Maya’s AI-Driven Lending Expands Access to Credit in the Philippines
Maya’s AI-Driven Lending Expands Access to Credit in the Philippines
Manila, Philippines – Maya, the leading digital bank in the Philippines, is revolutionizing access to credit through the use of artificial intelligence (AI). By leveraging AI-driven credit assessments, Maya has significantly expanded its reach, particularly to Filipinos who are often overlooked by traditional lenders. As of September 2024, the bank has disbursed a record ₱67 billion in life-to-date loans, marking a transformative shift in the country’s lending practices. According to the Bangko Sentral ng Pilipinas (BSP), only 4% of adults in the Philippines secure bank loans, while a staggering 57% rely on informal lenders.
“AI is transforming how we approach banking,” said Alfred Lo, Maya Group’s Chief Technology Officer. “It’s not just about making credit accessible—it’s about understanding people’s financial behaviors better and offering solutions that fit their lives.”
Expanding Financial Product Offerings
Maya’s impressive growth in lending has paved the way for the introduction of other financial products. The bank recently partnered with retail giant Landers to launch a new credit card that utilizes AI to set personalized credit limits and repayment plans. This strategic move aims to deepen Maya’s engagement, particularly in underserved markets, and has garnered international attention. Maya was named a finalist for the “Best Use of Payments Data or AI in Financial Services.”
Addressing a Critical Need in the Philippines
The expansion of Maya’s AI-driven lending comes at a crucial time for the Philippines. Traditional banking systems have struggled to effectively serve the unbanked population, with 65% of Filipinos finding it difficult to secure loans from banks, as per a 2021 BSP survey. Maya sets itself apart by using AI to assess creditworthiness based on users’ transaction histories, app usage, and even minor transactions such as bill payments or grocery purchases.
This real-time customer insight allows Maya to process up to 50,000 loan applications daily, with most borrowers receiving approval and funds within hours—all through its mobile app. The bank’s use of predictive modeling ensures that loans align with individual risk profiles, emphasizing both accessibility and sustainable lending.
Managing Risk and Building Trust
Maya’s AI model also places a strong emphasis on risk management, a core component of its lending strategy. By continuously monitoring customers’ financial activities, the platform targets borrowers with a higher likelihood of repayment. It dynamically adjusts credit limits, reducing the chances of default and ensuring that borrowers manage their debts responsibly.
Maya’s AI-Driven Lending Expands and has achieved rapid loan growth while significantly reducing default rates. Since the launch of its lending services in 2022, the bank has cut default rates by over 50%. Additionally, Maya’s AI plays a crucial role in fraud detection, safeguarding the lending business by identifying fraudulent loan applications and preventing unauthorized drawdowns.
By blending advanced technology with a customer-centric approach, Maya is not only expanding access to credit but also setting new standards for banking in the Philippines. The bank’s innovative use of AI in credit assessment, risk management, and fraud detection underscores its commitment to making financial services more accessible, efficient, and secure for all Filipinos.
To learn more about Maya, check out maya.ph and mayabank.ph.
