Industry leaders and experts weighed in on how the transformative power of Artificial Intelligence (AI) can shape the nation’s future during the Manila Tech Summit 2024.
During a panel on balancing consumer and creditor protection, General Manager of Tala Philippines, Mr. Moritz Gastl talked about how global fintech uses AI and machine learning to increase economic resilience and financial inclusion among Filipinos.
During the panel discussion, Mr. Gastl expressed the need for more transparency in the use of emerging technologies, specifically AI and Machine Learning, especially when it comes to customers, the industry as well as with regulators.
“We ultimately improve our underwriting using machine learning to give better access to customers—better access to, ideally, cheaper prices for good customers to give them the ability to access larger loans as we learn more about them,” said Gastl.
Tala, the world’s first financial platform for the Global Majority, provides customers with flexible and convenient online credit. Tala’s mobile application where all its transactions take place—from loan application and approval to disbursement and repayment—harnesses next-generation technology like alternative data to assess creditworthiness, enabling customers without a traditional credit history to access loans.
“It’s all about transparency of the industry: of the lenders towards their consumers and of the regulators with the lenders. It has to be clear how AI is being used to underwrite customers and further the industry. It’s all about putting out all the cards on the table and giving fairness and transparency to the customers so the lenders and the bureaus have a level playing field,” said Gastl when asked about the key to balancing consumer and creditor protection.
Gastl also expounded on the importance of ensuring utmost fairness, transparency and data privacy in AI-driven lending practices, acknowledging the challenges regulators and private companies face in the digital lending landscape.
“As Tala advances further, we remain committed to using high ethical standards without discrimination. Whether AI is there or not, we must educate our customers. What happens to your data posted on social media? What technology are we using? Industries and regulators must work together to educate our customers,” he added.
With the emergence of new technologies, Tala is committed to help foster a fair and transparent lending industry where customers are of top priority. Aside from abiding by existing laws on data privacy and technology use, it also continues to support regulators and legislators in crafting new AI and data privacy regulations to educate customers and protect them from AI-assisted fraud and scams.
About Tala
Tala is a global technology company building the world’s most accessible financial services. Their financial services provide customers with flexible, convenient, online credit to help support the unbanked and underserved population. Tala has given more than 40 million loans totaling more than 4 billion USD to more than 8 million people across three different continents. Customers have used Tala products to start and expand small businesses, manage day-to-day needs, and pursue their financial goals with confidence. Start your journey into financial freedom: https://tala.ph/borrow/.
For questions about legitimate digital lending platforms, visit gotala.co/help or interact through the official Tala app. Tala is operated by Tala Financing Philippines Inc., a licensed financing company with SEC Registration No. CS201710582 and Certificate of Authority No. 1132, and a registered operator of payment system, with OPS Registration No. OPSCOR-2023-0010. Always study the terms and conditions and the disclosure statement before proceeding with any loan transaction. Tala is regulated by the Securities and Exchange Commission, with an e-mail address at flcd_queries@sec.gov.ph.
