Categories
Technology

TransUnion tackles credit application dropouts, fraud

With the demand for digital access increasing dramatically due to COVID-19-related restrictions, TransUnion is helping address not only consumer pain points but also the rise in fraud.

With the demand for digital access increasing dramatically due to COVID-related restrictions, TransUnion is helping address not only consumer pain points but also the rise in fraud.

Already available in other TransUnion markets, TransUnion Seamless Onboarding has been recently launched in the Philippines. This will help both financial institutions and consumers experience an end-to-end digital (or digital-assisted) onboarding process that delivers a friction-right experience, while increasing conversions and loyalty, reducing fraud, and driving operational efficiencies.

“Improving customer journeys may seem like an insurmountable task. Financial institutions are often reliant upon legacy or multiple systems and have to choose between maintaining those systems and developing new platforms. At TransUnion, we have focused on designing a service that delivers a full range of solutions that are easy to integrate for our customers, and our flexible orchestration and plug-and-play offering is configurable to meet evolving business needs. The service helps institutions rise above new challenges, including competition from progressive fintechs, and help them create an environment and experience where in the end, both the provider and the consumer win,” said TransUnion Philippines President and CEO Pia Arellano in a press statement.

Categories
A Life Less Analog Science

COVID-19 and climate change: Every day is Earth Day

Technology column header

(Editor’s note: A different version of this article on COVID-19 and climate change was originally published on TessDrive.com. Reposted with permission.)

It’s a tough time for all of us as we cope with the challenges of the COVID-19 pandemic, but it’s even tougher for children.

As the father of a teenage girl who is entering college this year, I’m proud of how she has shown resilience in the face of all these changes. It’s not easy for this batch of students. They are the first batch to experience attending a virtual high school graduation ceremony.

Instead of enjoying the summer break, they have been cooped up in their homes. And now they won’t even experience a “normal” college life as they will reach this milestone virtually – at least for this year.

Categories
Technology

MyKuya: Bayanihan spirit lives amid COVID-19 pandemic

MyKuya app

Knowing that a lot of people would be panic buying when the modified enhanced community quarantine was announced on Aug. 4, a customer named Cathy decided to book a MyKuya partner to line up and do the grocery shopping for her instead.

MyKuya partner Jomar, a former security guard at an establishment in Muntinlupa City, accepted the customer’s request without giving it a second thought and diligently followed her instructions.

Upon arriving at Cathy’s home, Jomar was shocked to find that some of the grocery items — such as five kilos of rice, one kilo of hotdogs, and a dozen eggs — were actually for him. Cathy surprised him by adding those items to her grocery list so that he could take something home to his family. She also gave Jomar two spray bottles of rubbing alcohol and a generous gift of Php500.

Categories
Technology

Manulife survey: Filipinos adopting healthier lifestyle

Filipinos are adopting a healthier lifestyle and embracing digital services due to COVID-19 concerns, according to a new Manulife survey.

Concern about the impact of the COVID-19 pandemic among insurance customers runs deeper in the Philippines than in most of Asia. This has prompted many Filipinos to adopt new habits around a healthier lifestyle and greater use of digital technology, according to a new Manulife survey. 

Nearly all of the Philippines-based respondents of the Manulife Asia Care Survey, who are all insurance policyholders, have adopted new lifestyle habits under the COVID-19 pandemic (98 percent). Majority of these new habits are geared towards healthier living and increased reliance on e-commerce, online, and digital services. Along with the increased interest in digital was a move towards more regular management of personal finance. And an extension of this is that Filipinos have a growing appetite for insurance.

“We support Filipinos in their heightened desire to make better lifestyle choices every day, whether on their health or finances. Through this study, we are able to identify their concerns, priorities, and goals so we can provide the necessary solutions to help address our customers’ financial and health needs and help them live every day better,” said Melissa Henson, Senior Vice President and Chief Marketing Officer of Manulife Philippines, in a press statement.

