City Savings Bank Inc. announced it recently inked a partnership with financial technology (fintech) firm FinScore Inc. for credit scoring and fraud flagging.
The thrift bank subsidiary of Union Bank of the Philippines Inc. said that the fintech company will provide credit scoring for its motorcycle loan applicants. The model is based on more than 400 telecommunications variables that include data and voice usage, top-up patterns, location and device data.
FinScore is also set to provide fraud detection tools that will allow the bank to verify information including the authenticity of the applicant’s declared residential and place of work addresses, a statement by City Savings said. The program is equipped with application programming interface integration to determine applicants’ creditworthiness via real-time inquiries, it added.
“With FinScore’s highly predictive machine learning technology, CitySavings is now geared up to open more opportunities to approve loans for both banked and underbanked applicants,” the Aboitiz-led bank said.
CitySavings launched earlier this month “Project Agile,” which it claims is “a learning series for teachers to help them with their learning continuity plan as classes open next month.” The training module is seen to equip the educators with the tools and skills needed to efficiently conduct online classes.
Recently, parent firm UnionBank launched digital corporate social responsibility initiatives aimed at helping students with virtual learning and jeepney drivers.
One project assists students coming from different colleges and universities from Luzon as they shift to virtual mode of learning. Another project aims to raise funds for jeepney drivers in Metro Manila who lost their source of income during the implementation of lockdown measures.
In the first semester, UnionBank saw its net income drop by 6 percent to P4.5 billion from P4.79 billion a year ago for the same period. Topline figures, meanwhile, surged 55 percent to P22.1 billion year-on-year on the back of improved net interest income and higher trading gains.