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[Music] [Music] now we're on the panel discussion how banks and financial institutions are making the most of ai well this panel discussion hopes to cover on personalized customer experience how ai and data analytics improves financial institutions we're talking about the ability to leverage data and advanced analytics to deliver personalized solutions safeguarding and building the digital trust we're talking about understanding ai's integral role in detecting fraud understanding ai's increasing impact on insurance and ai can quickly consume and process a massive amount of data at an expediated trade so all we have with us our panelists out here we first got adam biviano the director solution architecture fort rock australia who's joining us an experienced technologist specializing in enabling high value business to business sales by breaking down technical barriers linking product functionality to business needs and building long-term productive relationship with customers and partners we also have with us what aznar the chief of digital transformation security bank corporation philippines well he's leading the implementation of digital solutions resulting in increased revenue productivity gains and cost optimization by transforming assets with the use of disruptive technology yes impeccable delivery credentials and cross vertical industries running bpo ito and or transformation digital transformation programs we also have lol campbell the global digital finance specialist ifc world bank group philippines well all has the vast experience in payment banks mfi digitization banking transformation to digital mobile payments supply chain innovations also the ability to advise banks mfi's startups and fmcgs on dfs strategy and implementation to better utilize the unique benefits uh which each organization desires we also have malaysia valerio the head of data architecture and governance fwd life insurance philippines malaysia has more than seven years of data experience with a perfect balance of business and technology with a focus on data governance strategy and data architecture and data visualization which is helping the organization and digital transformation journey we also have uh sigrid rome the global director data science and data analytics transaction banking standard chartered bank singapore well sigrid moves to the private sector gaining experience in several industries namely fncg telco and finance she has previously worked in the fields of data science machine learning and visualization capabilities we also have our moderator andy chun the regional director vp technology innovation credential corporation corporation insurance asia computer societies uh hong kong well andy is a seasoned senior executive and a broad technologist with over 30 years of experience in a wide range of industries including finance insurance health transportation and education is widely recognized as a top iit leader and an iai pioneer june has a diverse background achieving success in academia industry consulting and startup operation well he has proven track record of leveraging technology to successfully transform businesses and create value while improving customer service so ladies and gentlemen now it is time to pass on this incredible panel to join us on the world ai show over to you andy to take it forward with your panel sure thank you vavana for the introduction and welcome to the panel discussion on how banks and financial institutes are making the most of ai so we have an amazing lineup of panel members with backgrounds in banking finance and insurance and roles ranging from digital transformation digital finance data architecture data governance data science data analytics ai from banks insurance investment as well as digital id before before we introduce you to the panel let me provide a backdrop for our discussion so as you all know ai has been making major impacts to all industries across the board and bfsi is no exception according to global market insights ai and bfsi market size is estimated at us dollar 5 billion 2019 and is anticipated to grow at over 40 percent kaggar in the next six years reaching us dollar 80 billion by 2026. you so that's a amazing growth and the application of ai are enormous you're ranging from improving customer experience which we'll talk about later on with ai hyper personalization ai chat by customer servicing automated processing with rpa strict food processing with ai fraud detection banks and financial institutes are leveraging technologies like big data data analytics machine learning even facial analytics and for investment ai is used in fraud detection uh algo trading and anti-money laundering insurance companies are also heavily leveraging ai for example at prudential where i work presidential is called a pro-life uk in the philippines approved we use ai throughout many of our internal processes such as underwriting pricing claims fraud detection etc and then for health insurance ai is also used to improve customer health you know for example crew has an all-in-one ai app called pulse it helps customers stay healthier with ai check health check and ai chatbot doctor and many more you know alpha has been downloaded over 8 million times in 11 countries because of covet 19. many people are concerned with their health and as part of our giving back to the philippine community we have been offering 1 million free copy 19 protection to anyone first come first serve so with so much going on ai and bfsi let's turn to our panel for more discussion so may i ask each panel members to briefly describe or