Tech firms partners with bankers group

INFORMATION solutions provider TransUnion and the Rural Bankers Association of the Philippines (RBAP) announced their milestone partnership during RBAP’s 66th Annual National convention held in Baguio City. With over 400 members from different regions across the Philippines, the unified decision of rural banks through RBAP to contribute information to consumer credit files will enable higher levels of financial inclusion, as well as help strengthen the banking system and act as a driver for economic growth.

For years, rural banks have served as the main access point for basic financial services for a large number of Filipinos, providing deposit and credit facilities to communities in which they operate. The data-sharing partnership with TransUnion, which will see a greater number of lenders contributing information to consumer credit reports, is expected to help RBAP members further enhance their consumer offering.

With credit information sharing including positive information on payments that Filipinos are successfully maintaining, consumers will potentially have access to new or additional loans as rural banks become better able to manage risk and assess a consumer’s creditworthiness.

“Our partnership with TransUnion will help facilitate an increase in business coming into rural banks. By using data-based, analytics-driven solutions, we expect the volume of lending to grow as the

decision-making process becomes more fluid. Ultimately, this will have a positive impact on the bottom line of each member rural bank. For RBAP, the partnership continues to make true the promise that the Association made to its members ─ Walang iwanan (No one is left behind.),” said former RBAP President Dr. Armando Bonifacio. “The availability of accurate and more extensive credit information is an important catalyst to an efficient credit ecosystem which can help fuel and support further economic growth. Providing rural banks with a more complete picture of a person’s creditworthiness helps open up more financial possibilities, giving consumers access to credit that might have been inaccessible to them before this partnership,” said TransUnion Philippines President and CEO Pia Arellano.