Smile API’s Post

Challenges in Reducing Non-Performing Loans (NPLs) Reducing non-performing loans (NPLs) remains a persistent challenge for financial and lending institutions in the Philippines as the country progresses into the second half of the year. In June 2024, the gross non-performing loans amounted to PHP502.4 billion, up from the PHP495.6 billion in May this year. Despite the large growth from the past few years, there is still a need to push for more development, especially in terms of data and high interest rates. Additionally, the massive demand for loans means that financial and lending institutions should be more stringent on issuing loan approvals. Their income source must be determined and verified to make sure the loan applicants are able to pay their loans. Smile API uses employment data to verify and assess that loan applicants have a steady income flow thanks to their employment status. This information can be used by financial and lending institutions in determining one's creditworthiness and make a decision whether or not an applicant qualifies for a loan. #SmileAPI #FinTech #FintechNews #latestFintech

Celebrate #WorldSmileDay with us! Just like how a smile can lighten your day, our smooth verification process can simplify your workload. 🧘 Verify employment data fast, easy, & reliably with Smile Checks & Smile API! #SmileAPI #SmileChecks #FinTech #HR #EmploymentVerification

Credit risk management for small financial institutions As the lending industry grows in the country, smaller players in the market has to be aware on how to properly assess the riskiness with lending money to an approved applicant. Despite massive improvement on digitizing financial products and payments brought by the COVID-19 pandemic, challenges like insufficient data, rework on numerous parameters, and inefficient data management, credit risk management still exist. This becomes a big challenge to all financial institutions, especially the smaller ones as they need to keep up with the other players in the market and remain competitive. To improve its database for loan applicants, these financial institutions would benefit from using tools that streamline all the needed information in one location. Smile API is a big help to these institutions especially because not only does it streamline loan applicant information into one location, but it also uses employment data to veriy one's ability to pay credit. This gives small financial institutions to open their services not just for banked individuals, but also the unbanked applicants who wishes to obtain a loan for varying reasons. #SmileAPI #FinTech #FintechNews #latestFintech

The recently concluded Echelon Philippines 2024 was a vibe! 🎉 Huge thank you to everyone who stopped by our booth and to the organizers who made this event a success! 🙏 Missed us? No worries—here's some highlights on what went down on Echelon Philippines 2024! #EchelonPH #Fintech #HRTech #SmileAPI

The challenges on financial inclusion in the Philippines The Philippines' fintech industry has improved by leaps over the past years, especially with the rise of digital banking, but there are still challenges for digital banks and its quest to help achieve financial inclusion for Filipinos. It is said that 93% of Filipino adults are aware of what financial access points are, yet, its accessibility is still a problem in numerous places. Despite the rise of digital banking, the ability to access it through internet or data connections and financial literacy of the Filipinos remain subpar, as the Philippines places 6th out of 8 ASEAN countries when it comes to digital transformation. This opens a challenge not just to the Philippine government, but also to the numerous industries in the country like telecommunications and financial industries to step up and improve their services and make them accessible to anyone and for anyone. Smile API helps this cause by using employment data to verify a person's creditworthiness, making financial products like loans accessible for unbanked individuals in the country, #SmileAPI #FinTech #FintechNews #latestFintech

We're here at Day 2 of Echelon Philippines 2024 at the SMX Convention Center, Manila! 🏟️ Come stop by our booth!👋 #EchelonPH #Fintech #HRTech #SmileAPI

We are here at the SMX Convention Center in Manila for Echelon Philippines 2024! 🏟️ Come stop by our booth! 👋 #EchelonPH #Fintech #HRTech #SmileAPI

Improving Credit Scores in Lending With credit being reintroduced in the digital space through different providers, credit scores have become more relevant as it was before, making digital lending more relevant. Despite the high percentage of nonperforming loans for digital banks, it has become clear that it is here to stay and there is a place for digital lending in the country, which is why people should be aware of how they need to improve and take care of their credit scores to get approved to good loans. Ways on how to improve one's credit score include paying credit bills on time, be updated on their status through monitoring credit reports, set up autopay connected to personal bank accounts, and dispute credit report errors when needed. By improving one's credit score, higher value loans will be easier to obtain. Other than verifying someone's creditworthiness through credit scores, did you know that you can also do this using employee data? Smile API uses employee data to determine if a person can pay the credit they owe, which is a good opportunity for Filipinos who, up until now, are still unable to open their own bank accounts or even credit cards. #SmileAPI #FinTech #FintechNews #latestFintech

Key Factors That Impacts Credit Score As digital payments in the country rise in popularity, financial services are catching up as well, including credit services that requires a person to maintain a good credit score, but what makes a credit score good? Numerous factors like timeliness of credit payments, credit utilization, and credit history affect a person's credit score. This is especially important for someone who is seeking to have their credit card or loan applications approved. Because of this, the importance to check a person's ability to pay credit is given more emphasis, as it is easier to contest credit disputes on your credit card rather than using debit cards for straight purchases. Smile API is able to use a person's employment data to determine their ability to pay credit. The use of employment data to determine this is also a good way for unbanked people, as well as those who have yet to start building their credit journey, to venture into the use of credit in their purchases, given they have the capacity to do so. #SmileAPI #FinTech #FintechNews #latestFintech

Bad loans have been on a rise for a couple of months now, especially last July as an aftereffect of the recent pandemic in the last 2 years. With these in mind, how do banks conduct credit checks on its loan applicants? Accessing a candidate's financial records without proper authorization, such as conducting credit checks, is illegal. While this may be true, it must be known that there are possible alternatives to credit checks as a means of assessing someone's ability to pay its loan debts. Smile API's use of employment data to assess creditworthiness is a great way for banks and lending institutions to know the capability of loan applicants to pay their loans. These businesses can use this in order to lower the percentage of nonperforming loans through proper vetting of loan applicants. #SmileAPI #FinTech #FintechNews #latestFintech