introduce themselves and describe you know what is the role of ai in what they do let's maybe start with qua esther uh chief of digital transformation at security bank corporation um hi well uh my name is khuo and uh thank you andy uh pleasure to meet you all and thank you also for inviting me to participate today um so clearly a very important uh year from a digital perspective where i think we are living unprecedented times that in the most remote imaginations none of us could have anticipated and as such in the banking industry right now there is uh a process of evaluation because clearly we came into the year like every other bank looking at a three-year spectrum uh with growth and our plans and the existing conditions are forcing us to revisit those previous assumptions and evaluate what changes we need to do and in search obviously ai plays a major role and i am collaborating with the bank in trying to identify what is the right uh implementation strategy for our ie portfolio which we believe is critical from a time to market perspective thank you for let me uh ask lo to share some insights on what he's been doing with ai and and uh the world bank will hello well thanks andy i hope you can hear me well um firstly thank you too much for everybody for um for allowing me to to join the discussion um certainly looking at everybody with uh with their technical skills and all that i mean i said i think this is a steam company um i look at it from the perspective um so i'm with the ifc which is on the private sector side um i work globally in varying markets from iraq palestine yemen to india to china so you know we obviously have to find a balance uh in between and and certainly from my perspective in terms of the clients that i deal with um sort of post covert covert yeah even even pre-covert is we need to look at it from four perspectives and how ai can actually enable that so if we look at from the perspective of digital front-ends so when the device whatever it may be is in the customer's hands what is it that makes it interesting for them to actually want to use it um as opposed to the alternatives they have ie catch um from a process automation perspective what are those things that we can use from automation perspective and how can we take mundane processes and do something with them how from a partnership perspective how can we find innovative partners that can help banks who have regulated lending and assets sorry liability licenses to actually engage more sort of uh easily with the convenience players whoever they may be and then with technology with uh with innovation as well so how can we how can we drive innovation into the things that we do so if you look at it in terms of the work that i'm personally doing across the globe is the type of institutions let's say tier two tier three tier four etc is how does this become interesting because those are the institutions who would be um susceptible to monetary shocks interest rate decreases smes going out of business i covered etc so the impact there is is huge so what i'm trying to do from an ai perspective is trying to say to myself how can we use this in a contextual way but also in a realistic way to enable those kinds of institutions because office often those institutions are not set up from a from an infrastructure perspective whether it be data whether it be technology to actually sort of use the benefits they are so i take a more circumspect view of it and i'll say so how do i create an enabling environment for those institutions to better enable ai so to use ai to better their businesses and what needs to happen in between so for me in the organizations that i deal with holistically and i'm not talking about tier one and sophisticated markets now how do you actually unlock the opportunities that are brings very interesting low thank you may i ask mel from fwd life insurance to to say a few words on on his role with ai well yeah uh hi good afternoon everyone so this is mel i'm actually the head of enterprise data management in fwd life insurance so i'm focusing on data architecture data governance strategy and providing reporting management and data visualizations so i would say right now we are in the in the journey of a digital transformation and ai will be a very critical part uh in our journey because uh as our vision fw the life insurance vision which is uh the change people feel about insurance what we are focusing right now is a more of a providing a best-in-class customer experience so we cannot just do that if we are just relying on whatever information that we have so the thing is uh we want to make it a faster and provide a good delivery service to our customers so with the use of ai automation will takes place uh chat bots everything will be uh there entirely just to make sure that uh our customer uh modern customer will have also their modern uh um provider that we have which is our uh our uh company thank you yeah thank you mel yeah modernizing customer experience is very important use of ai may i uh invite uh secret to uh share uh secrets from sarah charter bank in singapore secret yeah hi hi everyone nice to all meet you virtually and thanks for the organization organizers for having me uh yeah so i i lead a team of data scientists and their analytics on the corporate side so in transaction banking however we do use ai across the bank so historically we had a small team of data scientists that built the dita lake that started under the chida officer and slowly sorry the light went off and slowly um slowly we had actually groups of analytics building in the business so my team is an example of such things but