ON July 30, the Hilton Manila was abuzz with excitement and anticipation as the Centre for Research in International Finance (CRIF), a global leader in credit bureau and business information, hosted the CRIF Forum Philippines 2024. With the theme "Unlocking the Full Potential of Data through AI," the event marked a significant convergence of minds from the banking, financial services, government agencies and private enterprises sectors, drawing over 160 key leaders eager to explore the transformative capabilities of artificial intelligence (AI) and data integration.

The forum began with opening remarks by Marlo Cruz, country director of CRIF Philippines, who emphasized the event's purpose of fostering knowledge exchange and collaboration. "We were excited to bring together such a diverse group of industry leaders to explore the incredible potential of AI and data integration," Cruz said, highlighting the forum's role in shaping the future of various industries through innovation and cooperation.

Vicente de Villa III, managing director of the Bangko Sentral ng Pilipinas, delivered a compelling keynote address on regulatory perspectives regarding consumer data and emerging technologies. His insights set the tone for the day's discussions, underscoring the delicate balance between innovation and regulation in the AI and data landscape.

Following de Villa, Deputy Privacy Commissioner Leandro Aguirre of the National Data Privacy Commission talked about balancing data usage, innovation, and data privacy and protection. He stressed the need for stringent data privacy measures amid rapid technological advancements.

A highlight of the event was the keynote address of Niek Van Veen, head of growth at Thinking Machines Data Science. Van Veen delved into the intricacies of harnessing AI within banking and enterprise sectors, offering a comprehensive overview of AI implementation and innovation. His presentation shed light on the practical aspects of AI integration, from initial adoption to achieving significant business outcomes.

Michelle Alarcon, president of the Analytics Association of the Philippines, captivated the audience with her presentation on AI use cases within the Philippine economic landscape. Her insights provided a local context, demonstrating the tangible benefits of AI across various sectors within the country. Her examples showcased the power of AI in driving economic growth and enhancing operational efficiencies.

The forum's panel discussions were noteworthy, providing deep dives into critical topics. The first panel, "Uncovering Financial Inclusion Opportunities: Leveraging AI and Diverse Data Sources in the BFSI Sector," explored how AI and innovative data utilization can enhance financial inclusivity. Panelists discussed the potential of AI to bridge gaps in financial access, offering new opportunities for underserved populations.

The second panel, "Integrating Siloed Data for Enterprise Growth Strategies," examined the integration of diverse data sources and advanced AI techniques to uncover actionable insights and drive enterprise growth. It discussed challenges and benefits of breaking down data silos, emphasizing the strategic advantages of a holistic data approach.

CRIF's contributions were also in the spotlight, with Alessandro Vilardi, EMEA & Asia Digital director at CRIF, sharing insights on "Generative AI in the Customer Journey." His presentation illuminated how generative AI can enhance customer experiences, creating more personalized and engaging interactions.

Meanwhile, Alice Kuo, regional head of sales for compliance at CRIF Asia, presented the "CRIF Asia Top 1000 Ranking 2024: ESG & Financial Performance," a detailed analysis of the intersection between environmental, social and governance (ESG) factors, and financial performance.

The forum concluded with a networking session and aperitivo, providing attendees an opportunity to connect with peers, share ideas and continue the day's discussions in a relaxed setting. This session allowed participants to forge new connections and discuss potential collaborations in an informal atmosphere.

Overall, the CRIF Forum Philippines 2024 was a resounding success, achieving its goal of fostering knowledge exchange and collaboration among industry leaders. The event provided a comprehensive exploration of the transformative power of AI and data integration, offering valuable insights and practical examples of AI's potential to revolutionize various sectors.

As Marlo Cruz aptly summarized: "The CRIF Forum 2024 provided us with an opportunity to learn from each other, share innovative ideas, and drive forward the future of our industries."

The author is the founder and CEO of Hungry Workhorse, a digital, culture and customer experience transformation consulting firm. He is a fellow at the US-based Institute for Digital Transformation. He is the chair of the IT Governance and Digital Transformation Committee at the Finex Academy. He teaches strategic management and digital transformation in the MBA Program at De La Salle University. The author may be emailed at rey.lugtu@hungryworkhorse.com.

The views and opinions expressed above are those of the author and do not necessarily represent the views of Finex.