Integrating artificial intelligence (AI) and efficient data management with business operations could trigger a Philippine Fintech revolution.
This is what AI-powered decisioning platform Provenir General Manager for Asia-Pacific Bharath Vellore answered when asked if the future of fintech lies in the ability of enterprises to harness the potential of data during the “Fintech: A people’s revolution in the Philippines” forum attended by some of the companies in the South East Asian Region.
“The pandemic and its restrictions caused a huge generational spike in the eruption of digital services and has demanded that businesses adapt themselves at a very high speed,” said Vellore.
According to the Provenir representative, entities in the country should offer financial services to customers to generate alternative revenue streams, personalize their customer journey, and improve the overall user experience. With this, they will be part of the Philippine Fintech Revolution.
“Fintech is not limited to digital banks and neobanks, but broadens out to include embedded and open financial services that are becoming more and more prevalent,” Vellore added.
Further, the General Manager of the AI-powered platform also emphasized that AI in fintech will offer a lot of opportunities in the industry.
“AI in fintech opens the doors for the digitalization of credit-rich verticals and diversifies products and capabilities. Agility and speed in personalization play critical roles in providing personalized offers to customers, aiding in hypergrowth,” he stressed.
Vellore, in addition, highlighted that AI technology can transfer large amounts of data into valuable insights such as consumer patterns that help with fraud detection and business risk decisions, given that its fraud detection is fast, efficient, and effective.
“AI also helps organizations discover new patterns in data that empower them to serve a much wider base of people,” he stressed. “AI can reduce transaction costs, improve data management, and increase employee productivity.“
Meanwhile, AI will also support the unbanked, which is 70% of the population in the region, as stated by Vellore:
“Through AI, an e-wallet is no longer just a channel for paying bills but is now also a bank, and it contains your investment portfolio, insurance, and so much more. A ‘super app.’”
Last year, the Department of Trade and Industry (DTI) launched a national AI roadmap that aims to transform the country into a Southeast Asian AI powerhouse and leverage AI to boost local enterprises’ regional and global cooperation.
According to a study by Vantage Market Research, the global Fintech market is expected to reach $332.5 billion by 2028, after a 19.8% Compound Annual Growth Rate (CAGR) during the study period.
“Anchoring our nation’s progress with AI is a must. The collaborative efforts among the public and private sector, the academes, and our ASEAN partners have greased the runway towards the movement of money through the power of data,” said Amor Maclang, Digital Pilipinas and World Fintech Festival PH Co-Founder.
This article is published on BitPinas: AI, Efficient Data Management to Trigger PH Fintech Revolution – Provenir
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