we do have ai across the whole bank so it started on the retail side which is the most obvious one where we can have a direct impact on how you personalize products how you can also create revenue but we also use ai in operations for example a lot of things which are paper paper based or even even ocr like on the pdf can be a structure can be integrated into our data lake we also use ai on the risk side the risk team actually has a very very big team of data scientists who look at how they how you can predict risk of our customers uh how you can predict their performances as well whether they are worth investing it and whether taking risks uh for the bank we also obviously use ai from a regulatory point of view so all the fraud piece is there as well uh identifying potential sources of fraud and finally in in transaction banking we actually use ai for customers for risk for photo across everything as well so this is how basically it started as a central unit but now we are really developing more specialized units which have a focus on different types of customers and parts of the bank thank you so much sacred south by eiu throughout the whole bank i mean i invite uh adam to share adam from forge rock yes hi uh thank you for the introduction and thank you for inviting me here today i'm probably going to reveal a bit about my age i can remember you know being in the security world since the days where we were sending out uh patent files to viruses on floppy disks and so you know i've come uh you come from that era and so you know yeah floppy disks remember the 1.4 meg was the biggest you could have a pattern file never heard of it never heard of it it was too big right yeah deny that if you wish um so the the the threats have become you know grow they've not stopped growing in terms of the complexity the speed of them how uh how serious damage they can cause you know back then it was uh kids mucking around having a bit of fun now it's uh serious uh money stealing fraud you know state-based attacks you know you name it it's uh it's out there to try and try and uh you know break into your systems and cause a loss ai is the next logical step in you know the the arsenal of the you know the mitigation um technology so what fordrock is uh doing in the ai space and what we've been you know very focused on is understanding you know the risks that are you know um that that that there is to things like authentication and identity governance when it comes to access requests and actual access controls and looking at how to take the signals that we're receiving and build a pattern that is uh um yeah build a pattern that allows for um you know reducing you know the complexity and the friction associated with signing onto a system or authentic or authenticating and understanding how individuals you know will behave and looking at where the where the patterns of you step outside that and perhaps learning from that as as as a situation changes so i can give an example where if i'm logging onto a system every day from uh from my office in sydney and then suddenly i pop up and log on from uh from los angeles yeah all of a sudden that might be an unexpected behavior you know you can build a system quite easily to affect you know make me do two-factor three-factor ten-factor authentication if you wish to to to log on here or if i'm a customer i'll probably just run away because it's too hard so what you want to do is you balance that risk and you want to learn that i sometimes travel to los angeles today i'm traveling to my living room but uh you know in the in normal situation i might travel to los angeles and london and back to sydney um and i have various different usage patterns and ai engine is able to understand that and on the other side of the equation you've got the ability to then learn from you know when what what type of access does an employee need you know every single time a new person starts and they've got a certain job title then they get given a set of access credentials just based on a template do they still need that so do we you know you know i i i sort of have in my mind homer simpson's little duck pushing yes every single time the the the the uh the access request comes in the managers does not have enough time to look at all the different you know things that they need and so ai can help with those with those all those variables go actually no you know what we've been giving access to all these new engineers starting in melbourne but they don't use that system let's not give them access now or we you know we we don't give access to we give more we give access to engineers everywhere but people in singapore don't use that system so now we can finally grain the access access that is granted just based on understanding and training an ai model over time great thank you thank you for that um adam okay so we have a really diverse uh set of panel members from different uh sectors within the bfsi um but the way i'm i'm gonna uh organize this pa
