We talked to Lia Francisco, founder of CreditBPO, about financial risk management, and this is what she said about it.
First of all, how are you and your family doing in the middle of the COVID-19 pandemic?
Lia Francisco: My family, both at home and at work, and I are doing well despite our common struggle against the pandemic. Thank you for asking.
Tell us about you, your career, and how you founded CreditBPO?
Lia Francisco: I’ve been an entrepreneur for a while, and I’m very thankful for the successful enterprises we’ve managed to build. In the course of building our companies, it has not been easy to bring lenders onboard to fund our growth because of so much information asymmetry in the ecosystem. The same was true with vendor engagement. So I put together my experience as an entrepreneur and as a banker and set up CreditBPO to help bridge the financial information gap, help address risks, ease workflows, and provide a roadmap of growth for companies who use our service.
How does CreditBPO innovate?
Lia Francisco: At CreditBPO, we put our customers at the heart of our business because nothing else matters. We are centrally focused on their needs—and their needs are our only source in coming up with ideas to innovate on.
How is the coronavirus pandemic affecting CreditBPO, and how are you coping?
Lia Francisco: At CreditBPO, the pandemic has actually been an accelerant in the adoption of our solutions by institutional clients; our cloud-based platform quickly enabled their Work-From-Home initiatives to ensure business continuity. Our primary goal is to guide customers from manual processes to meaningful digitalization and help them face up to the lending, procurement, supply chain, customer credit, and accreditation challenges of the 21st century.
Did you have to make difficult choices, and what lessons did you learn?
Lia Francisco: Difficult choices are par for the course in the midst of this pandemic. What’s important is how quickly we learn from its lessons and come up with solutions to them.
As a technology company with experience working in the cloud, we are more fortunate than most, swiftly adapting to what is being labelled as the new normal. We have weaved this ability to adapt into the fabric of our solution, which aids financial institutions to shorten credit evaluation processes, corporations to streamline their vendor accreditation and supplier evaluation processes, government agencies to improve ease of doing business, and SMEs to determine and improve their creditworthiness and grow their business.
How has the pandemic changed the business landscape in terms of finance, lending, procurement, and supply chain management?
Lia Francisco: The COVID-19 pandemic has underscored the need for full digital transformation not only of businesses but also of government in order to meet any challenge. The pandemic exposed the vulnerability of organizations that use inefficient and manual processes. This disruption made it clear that the time for adapting to more technology and data in their operations is now, and not a day later.
What products or services does CreditBPO offer its clients to address these changes and help them through the pandemic-induced crisis?
Lia Francisco: The risk associated with lending, procurement, and accreditation is massive. Inefficient processes increase the scale of these risks and create a large financial burden, impacting the bottom line.
This financial burden can be removed by using CreditBPO’s solutions that benchmark financial data on borrower data, supplier data, and accreditation bodies for continual improvement. This enables better management and faster recognition of risk, leading to better decision-making, quicker reporting, and lower cost.
Who are your competitors? How do you plan to stay in the game?
Lia Francisco: CreditBPO has no direct competitors. Our challenge is in always being tuned in to our Customers’ needs, bringing clarity to our target audience, and harnessing our resources efficiently to ensure our longevity.
Your final thoughts?
Lia Francisco: If the pandemic has taught us anything, it is that each business, big or small, has a role to play in keeping the economy healthy and growing, and the way to achieve this is through cooperation. CreditBPO’s role is to help the various stakeholders recognize their financial risks early in order to improve their financial performance and condition and contribute positively to the country’s economic condition and growth.
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