CIBI Information Inc.TM made history with the recently concluded Financial Benchmarking Forum in the Philippines at the Grand Hyatt Hotel in Taguig City. Attended by industry partners and representatives from various sectors, the event which had the theme “Be Ahead of the Curve,” discussed relevant topics about industry benchmarking and credit information.
The Financial Benchmarking Forum highlighted financial benchmarking as an effective tool in determining a firm’s financial performance compared to other businesses of the same size and industry. It is an embedded feature of financial institutions to mitigate risk and fraud in order to ensure sound decision-making.
The Financial Benchmarking Forum is the first of its kind in the country and hosted informative talks from CIBI executives. CIBI Vice President for Credit Information Jim de Castro talked about the importance of Industry Benchmarking and how this service can be used to evaluate a company’s overall standing in relation to others in the same market.
“One of the key functions of this service is providing relevant information that gives users an insightful look into their specific industry,” de Castro explained. “CIBI prepares this report through accurate financial data and other key statistics to ensure that the client will have the most complete picture they can get to understand where they stand and what specific strategies they need to employ to stand out.”
CIBI Head of Business Analytics Ian Copia discussed how clients can elevate their position in the industry by acquiring the credit bureau’s breakthrough offerings. He reiterated how benchmarking maximizes the potential of businesses, paving the way for strategic planning. Moreover, he mentioned that the main objective of this service is to find out what and where improvements are needed based on the credit information they have obtained.
With the presence of CIBI President and CEO Marlo R. Cruz and Vice President for Credit Bureau Miguel Marquez, along with significant executives, CIBI once again set a milestone with the ceremonial launch of latest products such as “IndBex: CIBI Industry Benchmarking Solutions” and “myScoreTM: The CIBI-FICO Score” during the Financial Benchmarking Forum.
A panel discussion on the “Global Perspective on the Current Conditions and Outlook of Credit Information Exchange in the Country.” also took place. Aside from Cruz, the panel was comprised of Consumer CreditScore (Phils.) Chief Operating Officer Klaas van Wyk de Vries and Credit Information Corporation President and CEO Jaime Garchitorena.
“Credit information has become a key input for driving growth and enabling businesses to differentiate themselves to maintain a competitive edge,” Cruz said. “Company leaders should recognize the value of their data in order to utilize its essence and respond to the demands of a complex and sustainable information exchange.”
As the first and only Filipino credit bureau in the country with a proven track record of providing quality financial solutions due to its expertise in data management and analytics. CIBI also continues to aim for greater financial inclusion for every Filipino by transforming the unbanked into bankable individuals, making them a vital part of our country’s economic growth. This is primarily done through CIBI’s credit scoring system which leverages robust local data making it an effective tool that supports efficient credit channel facilities for financial institutions. This promises to make applying and getting a loan simpler thereby helping more micro, small, and medium enterprises develop.
For more information about the event and CIBI services, visit its website, CIBI.com.ph, and its Facebook page at facebook.com/CIBIPh.