Marlo Cruz, President, and CEO of CIBI Information Inc. talks during the second roundtable discussion at eCompareMo Finovation 2019. The session centered on industry challenges. With him are (from L-R) moderator Atty. Aileen Amor-Bautista of the Credit Information Corporation; Simone Colombara, Managing Director of CRIF Corp.; J.P. Ellis, Co-Founder and Group CEO of C88 Financial Technologies Inc., the parent company of eCompareMo.com; and Marty Gonzalez, Head of Integrated Solutions Group of TransUnion Philippines.
The growth in data and technology is in a good place. This is the era where what once were luxuries are now becoming commodities. But while the growth in information technology continues to increase, there is still a big segment of the market that is left untapped, waiting to be served. That’s where CIBI comes in!
Right now, a significant chunk of the population is composed of the unbanked market. And that significant number is what we’ve been working on for the past years and months. CIBI is not just about delivering reports and credit checking. We want to stress and give emphasis on our solutions-based models that deliver better outputs, in the long run, highlighting how we foster speed and accuracy whenever we deal with client requests.
“There’s a lot of data. In fact, CIBI doesn’t see that there’s a lack of data at all. What we need is to discover and digest the data we have and to actually make sense of it. Data is everywhere and what we actually need is the ability to “convert” those data into models and framework”, President and CEO of CIBI, Mr. Marlo Cruz said.
At its core, the lack of data and infrastructure to deliver credit reports and scores are needed to aid the growing market online. Alongside this, we want to stress that educating the market and implementing programs to increase financial literacy among Filipinos should be exercised.
CIBI understands that the data we have might not be sufficient enough that’s why our campaigns and project with CIC are driven by our goal to collect and analyze more data. CIBI is a data aggregator. And we want to encourage and partner with more aggregators to build an ecosystem of aggregators that share and pull data within that system.
In addition, CIBI and its data partners recognize that the presence of data only becomes useful when there’s a machine that churns out all the data to derive a SCORE. We involve ourselves in the whole model development process and we share our best practices in developing frameworks with our clients. CIBI developed models like Online Registry and Information for Business to make our reports accessible to our clients. Soon, things will be a lot easier as we automate and digitize the data we have on file.