Chuah Wan Pin, CEO at Infopro Digital Banking, says that leveraging technology and processes has brought about tangible benefits for banks.
Infopro artificial intelligence (AI) driven digital banking platform is a banking system that has customer centricity via digital transformation at its heart, explains CEO, Chuah Wan Pin. “The solution moves core banking into the next generation. It is built for modularity allowing an API [application programming interface] enabled ecosystem, has reduced processing times and is also in the cloud, providing in demand scalability.
“We aim to free our banking customers up to focus on their own business growth and with the knowledge that the underlying banking system is a capable partner,” he says.
The solution is aimed at existing banks looking for digital transformation, as well as new digital challenger banks. To date, there have been over 100 implementations in 32 countries that include banks that might have just one branch right up to those with branch networks numbering the hundreds. The biggest customer has 1,000 branches.
“The past two years have seen a particular focus on digitisation and everything that comes with that in terms of improved processes automation, sleeker systems and overall better customer experience in terms of the design and function at the front end,” says Chuah.
A key facet to this has been bringing efficiency and power via the use of AI and machine learning (ML) with a mission of bringing cognitive digitally enabled solutions powered by AI and machine learning to transform the banking processes.
The anti-money laundering (AML) function has been one beneficiary of this with AI-powered AML solutions having a significant impact on reducing false positives. Intelligent customer profiling has also served to effectively identify high-risk individuals and reduce false negatives.
AI credit decisioning, meanwhile, now uses automated financial document upload and information extraction via AI-based optical character recognition (OCR) and has an AI Scorecard Builder that automatically builds a credit scorecard customised to a bank’s customer data. This makes for a more granular breakdown of credit worthiness factors and better accuracy.
Customer analytics and intelligent segmentation is a third area. The AI allows banks to segment and develop better customer acquisition and retention strategies such as cross-selling/up-selling products and services using hyper-personalised marketing communications.
Many other banking solutions and processes have also been embedded with AI. Chuah comments: “Theintention is to have AI woven through the platform and extending to each and every module feeding back into the core. We’ve been happy to see significant improvements to our offering in the spaces where we have applied AI and ML – we’ve made processes frictionless and quicker for our customers and theirs too.”
Innovation, says Chuah, is at the heart of the firm’s efforts and it is very process-orientated, having been appraised at CMMI level 5 (Capability Maturity Model Integration) as well as being ISO 9001 certified.
Being able to pivot and respond to opportunity and change within the market – evolving with it rather than lagging behind, is supported by a partnership approach.
“We see our customers as partners and the ethos is one of working together for a common aim – to prioritise customer centricity and make the bank’s processes measurably more effective and efficient. That way they can be more customer centric with their own end clients. In this way, innovation can be shared and experiences drawn upon and the whole process is enriching, rather than a simple commercial exchange of services,” says Chuah.
A key element to customer centricity is that over a third of staff come from a banking background. This is something that the company has deliberately engineered so as to have the right blend of industry experience; from retail and corporate banking and their various specialisms, all working to underpin the actual product offering and meet customer needs.
The same partnership ethos is applied to tech partnerships and here Chuah says that in an ecosystem led world there is the need as well as the desire to draw from the experience and the best practice of others. “We are always interested in solution that would add value and be easy to integrate into our offering,” he says.
Going forward Chuah says that COVID-19 has undoubtedly sped up everything that is digital. “2021 will see an extension to AI and ML capabilities and we want to move further into the digital space to be ready to support a full digital bank. We move with the market we don’t just respond to it after the fact,” he says.
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