MANILA--Local software company, Vinta Systems, has unveiled its latest homegrown applications for the financial industry in Asia.
At a briefing Tuesday, the company said one of the applications, aimed at foreign and regional banks throughout Asia, is a credit-scoring tool that gives financial companies the flexibility to use both artificial intelligence (AI) capabilities as well as traditional technologies.
According to Vinta, the AI-powered Vinta Intelligent Evaluator is the first of its kind in the country and across the region.
Bernard Yu, the company's newly appointed CEO, said the AI application provides banks and financial companies a new way to analyze and evaluate an individual's credit score.
"What is good about our AI application is that a bank can also use this in tandem with more traditional credit-scoring techniques using statistics," said Yu, who formerly served for a decade as the head of Oracle Philippines.
The application was developed for individual loans and credit applications, he said.
Yu did not give targets, but disclosed that RCBC, one of the largest banks based in the Philippines, is scheduled to "switch" on the credit-scoring tool that it recently acquired from Vinta.
"The RCBC application is set to go live soon," he said, adding that Vinta currently has five large clients in the country.
He noted that the ongoing financial crisis will make credit-scoring applications important tools for banks that want to avoid financial pitfalls relating to loans. Banks are now finding it more important to obtain the latest consumer credit risk information, the executive said, noting that the trend is becoming global.
Meanwhile, Yu disclosed that the company has beefed up its manpower and now has 30 software developers.
The vendor also develops and sells media planning, buying and monitoring applications, as well as loans applications software. Most of these are exported, according to Yu.
Joel D. Pinaroc is a freelance IT writer based in the Philippines.