Innovating with Data Analytics and AI Technologies: ASEAN BFSIs

To better cope with these growing demands, many incumbent banks have also invested heavily in their technologies in recent years, with the COVID-19 pandemic serving as a platform for incumbents to accelerate their digitalisation.

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Based on consolidated market capitalisation data, ASEAN banks are some of the largest enterprises in the region with 4 out of 5 of the largest market capitalisation enterprises being banks. While the BFSI industry has long been data-intensive and technology-dependent, new data-enabled AI technologies have the capacity to drive innovation faster and further than ever before.

For continued success in the digital age, it is essential for enterprises to leverage on the ‘hidden treasure’ they already own in large quantities – data. The BFSI industry has realised the large amounts of data each customer generates and is fully reforming itself to extract as much hidden knowledge from this information as possible.

This is reflected in AIBP’s 2020 ASEAN Enterprise Innovation Survey, where respondents from ASEAN BFSIs listed big data analytics (66%), machine learning (41%), artificial intelligence (40%), and robotic process automation (27%), as the top technologies that they are planning to invest in over the next two to four years.

We will explore how financial institutions in ASEAN are innovating and implementing data analytics and AI technologies across three areas in this report: ameliorating the customer experience through real-time services, enhancing operations efficiency, and identity, security, and risk management. In addition, international case studies will be included where relevant.