05th October 2023, Grand Hyatt Manila, Philippines
iGCB recently organised a conference to explore the opportunities presented by the unbalanced distribution of the existing SME and Retail lending landscape to the banks in the Philippines.
iGCB partnered with CNN Philippines to cover the event. Catch a glimpse of the event here:
Agenda:
16:00 hrs – Meet and Greet
16:30 hrs – Welcome Address by Rico Hizon
16:40 hrs – Keynote Address by Mr. Eugene Acevedo
17:00 hrs – Unveiling iKredit 360 built on eMACH.ai architecture for Philippines
17:30 hrs – Panel Discussion – Disruptions in retail lending
Catch a glimpse of the panel discussion here
Our Esteemed Speakers
President and Chief Executive Officer
Rizal Commercial Banking Corporation
Senior Anchor and Director for Content Development
CNN Philippines
Executive VP and Retail Banking Segment Head
Security Bank Corporation
Executive VP and Chief Innovation and Inclusion Officer
Rizal Commercial Banking Corporation
Senior EVP and Head of Consumer Banking
UnionBank of the Philippines
Background
The banking population in the Philippines is projected to rise from 65 million in 2022 to 85 million by 2030. The rise of a young, tech-savvy consumer base is driving a surge in demand for innovative financial services
Currently, the bulk of the credit is issued to the larger corporates (76% of all loans), while small and medium-sized enterprises (SMEs) continue to face binding credit constraints. The country has an estimated 15 million informal entrepreneurs and self-employed workers—a massive pool of would-be borrowers with little access to traditional finance. This unbalanced distribution of existing loans—combined with a rapidly growing adult population, and the introduction of new digital technologies—makes lending prime for disruption and accelerated growth. This is a large opportunity for banks to capture.
There is growing evidence that fintech has increased access to credit for small borrowers both in advanced and emerging economies. How do banks in the Philippines compete?
- Designing financial products and services that are easy to understand and use
- Streamlining/digitizing processes to ensure accelerated access to credit
- Leveraging non-traditional sources of data, such as payment history for things like utility bills, to better determine creditworthiness for individuals
- Providing Omnichannel access to enable access to financial services in areas where traditional brick-and-mortar banks may not be present
