E-wallet and digital bank operator Maya said its use of artificial intelligence (AI)-driven credit assessments has allowed it post an all-time high loan disbursements of P67 billion, as of September 2024.
The 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 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 said its AI-driven model provides real-time, personalized credit assessments, revolutionizing how Filipinos access loans and financial services.
Maya said its lending growth has paved the way for its expansion into other financial products. The bank recently partnered with membership shopping operator Landers to launch a new credit card, using AI to set personalized credit limits and repayment plans.
The company said its 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 said it 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.
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 said it is not only expanding access to credit but also setting new standards for banking in the Philippines.
