AIBP Insights is a series of closed-door regional roundtable discussions which are part of our ongoing engagement with enterprises in ASEAN to look at topics affecting digital transformation for their businesses. The purpose is to enable the exchange of ideas between industry stakeholders and spearhead creative collaboration across industries and countries.
In the past few weeks, we hosted a series of discussions ranging from Customer Experience in the Retail sector, Resilient Supply Chains, Industry 4.0 in Traditional Manufacturing, and Smart Cities. You may also be interested in our discussion on Elevating Customer Experience in the FSI industry with regional fintech and insurtech companies.
In our 2nd session for BFSI, our panelists from AXA Mandiri, Bank KEB Hana, Bank OCBC NISP, Kasikorn Labs, Koinworks, Microsoft, Talend and Zurich Topas Life came together to discuss and share their expertise and insights on the application of digital technologies in the industry.
Having spent eight years at AXA France before moving to AXA Mandiri, Yi Chen, AXA Mandiri’s Head of Data Innovation, shared the differences that she observed in the application of AI between the two countries. She shared that there is more focus on using AI to improve business processes and decision-making proficiencies in France, while using AI for lead generation is a priority in Indonesia.
From an insurer’s perspective, Yi Chen highlighted that her team has adopted voice recognition and natural language processing tools to improve the claims process, minimise claim abuses, and enhance conversational capabilities. Timotius Rinaldo, Chief Technology Officer, Koinworks, shared that ID verification and credit scoring systems have been implemented at his organisation. They are currently implementing robots, which can send reminders to customers to pay loans, for instance.
Benny Jioe, Head of Innovation, Zurich Topas Life, highlighted how AI technologies would benefit three key stakeholders in his organisation. First, the customers will greatly benefit from technologies such as chatbots and more efficient eKYC onboarding processes. Second, employees who rely on Microsoft products such as Outlook and Teams, will have increased productivity and efficiency. Third, agents/partners, who are essential in leads management and activities management, can better manage sales data and reach out to relevant prospective customers. He also added that technologies such as NLP can help better manage risks. In this case, Zurich has been using it to verify if the person who submitted the claim is who they claim to be.
Dr. Monchai Lertsutthiwong, Principal Research Engineer, Kasikorn Labs, shared that they are striving to become an AI bank. Through applying AI technologies, they aim to keep things simple for customers. For instance, customers used to physically visit a branch when completing their onboarding process, but now, they can use AI to verify themselves. Dr. Monchai is also leveraging AI technologies to reduce fraud and to detect abnormal behaviours, thereby contributing towards a safe and secure environment for everyone.
Benedict Sulaiman, SVP IT, IT Governance and Risk Division Head, Bank KEB Hana, shared that customers will continue to be at the forefront of changes as AI continues to surface in more aspects of the industry. Yi Chen agreed and added that they are building a master data management (MDM) system to allow employees to view all of their customers’ products and policies on a single dashboard. This is their first step towards building a seamless omnichannel experience for their customers.
Vony Tjiu, SMC Director, Microsoft, resonated that it is imperative to prioritise customers. Technologies are used to facilitate and manage changing customers’ expectations, for instance, classifying and grouping customers by marriage status and their interests, subsequently sharing and engaging with relevant information. Like what Yi Chen and Pak Benny shared, Bu Vony believes that understanding customers’ profiles through back-end CRM systems can facilitate engagements with customers by utilising chatbots.
Arditto Trianggada, Data Science Lead, Senior AVP, Bank OCBC NISP, agreed with the other panelists that customer centricity should be the focus for banks - not only their end customers, but also their internal customers e.g. marketing team, risk team, etc. As internal customers are tasked to serve end customers, having superior internal customer service and gathering feedback from them would improve morale and retention, ultimately increasing profitability over time.
Role of Data
Rubbish in, rubbish out (RIRO) is a concept commonly used to describe flawed or nonsensical data that are being collected. Yoga Pramudya, Country Sales Director, Talend, shared that data engineers and data scientists have a crucial role in processing high-quality data. He further explained that data engineers focus on collecting relevant data, whereas data scientists focus on building models and algorithms. These data will help companies to streamline their processes and increase revenues over time.
Bu Vony agreed that building secure and safe solutions at Microsoft is key, and that their ‘zero trust’ policy is in place to ensure information governance. Similarly, Pak Yoga shared that Talend’s trust score can help to ensure that customers’ data is appropriately safeguarded despite data maintenance being a considerable challenge caused by data chaos.
In response to a question from an attendee, Pak Benedict shared that data modelling will require plenty of data before Subject Matter Experts can re-evaluate patterns determined by the models. This will also ensure that they can give the correct recommendation, rather than providing bias recommendations.
However, Pak Benny added that having quality data, in addition to the sheer volume of data collected, will ease the decision-making process. Good infrastructure will play a critical role in ensuring that the data warehouse is managed correctly.
Concluding the session, YY Fong, Vice President, Industry Platform, highlighted that the level of efficiency AI brought into the fray is unparalleled, ranging from money laundering, fraud detection, predictive banking and customer service. Furthermore, it is equally important to consider the repercussions of ethical and security breaches, as it may result in unwarranted implications.
With that, we look forward to continuing our discussion on Open and Inclusive Banking tomorrow (22nd April).
Stay tuned for AIBP Channel Focus which will be held in the next few weeks. Do reach out if you wish to find out more about our upcoming sessions!