This is a game-changer as we continue to adopt alternative digital verification and scoring to help push for a more secure, faster and reliable verification process to onboard more unbanked and underserved segments into the financial system, supporting BSP's mission of financial inclusion.
MANILA, Philippines (PRWEB) August 28, 2018
LenddoEFL, whose verification, credit scoring, and consumer insights helps leading banks make data-driven decisions, launched an electronic Know Your Customer (eKYC) product for customers applying for credit card and bank accounts at Philippine financial institutions consistent with Bangko Sentral ng Pilipinas (BSP) regulation.
To date, Know Your Customer (KYC) regulations in the Philippines have always required a face-to-face or real-time online interview to onboard new-to-card or new-to-bank current account/savings account (CASA) customers.
Now, customers will be able to get verified as part of a CASA or credit card account application faster and more conveniently by opting-in to avail of the eKYC solution from their mobile phone. LenddoEFL’s eKYC solution offers a simpler way for banks to onboard new customers. See BSP Circular 950, Subsection X806.2 item D for details on using information and communication technology (ICT) in the conduct of face to face contact.
“This is a game-changer as we continue to adopt alternative digital verification and scoring to help push for a more secure, faster and reliable verification process to onboard more unbanked and underserved segments into the financial system, supporting BSP's mission of financial inclusion,” said Judith Dumapay, APAC Sales Director Philippines, LenddoEFL.
Each bank considering to use technology-aided verification must do so within their risk-based customer acceptance policies and anchored on the results of their risk assessment process. They also remain responsible for watchlist screening.
LenddoEFL’s mission is to provide 1 billion people access to powerful financial products at a lower cost, faster and more conveniently. We use AI and advanced analytics to bring together the best sources of digital and behavioral data to help lenders in emerging markets confidently serve underbanked people and small businesses. To date, LenddoEFL has provided credit scoring, verification and insights products to 50+ financial institutions, serving seven million people. In the Philippines, LenddoEFL has processed 3.5 million results and allowed $US400 million in credit disbursed for its financial institution clients. Find more information at https://include1billion.com/ or reach out at Contact(at)LenddoEFL.com