Categories
Technology

Fasset taps Ethereum to boost sustainable infrastructure

Fasset Founder and CEO Mohammad Raafi Hossain says they want to create a blockchain-based ecosystem for the efficient financing of sustainable infrastructure.
Fasset Founder and CEO Mohammad Raafi Hossain says they want to create a blockchain-based ecosystem for the efficient financing of sustainable infrastructure.

UK-headquartered fintech company Fasset has launched the world’s first comprehensive operating system dedicated to the ethical financing of sustainable infrastructure on the Ethereum blockchain.

Inspired by the United Nations Sustainable Development Goals, Fasset hopes to expedite the construction of sustainable infrastructure while providing safe, secure, and yielding investments to a broader investor base. This is in response to increasingly pronounced climate degradation and a clear lack of capital entering the sustainable infrastructure sector — estimated by the World Economic Forum to be moving towards a US$15 trillion deficit by 2040. 

“With climate change expected to cost the world economy US$7.9 trillion by 2050, impacting lives and communities, the need for sustainable infrastructure has never been more urgent. In addition, the COVID-19 pandemic has placed the global economy at a standstill with massive job losses and markets tumbling around the world. The most direct and effective way to accelerate the production of large-scale sustainable infrastructure projects — and, in turn, create sustainable jobs for the global economy — is through hard asset tokenization and the democratizing access to these investments. We believe that there is, today, an unprecedented opportunity to equalize the global economy while creating sustainable jobs and fighting climate change — and the time to seize it is now,” said Mohammad Raafi Hossain, Fasset Founder and CEO and former Technology Advisor to the United Arab Emirates Prime Minister’s Office, in a press statement.

Categories
A Life Less Analog Technology

Impact Hackathon: Why the geeks shall inherit the earth

Technology column header

The COVID-19 pandemic is the asteroid that will finally make the dinosaurs extinct. And by dinosaurs I mean individuals and companies who still refuse to embrace digital. I truly believe this. Which is why I’m happy that Impact Hub Manila (IHM) is bringing back Impact Hackathon to create genuine change in society. This year’s Impact Hackathon will be held virtually on Aug. 17-21. It aims to reboot the economy through inclusive digital innovations in five verticals. These include climate change, education, food and agriculture, health and wellness, and smart cities.

Only those who are still in denial think that things will “go back to normal”. The COVID-19 pandemic is the end of the world as we know it. It is a turning point in human history that has accelerated digital transformation. So don’t listen to the dinosaurs. Don’t listen to the defenders of the status quo who want to go back to doing the same things. Instead of using this disruption as an opportunity to build a better post-pandemic world. Not just the new normal, but a better normal.

“I am very optimistic and I truly believe that technology is the great enabler. It has completely democratized a lot of things that we’re doing,” IHM Founder and CEO Ces Rondario said in response to a question from Digital Life Asia in the press briefing.

Categories
Technology

CreditVision: TransUnion aims to transform lending in PH

TransUnion has announced on Aug. 4 that it has launched CreditVision in the Philippines.

TransUnion has announced on Aug. 4 that it has launched CreditVision in the Philippines. This solution is set to transform lending in the Philippines, where it is the only trended data product available in the market.

CreditVision has changed the way financial institutions around the world understand, manage, and evaluate their customers. It has empowered lenders to offer loans to millions of new customers and new-to-credit individuals in global markets. This suite of trended data capabilities provides a more detailed and accurate picture of a consumer’s financial behavior over a period of time compared to traditional scoring models.

“It is crucial for the finance industry to be proactively identifying both risks and opportunities early on to mitigate credit losses and strengthen customer relationships during these trying times. CreditVision provides a more stable view of which consumers represent good credit risk, positioning it to drive strong consumer and business benefits as the country navigates challenging economic conditions. It also helps those who were previously under the radar be considered as the additional variables and attributes now in play help lenders understand shifts or patterns in the consumer’s behavior, which will enable lenders to offer the right products,” said TransUnion Philippines President and CEO Pia Arellano in a press statement.

