Extending the benefits of financial inclusion to communities in underserved — mainly rural — areas has traditionally faced obstacles of remoteness and lack of infrastructure. In exploring how we can overcome these challenges with digital solutions, TransUnion Philippines President and CEO, Pia Arellano, outlines the benefits of their recent agreement with 1 Cooperative Insurance System of the Philippines (1CISP) and its partner TraXion Tech.
A story of specializations
The more creatively we face the challenges COVID-19 has put in our path, the more liberating the solutions we can discover. This is true for 1 Cooperative Insurance System of the Philippines (1CISP) and its partner, TraXion Tech — a systems integration company specializing in transaction management.
These two companies support underprivileged rural communities by providing their cooperatives with financial services, including credit and repayment facilities, life insurance and short-term insurance products. To date, approximately 3,000 cooperatives serve up financial solutions to individual members, such as farmers, government employees and teachers.
Meeting a growing demand
Membership of 1CISP grew 8–10% as consumers sought financial support to cope with the economic impact of COVID-19. To address the increased demand, 1CISP and TraXion Tech launched DigiCoop — an online platform where individuals can apply for loans, insurance, investments, make payments and access the virtual marketplace of local traders.
This need to rapidly develop an online solution is becoming more prevalent for businesses and organizations looking to accommodate the shifting demands of digitally savvy consumers in every area of commerce. But along with rapid innovation can come sudden complications.
This increased capacity provided by DigiCoop produced a new challenge — the need for a reliable credit scoring and reporting system cooperatives could use to quickly, accurately, securely and cost-effectively assess creditworthiness. It’s a challenge TransUnion is perfectly positioned to tackle.
TransUnion provides solutions to help create economic opportunity and personal empowerment for hundreds of millions of people around the world. As a credit reporting agency, we offer specialist services in acquisition, portfolio management, fraud, identity, risk management and collections.
Through our solutions, we’ve helped cooperatives more confidently extend their reach and increase the value of their credit offerings with a faster, more convenient loan application process.
This strengthens our drive toward greater financial inclusion as cooperatives can now access richer data solutions which enable them to better serve more communities, and provide more opportunities for economic and human capital development.
This new partnership goes to the heart of our purpose at TransUnion: to provide comprehensive information and valuable insights to help businesses and consumers transact confidently and achieve great things. We call this Information for Good® for good reason.
As part of the data-sharing agreement, 1CISP will contribute data to the TransUnion database, further strengthening the insights we provide. This mutually supportive partnership is a truly bayanihan effort to help our development and nation-building goals.
We’re proud to work with organizations like 1CISP and TraXion Tech. They share our vision of improving financial inclusion to ensure that no Filipino gets left behind as we build our future. We look forward to an evolving process as we onboard more cooperatives to TransUnion and customize our solutions to satisfy their specific needs.
Find out more
To find out more about how advanced analyses of enhanced data can help you overcome business and operational obstacles, visit TransUnion today.