jerry Ying, Marty Gonzales, Rey Castro and Brendan LeGrange. Ms. Cristine Jacob of CNN was the event host and panel moderator.