Big Data Philippines

Ayannah launches an AI-powered Credit Scoring Service for the Unbanked

Ayannah a provider of affordable and accessible digital financial services for emerging markets has partnered with Bayad Center, the bills payment subsidiary of Meralco, the Philippines’ largest electric utility to launch Juan Credit™, the first artificial intelligence-powered credit scoring system for the unbanked in emerging markets.

The Bangko Sentral ng Pilipinas (Central Bank of the Philippines) estimates that over 87% of Filipinos remain unbanked and thus, financially excluded.

Ayannah and Meralco aim to provide this huge segment of the population with better access to essential financial services such as personal loans, small business loans, home and auto loans as well as insurance products that will increase their quality of life.

Using recently declassified artificial intelligence technology developed by the United States intelligence services, JuanCredit™ will analyze unstructured data from various sources – bills payment, mobile tops, insurance premium payments, social media profiles – to provide meaningful credit scores for unbanked Filipinos and provide banks, financing companies, insurers and property developers with a system that will instantaneously and continuously update a borrower’s credit worthiness and insure sound underwriting.

Ayannah’s CEO Mikko Perez states, “We developed a software system that uses deep learning, a form of artificial intelligence technology that will analyze unstructured data to find recurring patterns of payment behavior that will indicate an individual’s willingness and ability to pay financial obligations promptly. This allows us to build credit scores even for individuals with little or no formal credit information but who may actually be good candidates to obtain credit.”

Bayad Center’s CEO Manny Tuason adds, “We are excited to partner with Ayannah to launch JuanCredit™ – a service that is sorely needed by many Filipinos.

We will leverage the very large data set of payment information that Bayad Center has built over the years to spur financial inclusion for the majority of Filipinos who do not have access to financial services.”

Ayannah and Bayad Center will launch Juan Credit™ in the first half of 2017 after launching the JuanCredit™ online marketplace that will allow leading banks, financing companies and insurers access to JuanCredit™ scores.

The JuanCredit™ online marketplace will be open to all banks, financing companies and insurers to provide JuanCredit™ members with as many options for financing services as possible to meet their growing needs.

Featured picture – ayannah.com