Editorial

Yoma Bank and Experian awarded the Best Data and Analytics Initiative, Application or Programme at The Financial Technology Innovation Awards Programme 2019

By The Asian Banker

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  • Yoma Bank implemented a credit scoring model for automated and intelligent lending through digital channels
  • The unsecured lending solution provides the bank with a platform to combine big data analytics, machine learning and alternate data-based credit scores for better lending decisions
  • The bank witnessed a strong growth in new customers and average transactions per customer, with a 70% repetition rate

 

Bangkok May 30th 2019 –Yoma Bank and Experian were awarded the Best Data and Analytics Initiative, Application or Programme at The Financial Technology Innovation Awards Programme 2019.The awards ceremony was held in conjunction with The Future of Finance Summit, the foremost annual meeting for decision makers in the financial services industry in the Asia Pacific region, held at the Shangri-La, Bangkok on May 30th 2019.

Yoma

Standing from left: Richard Hartung, International Resource DirectorThe Asian Banker; Bernardi Susastyo Head of Sale Financial Sector Decisioning, SEA, Experia; Khin Moet Nyein, Lead Data Analyst, Yoma Bank; Andre Marques, Sales Manager, SEA, Experian; Mark Flaming, Chief Digital Officer Yoma Bank; Sandrina Branton      General Manager, Decisioning Analytics, SEA, Experian; Neeti Aggarwal, Senior Manager, Research, The Asian Banker;Steven Aung Soe Min, Digital Credit Manager, Yoma Bank; David Gyori, International Resource Director, The Asian Banker

Yoma Bank implemented a credit scoring model for automated and intelligent lending through digital channels

Myanmar based Yoma Bank introduced ‘Smart Credit’, an unsecured lending solution delivered through a mobile banking app, processed by a decision engine powered by Experian. The system facilitates greater financial inclusion as it is enabled with machine learning based credit models, automated micro-lending credit processing, loan decision and disbursement that widen its reach of customers. The system provides the bank with a unique data and analytics-based insights in Myanmar as the country traditionally faces paucity of public data availability on customers.

The unsecured lending solution provides the bank with a platform to combine big data analytics, machine learning and alternate data-based credit scores for better lending decisions

The system integrates traditional and alternate data sources including data from mobile operators, historic bank data, demographic and self-reported data and device data. Machine learning based credit scores facilitate processing of real time requests and intelligent credit decisions. The system gathers customer behaviour data to enable predictive insights and incentivises according to payment behavior. It is built on a scalable lending platform, designed to meet the needs of the geographically diverse Myanmar market.

The bank witnessed a strong growth in new customers and average transactions per customer, with a 70% repetition rate

The system facilitated the bank to achieve significant uptake as new customers, with a 70%repetition rate. Using digital channels, the customers recorded three times higher transactions. With its unique risk-based pricing model the bank is also able to incentivise good credit behaviour with lower lending rates.

The Asian Banker Financial Technology Innovation Awards Programme, refereed by prominent global bankers, IT consultants and academics, provides an undisputed benchmark of technology implementation in an increasingly fierce marketplace. A stringent three-month-long evaluation process determines the awardees from across Asia Pacific, Middle East, and Africa. The awardees are honoured in a gala event that recognises their efforts in using the best technology to run their institutions and bring superior products and services to their customers.

About The Asian Banker

The Asian Banker is the region’s most authoritative provider of strategic business intelligence to the financial services community. The Singapore-based company has offices in Singapore, Malaysia, Manila, Hong Kong, Beijing, and Dubai, as well as representatives in London, New York, and San Francisco. It has a business model that revolves around three core business lines: publications, research services and forums. The company’s website is www.theasianbanker.com

You may visit the Financial Technology Innovation Awards gallery at  https://www.facebook.com/pg/TheAsianBanker/photos/?tab=album&album_id=10157254926774804&__tn__=-UC-R

 

For further information on the collaterals for winning banks, please contact:

Mr. Alfred Labicassi
The Asian Banker
Email: alabicassi@theasianbanker.com



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