More than a year has passed since the enactment of the Extended Community Quarantine, and it appears little has improved for the country in its fight against the pandemic. Rising case numbers and extended lockdowns are exacerbated by a slow vaccine rollout, resulting in delayed progress toward recovery. Despite this less-than-ideal situation, the experience brought about strategies and tools to better equip us to address and predict the economic outlook. A year later, uncertainty no longer completely clouds our view, and our resolve to keep advancing is stronger than ever.
Before the pandemic, financial inclusion in the Philippines had been increasing at pace. With more institutions sharing financial information, more consumers were able to access a greater range of financial services and products. As TransUnion continued to deliver services throughout lockdowns, its priority was to support businesses through the crisis — understanding the situation had impacted everyone differently.
A renewed focus on fraud
During this time, fraudsters took advantage of rapid digital acceleration as a result of stay-at-home orders. Our analysis of billions of transactions clearly shows the war against the virus brought about a war against digital fraud. Read more
To help safeguard business and consumer finances in a digital economy, organizations must be able to spot fraudulent transactions while delivering a great customer experience. By using the latest solutions, businesses will be empowered to build trusted relationships and transact with confidence.
As the country moves forward, TransUnion believes the key to recovery lies in regaining the growth mindset, backed by the power of information — and what it can help people achieve. There are still tens of millions of Filipinos who are credit invisible and could have limited access to credit products and other services.
TransUnion, through its partnerships with various financial institutions like banks in rural areas, champions greater financial inclusion. This is how we plan to do our part in bayanihan efforts to recover from this crisis as one nation. Read more
By bringing lenders into the wider credit information ecosystem, consumers with previously limited data can be considered by big and smaller banks, while helping drive competition to ultimately benefit their customers.