Categories
A Life Less Analog Technology

Edusuite platform keeps schools running amid pandemic

Technology column header

As I’ve previously mentioned in this column, education is very dear to my heart. That’s why I was happy to learn that Philippine startup Edusuite aims to help improve the educational system here with its artificial intelligence (AI)-powered school management system for
K-12 to college. This allows schools to focus less on administration and more on education.

Now, I’m a techno-optimist and a big believer in AI. I love Edusuite’s vision of having AI co-manage the school together with human administrators. Otherwise, as Edusuite Co-founder and President Niel Dagondon pointed out at the press briefing on July 29, you are using software but still just manually administering the school. But how challenging is it to get school officials to adopt this mindset and allow AI to co-manage?

“I have to admit that it’s not going to be a fast process. Sometimes we launch Edusuite with a school and it takes them sometimes as much as two years to enable all the features that Edusuite has. And what we did is to make it in a way that we can turn off the AI-specific features one by one. So if a school does not trust the system to do the AI at the start, they’ll be able to do the planning their way. For example, if they don’t want the student advising module to automatically advise the student, they can just turn it off and have someone on the backend manually approve each time a student would take a certain number of subjects. So it’s not going to be automatic, that as soon as they implement Edusuite, all the AI features are turned on,” Dagondon said.

Categories
Technology

Bonds.PH app makes bond investing easy for unbanked

Union Bank of the Philippines President and CEO Edwin R. Bautista says the Bonds.PH mobile app will benefit every Filipino.
Union Bank of the Philippines President and CEO Edwin R. Bautista says the Bonds.PH mobile app will benefit every Filipino.

Have you ever thought of investing in retail treasury bonds? Now the Bonds.PH mobile app makes it easy for every Filipino, even the unbanked, to do so for as low as US$100.

The Philippine Bureau of the Treasury (BTr) is the first in Asia to launch an app for the distribution of retail treasury bonds enabled by Distributed Ledger Technology (DLT).

“The launch of Bonds.PH paves the way for all Filipinos, particularly the unbanked, to easily and affordably invest in the BTr’s newest retail treasury bond, RTB-24 or the Progreso Bonds. The mobile app presents a compelling opportunity for all to invest and help the Republic raise funds for economic recovery and COVID-19 response,” Philippine National Treasurer Rosalia V. De Leon said in a press statement.

The launch was made possible in partnership with Union Bank of the Philippines (UnionBank) and Philippine Digital Asset Exchange (PDAX).

“This is the first retail treasury bond issuance to leverage on blockchain technology in Asia, and likely the world. The Philippines is ready to lead the way into the future and tech up the nation with innovative, inclusive opportunities, powered by emerging technologies, for the benefit of all Filipinos,” said UnionBank President and CEO Edwin R. Bautista.

Categories
Technology

Hyperlocal to become part of new normal, says BPI

The COVID-19 pandemic has seen the emergence of a vibrant hyperlocal market, with residents preferring to buy and sell products within their immediate communities.

Practically overnight, these communities set up Facebook and Viber groups. Here, neighbors could chat with each other and freely advertise their own products and services. These include home-baked bread and desserts, home-cooked meals, and fresh produce. They purposely kept the trade within the community to limit the entry of outsiders and simplify delivery and pick-up logistics. And while this was a response to the crisis, don’t expect hyperlocal to go away even after the pandemic ends.

“The hyperlocal marketplace is expected to become part of the new normal due to its unique selling proposition. The proximity factor between the buyer and seller makes this model work and competitive even with other online options from larger companies. The ability to deliver products and services faster gives a tremendous opportunity to all participants in this ecosystem,” Bank of the Philippine Islands (BPI) Chief Digital Officer Noel Santiago told Digital Life Asia.