BizBaz for Financial Institutions

As a financial institution, such as a bank or an insurance company, wouldn't you like to attract an increasing number of clients? As well as have an access to a comprehensive database of information about them? Once you possess deep knowledge about your clients, you can significantly decrease risks, such as defaulting of loans, missed card payments, and others. You could also target relevant individuals and offer them tailored financial products from your portfolio.

For example, if you knew that a prospect goes to the gym regularly and leads a healthy lifestyle, you may offer them tailored insurance.

It's not only your institution that lacks basic data about your clients and prospects. Most financial institutions in South East Asia lack the most basic information about their clients, beyond demographics and credit score. In countries such as the Philippines and Indonesia, more than 80% of people are unbanked, and don't even have a credit score.

So financial institutions in such places have no choice but take a large risks in offering their products to prospects based only on simple demographics, identity number and a name. They have no better way to assess a prospect's financial health and potential risk.

The World Bank estimates that 80% of the people in Indonesia, the Philippines, and Vietnam, and 30% in Malaysia and Thailand, are unbanked and don't have credit scores or financial history. This is probably the biggest hurdle for unbanked, poor and young people in Asia and elsewhere, to have access to the financial products that can elevate their lives. They have no access to bank accounts, personal loans, house loans, insurance, credit cards, retirement plans and other financial products.

This is where Bizbaz comes into play.

Bizbaz offers the most comprehensive financial health profiling and scoring system in South East Asia. Our proprietary system collects information on a prospect's financial, social, lifestyle and health aspects, and transforms this data, using AI and ML algorithms, into a comprehensive financial health profile and score. This could be crucial for people with no financial history and credit score.

We utilize the most advanced data encryption, security measurements and machine learning algorithms to ensure all data is safe, secure and used intelligently.

You can learn more on our website, app and contact us, at BizBaz - Intelligent Finance.

Institutions