DIGITAL bank Maya said it had released P67 billion in consumer loans as of September through its artificial intelligence (AI)-driven credit assessment system.
“AI is transforming how we approach banking,” Maya chief technology officer Alfred Lo said. “It’s not just about making credit accessible; it’s allowing us to understand people’s financial behaviors better and therefore offer solutions that fit their lives.”
He noted the need for accessible credit remains high in the Philippines.
According to the Bangko Sentral ng Pilipinas (BSP), only 4 percent of Filipino adults have bank loans, while 57 percent turn to informal lenders.
Lo said Maya’s personalized credit approach had opened doors to financial services for many who have traditionally lacked access to it.
Maya’s AI system for granting loans is also timely since it addresses a critical gap for the unbanked population.
By leveraging data from user transactions, bill payments and other activities, Maya said it could process up to 50,000 loan applications daily, often approving and disbursing funds within hours. This streamlined approach aligns loans with individual risk profiles, promoting accessibility and sustainable lending practices.
“Maya’s AI model also focuses on risk management, which is central to its lending strategy,” Lo said. “By continuously monitoring customers’ financial activities, the platform targets borrowers with a higher propensity to repay. It dynamically adjusts credit limits, reducing the likelihood of default and ensuring borrowers manage their debts responsibly.”
Since its lending service began in 2022, Maya said it has successfully reduced default rates by over 50 percent through its adaptive AI models.
The bank’s AI system also plays a significant role in fraud detection, safeguarding against unauthorized loan applications.
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