Cloudera champions using data for good to transform society

Cloudera champions using data for good to transform society

 January 27, 2022

Arielle Diamond, Customer Advocacy Manager for Marketing Communications at Cloudera, reflects on how data for good can help address some of the most challenging issues affecting society and the planet.

"Many organizations initiate data projects because they want to increase revenue, but a select few tackle projects that truly transform society," explains Arielle. 

Challenging environmental issues 

Cloudera recognized three organizations as finalists in the Data for Good category of its annual Data Impact Awards: Union Bank of the Philippines, Keck Medicine of USC, and the National Bone Marrow Donor Program, with the Union Bank of the Philippines announced as the winner. 

In order to be considered for the Data for Good category, submissions had to address some of the most challenging issues affecting society and the planet, making what was impossible yesterday, possible today, and transforming the future.

All three of the 2021 finalists met those criteria by submitting projects that changed — and in some cases saved — the lives of the individuals the organizations serve. 

Providing life-changing financial support

Winner of the Data for Good Category, Union Bank of the Philippines (also known as UnionBank) was founded in 1968 and is headquartered in Manila. The bank’s data project aimed to give Filipinos better access to credit and financial opportunities. More than 70 million people who live in the Philippines do not have a bank account. As a result of the economic fallout from the COVID-19 pandemic, many Filipinos needed to apply for loans in order to make ends meet.

Unfortunately, a high percentage of those people were initially unable to receive financial assistance because of limited or no financial history. UnionBank decided to find a better way to evaluate loan applications to help more customers.

The company used Cloudera Data Science Workbench to create data-centric applications and solutions. With an AI-powered credit scoring and risk model, they were able to more accurately determine which loans to approve.

As a result, the bank’s loan approval rate rose to 54%, and the firm generated $4.3 million in new loans. More importantly, it provided a life-changing financial lifeline to many individuals who were struggling.

Read the article in full. 

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