el is you know i'll select a person seems most relevant for the question and then other panels feel free to jump in if you think you have something that you want to share so let's start with the first question you know our customers of course the most important for for our industry so let's start with a customer-centric question customers experience or cx has been one of the key contributors to the bfsi sector and ai plays a very important role in improving cx so this is particularly important after coping 19 when you know everything is going digital let's see about panel members consider some experience in using ai for cx a secret uh since you worked in century bank in singapore which has a large customer facing a retail bank would you have something some insight to share on on ai and cx yeah so we we do spend a lot of time on understanding our customers so when you think about cx and the the best thing uh is about personalization so if you want to personalize a product you need to understand your customer it's the same thing if you want to give a gift to your friend or to your sister or whoever you need to use enough data for that person to have that gift so you use their favorite color whatever what fits them so you need you use all the information that you have about them to give them the best experience possible so in the bank we try to approach it in a similar fashion so everything starts with the data that you have about your customers so we did spend a lot of time centralizing all this data making sure that it's of it's in a centralized location you can access it it's clean making sure that we can join and break the different silos across the bank because a customer can mean different things they can be using trading in uh trading instruments they can be using uh cash they can be using credit lines so for us being able to break these silos and reconciling all the different systems is a bulk of the work that needs to be done for that so then we can recreate that 360 view of the customer so that's really the the starting point is really to have that data so the next steps once you have that data is how does that data help you understanding at which stage of the journey your customer is and so we put this back into the life cycle of the customer so is this a new customer so if it's a new customer you will behave differently if it's an existing one if it's an existing customer is he is your customer using specific products let's see only cash products or are they also using three products so is it an existing uh a new customer if the customer is already in the bank is it just starting a journey with you or is he very loyal to you or is he about to churn so according to identifying these different stages then we can recommend different products so based on that the next step is once we really know the profile of our customer i can then find the best product so if it's a buyer or seller the product would be different for example if it's someone that has been very loyal to the bank i can also price some of the products differently so there is a lot of really breaking down all the different profiles and so both the part of the profiling and the recommendation requires data science and ai to really have this full mapping and of course in the end we have to write with the relationship people to send some of those recommendations at the right time and using the right channel so it's really an end-to-end uh work that we are doing and the reason why we spend so much time on this personalization is potentially we can make a lot of revenue and just to throw a free number since we are all data people in here um bcg did a recent strategy and estimated that um for every hundred billion in assets that a bank has it can it can generate as much as 300 billion in revenue so it's three times threefold by personalizing the experience of their customers so it's really something that we emphasize and we spend a lot of time understanding totally agree thank you for that sharing your ai in terms of customer experience to really allow us to understand our customers better so that we could provide them with products and services that they they most urgently need at this time any other panel member would like to add to the customer experience aspect of ai andy if you don't mind if i could just jump in for for for a second i think one of the interesting things that covert has shown and i mean philippines is certainly um uh experiencing this as well is that there's been if you look in the sme space or the msme space where there's been a fundamental change in the way people are now operating so the brick and mortars have now become facebook messenger or facebook retailers based at home in their baron guides wherever they are but the the challenge now is how do you unlock that potential so how do you bring in the contextual commerce piece to try and sort of stimulate demand and stimulate use with data that you didn't have before um how do you then bring in the obviously the conversational banking piece to these new kinds of customers where you didn't have it before so i think for me you know using sort of like unlocking these opportunities which could be the next big thing in the whole msm space is you know how do i now firstly as i said encourage a customer to stay within their chat environment whatsapp viber whatever it is and do all of my my commerce so you know lol do you want a coke would you want a red one or blue one i'll have a red one oh but lol that's uh that's coke i thought you wanted a pepsi no i didn't say blue blah blah all those kind of things but because what what experience seems to be showing is that the more people engage in let's call it in a social environment whether it be on whatsapp or whatever it is you know either of those the more confident and comfortable they get and the more you can then learn what they do the easier it becomes for you as well so i think you know for for for me um whereas you know i may have a completely different uh ask to a stand chart or somebody like that you know me and you know in the kinds of institutions and clients that i deal with at that more fundamental basic level how do i start now learning what an unseen customer or an unseen environment is now doing and i think that's going to be the um the the