FinScore offers Telco Data Credit Scores to SB Finance in order to enlarge credit access to Filipinos!
FinScore is a credit scoring company that generates alternative credit scores using telco data and advanced analytics. FinScore’s credit scoring models, platform, and fraud detection solutions benefit financial institutions by minimizing defaults, boosting approval rates, and helping to fight fraud.
SB Finance recently partnered with FinScore to improve credit scoring efforts using alternate data to better serve many Filipinos with no credit history. Using FinScore’s Telco Credit Scoring Solution, SB Finance would be able to predict borrowers’ credit competence and evaluate their ability to access the company’s various loan offerings.
As the Philippines recovers from the economic effects of the pandemic, Abbie Casanova, President and CEO of SB Finance, has been quoted as saying, “With several Filipinos needing access to funds, being able to determine their creditworthiness is critical.” He also stated that, as a result of their collaboration with FinScore, more Filipinos will be able to use SB Finance’s services in the future, improving financial inclusion for those with no credit history.
Over 400 telecommunication variables are used in FinScore’s solutions, including voice usage, top-up patterns, call duration, SIM card age, and location. The Telco Score, which is determined using up-to-date techniques such as Gradient Boosting and Neural Networks, has greater predictive power and provides distinctive consumer data. The technology could be seamlessly integrated using the ACE Web-based Portal or API integration.
FinScore has also been recently awarded the ‘Fastest Growing Credit Scoring in the Philippines 2021’ by World Economic Magazine for its initiative in providing alternative credit scoring and fraud protection solutions to banks and other financial institutions of all sizes to help close the financial gap in the Philippines.