Daily Tribune‘It’s all about transparency in the industry: of lenders towards their consumers and of regulators with lenders. There is a need to be clear how AI is being used to underwrite customers and further the industry.’
Industry leaders and experts weighed in on how the transformative power of Artificial Intelligence (AI) can shape the nation’s future during the Manila Tech Summit 2024.
During a panel on balancing consumer and creditor protection, general manager of Tala Philippines, Mr. Moritz Gastl talked about how global fintech uses AI and machine learning to increase economic resilience and financial inclusion among Filipinos.
During the panel discussion, Mr. Gastl expressed the need for more transparency in the use of emerging technologies, specifically AI and Machine Learning, especially when it comes to customers, the industry, as well as with regulators.
"We ultimately improve our underwriting using machine learning to give better access to customers — better access to, ideally, cheaper prices for good customers to give them the ability to access larger loans as we learn more about them,” Gastl said.
Flexible, convenient online credit
Tala, the world’s first financial platform for the Global Majority, provides customers with flexible and convenient online credit. Its mobile application where all its transactions take place, from loan application and approval to disbursement and repayment, harnesses next-generation technology like alternative data to assess creditworthiness, enabling customers without a traditional credit history to access loans.
"It’s all about transparency of the industry: of lenders towards their consumers and of the regulators with the lenders. It has to be clear how AI is being used to underwrite customers and further the industry. It’s all about putting out all the cards on the table and giving fairness and transparency to the customers so the lenders and the bureaus have a level playing field,” Gastl said when asked about the key to balancing consumer and creditor protection.
