Maya, the #1 Digital Bank in the Philippines, is using artificial intelligence (AI) to expand access to credit, especially for Filipinos often overlooked by traditional lenders.
With AI-driven credit assessments, the bank has scaled its life-to-date loan disbursements to an all-time high: ₱67 billion as of September 2024.
This surge points to a shift in lending practices in the Philippines, where, according to the Bangko Sentral ng Pilipinas (BSP), only 4% of adults secure bank loans, while 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 allowing us to understand people’s financial behaviors better and therefore offer solutions that fit their lives.”
Maya’s AI-driven model provides real-time, personalized credit assessments, revolutionizing how Filipinos access loans and financial services.
Broadening the Scope of Financial Products
Maya’s lending growth has paved the way for its expansion into other financial products. The bank recently partnered with retail giant Landers to launch a new credit card, using AI to set personalized credit limits and repayment plans.
This strategy aims to deepen Maya’s engagement, especially in underserved markets, and has already drawn international attention. The bank has been a finalist for the “Best Use of Payments Data or AI in Financial Services.”
A New Lending Model for a Critical Time
Maya’s expansion into AI-driven lending comes at a crucial time for the Philippines. Traditional banking has struggled to serve the unbanked population effectively, with 65% of Filipinos finding it difficult to secure loans from banks, according to a 2021 BSP survey.
Maya distinguishes itself by using AI to assess creditworthiness based on users’ transaction history, app usage, and even minor transactions like bill payments or grocery purchases.
This instant customer insight allows the bank 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 focuses on risk management, which is central to its lending strategy. By continuously monitoring customers’ financial activities, the platform targets borrowers with a higher propensity to repay. It dynamically adjusts credit limits, reducing the likelihood of default and ensuring borrowers manage their debts responsibly.
With AI, Maya has achieved rapid loan growth with significantly reduced default rates. By leveraging AI models that quickly adapt to credit behavior, the bank has cut default rates by over 50% compared to when it launched its lending services in 2022.
In addition to credit scoring, Maya’s AI also plays a critical role in fraud detection. It safeguards the lending business by identifying fraudulent loan applications and preventing unauthorized drawdowns.
By blending advanced technology with a customer-focused approach, Maya is not only expanding access to credit but also setting new standards for banking in the Philippines.
To learn more about Maya, check out maya.ph and mayabank.ph.
Follow Maya at @mayaiseverything on Facebook, Instagram, YouTube, and TikTok and @mayaofficialph on Twitter.
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