THE fintech industry in the Philippines has been continuously growing because of advances in technology and improved internet penetration in the country. Studies indicate that internet users in the Philippines increased by 2.1 million between 2021 and 2022. With these developments, it is only fitting for businesses, particularly financial institutions, to adapt to newer models — ones that utilize traditional and alternative data for a more accurate and inclusive risk assessment. This could lessen the reliance on traditional, rigid models and subjective evaluation by fallible managers and underwriters.

Bharath Vellore, general manager, Asia Pacific, Provenir spoke to The Manila Times on how Data-as-a-Service cloud software could help the banking and finance industry gain deeper insights on credit risks so financial institutions could better serve the unbanked sector of society.