opportunity to come because i think once you once you find the right way to gather that data your ability to interact with it uh yeah using ai and the the the associated customer experience is going to be significant so for me that's yeah that is certainly something that i'm watching quite closely because it's an integral part of the kinds of problems that i'm solving yeah okay that's a very interesting low thank you for sharing that okay my second question is a follow-up to customer experience and and secret mention a bit about that is the topic of personalization or hyper personalization is the ability to leverage data advanced analytics to deliver personalized solutions it could be a primary differentiator in the future for companies i would like to see if our panel members agree maybe mel essentially work at fwd life insurance with a lot of customer facing solutions could you share some insights on ai and personalization yeah definitely so i mean for ai um there are a lot of com ai is comprised of uh many related technologies some of which are machine learning of course uh deep learning uh neural networks natural language processing and those are algorithms that we can use to classify and study data identify relationships and when applied to data sets then definitely we can use that for pattern recognition optimization prediction so right now what we are doing is a more on the on the uh customer segmentation approach whereby uh it will tell you exactly which segment are you going to penetrate based on the uh the campaigns or the uh the marketing uh promotional campaigns that we have because um definitely uh for every marketing campaigns uh you need to focus or penetrate on the customer segment that is applicable or suitable for them so with the use of ai uh coming from a machine learning experience or training or identifying any patterns uh and predicting what will be the outcome for that definitely you are actually uh penetrating the right uh customer for the right uh product and that will also um make the customer uh you know uh feel that uh hey uh this is the right product that i need for now so getting all this information uh having said that it still boils down to the data that you need because uh you cannot just run any artificial intelligence any machine learning if you don't have the right data so i mean uh what i'm trying to say is uh before executing any machine learning algorithms or ai for that matter you need to make sure that you have a very good data foundation so you have the the data that you can trust and run your uh your patterns or your machine model uh for that because um it would be very uh you know as us in fwd as i said a while ago uh what we uh what our vision is that how the way our people feel about uh insurance uh it will be embarrassing for us to uh to communicate with with our customers with the wrong data so um with the use of ai and with the assumption of correct data in it then definitely we can have a we can provide the best customer experience the best in class customer experience i totally agree with you mel especially nowadays where everything is going to be you know a lot of digital transactions with kobe 19 and whatnot it's very important to really understand who your target customers are and be able to do you know digital marketing segmentation properly definitely won't don't want to push products to the wrong age group or default to the wrong gender group et cetera et cetera so that's super important any other panel member has something to share on on this you know using ai for personalization either you know digital marketing or precision segmentation nobody's going to jump in let me jump in here for one quick second again um sorry i don't want it no no no no no no no no i think in terms of you know you mentioned the you know it's a hyper personal if you want to look at that perspective but you know i think we're going to bump into issues in some markets not all around data privacy and all these kinds of things you know if it's mass data or aggregated data all these kinds of things but i think where it becomes significantly interesting for me anyway is that if i can you know as lol maybe i don't want to be included in batch marketing or in batch stuff whatever but if you can come to me and you can say well i see that you and i always use the example i see you like a life boy soap okay kind of thing and i see you by the three o'clock on a friday how about i give you a personal uh uh benefit for using or i'll give you a discount or i'll give you a pack of 50 or something like that so yeah when so you're using the the data from a more personalized perspective so i'm seeing value for me personally and through that personal value i'm saying cool i'm happy for you to market to me potentially directly because you know in south africa where i come from um there's some markets where you actually just can't do a lot of marketing whether it be the cigarette industry or whatever it is but if i give you permission on a one-to-one basis that changes the equation quite significantly so i think with ai and all these things that are now becoming differentiated to what was there when i was a little bit younger um i now have the ability to see what lol does at 3 o'clock on friday and come to you personally so i think that in a way to start driving use of digital infrastructure use of products use of services where you can touch one to one i think that becomes quite an interesting use case as we you try to drive the trust as you know all the kinds of things that i mentioned before and and i certainly think that becomes interesting but the data needs to be there