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I recently moderated a productive discussion on balancing data insights and consumer trust to advance financial inclusion in the Philippines. Summary below 👇 Atty. Leandro Angelo Aguirre of the National Privacy Commission underscored the importance of data subjects’ choice. Amidst these exciting developments, we must never forget that the data subjects need to be informed and allowed to consent in an accessible way. He criticized overly technical documents - citing studies that have found it takes a person 76 days on average to understand data privacy agreements - and stressed that companies must empower data subjects to take real control of their data, rather than offering the illusion of control. Marius Mare from Sybrin, with a wealth of experience addressing similar issues in South Africa, stressed that building financial data records in rural areas is key to integrating rural businesses into the broader financial system. He noted that while these areas have robust economies, their activities are untracked, leading to isolation and exclusion. Marius also pointed out the importance of reliable data sources, emphasizing the need for improved methodologies and accuracy, even in government data. Christian Lauron from SGV & Co. made an excellent point: it’s critical to consider that the approaches to data gathering must be embedded in the target group’s culture. Rafael Francisco amparo provided insight from rural banks. To Christian’s point, he emphasized that relationships are the starting point for rural banks to know their customers. They serve as the bridge between the rural segment and government projects, such as the rollout of the national ID, by providing a much needed physical presence in rural areas. Few financial institutions are capable of understanding or reaching the rural segments as effectively as rural banks, making them a pivotal piece in this ecosystem. Christian and Rafael discussed designing data models with specific objectives and client situations in mind. Rafael provided examples of alternative credit scoring models that do precisely that, one using telco data and another leveraging social media activity to estimate spending capacity. Overall, it is encouraging to see that the right minds and pieces are present in the space. There is much to be done; all the more reason to collaborate, share ideas, and build upon each others’ successes.
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CEO at DOCONCHAIN | La French Tech Manila
4moVery insightful panel discussion