you know i have to have a way to get to you personally i have to overcome data privacy issues etc so it's working progress but i certainly see some some opportunities thank you lo for that yeah definitely i agree you know using ai to create that relationship with your customers at a personal level really builds helps build trust so very good very good let's move on to another question um and speaking of building trust one of the major obstacles in using ai is really you're building that trust with with with the customers so i'd like to see if our panel members can share some insights on how to safeguard and build digital trust which is particularly important after copa 19 when businesses and consumers are pushing to go digital or virtual uh maybe i'd like to invite uh uh qual from security bank to share his thought on the subject file okay so this is around trust right yeah um well i the the the way i internalized this process in the current context is i think this is the fourth uh you know thinking globally um uh i spent the last 12 years in london dealing with uh global digital transformation so i think this is a in the last decade the fourth crisis no i can think of the you know sub mortgage prime crisis you know in in 2010 and that triggered a number of transformations in in bfsi because currently we needed to increase revenue we needed to digitize experience etc then it was about the oil and gas industry when the the oil dropped below 50 dollars per barrel right and that there was also then created a wave of of of issues globally in london at least i could say brexit was a crisis as well and all the work that that generated in all of the board rooms because we had to revise targets we had to look at strategies we had to tighten budgets so that was a crisis of confidence there's as well and now we have kobe no so um in in that context if if i look at the positive and coming back to your question of trust is here in the philippines one of the things that i found most challenging when i arrived last year was aligning on on the narrative of what we needed to do and i don't think it's the same challenge i had back in london or you would have in singapore or in australia which you know there are much more advanced markets put here in the philippines there was um a commitment and a conviction to the brick and mortar model right because this is a an archipelago and the the we don't have enough infrastructure so it beca at a board level it becomes a very challenging discussion because you have differing points of view with with ownership with kobit that has aligned the narrative and the agenda and now we are all pointing in the same direction okay so now it becomes how do we marry for me the question is how do we marry the digital evolution of the bank in this context of the philippines and what is the business need and i would argue that the business need for the philippines market is building trust because when you look at data when you look at statistics there's this is a normal potential in the market but then you go back to okay how much risk are you willing to undertake so we have to uh think of ways on how do we marry the digital evolution of the market with the uh with the consumer to build trust and helping that transition and with the uh application of a portfolio of artificial intelligence tools so for me that is how we are approaching the problem and how we are looking at the problem uh but it's uh we need to build the trust because previously the consumer behavior that didn't want to use the digital the iphone channel or or online now is forced to change their behavior so hopefully that gives you some perspective yes totally agree with you i think that's crucial and one of the things to build trust is for consumers to understand the technology behind the systems or trustworthy may i get adam from uh forge rock because your company deals with digital idea uh could that somehow improve trust among consumers oh look absolutely and look the comment was uh was made about uh markets like australia i was surprised when the covert situation started that i was seeing ads on tv about how to start your internet banking journey you know that was uh i actually thought we'd uh you know pretty much got almost full saturation there but uh clearly th
re was a quite a big part of the market that still needed to be educated on this and you know i've seen projects i sat in on a project with the the i sat on a call with the one of the state health departments and the number of projects that they've been doing in the last six months is absolutely astounding it's probably 10 years worth of transformation happening in six months and these this is just moving at such a rapid pace and it's not just uh it's not just the the organizations that are changing it's the people and the behavior and everything so trust and trans trust trust is uh is critical to to be um to be established with online channels because if i'm not going into a bank and being able to withdraw my money from a physical branch then um then then you know i need to be able to trust if i'm using a mobile app or if i'm using an online channel that i never used before i need to trust my money is going to be there and i also need to be able to access my money in a way using methods that i understand it could be using face id on my iphone it could be using a thumb print or something like this having a a token emailed out to me and a two-factor password sent to me by email or something like this which is hard for me to do might suddenly erode that trust yeah and also another key part of trust is to build is is to take the customer along the journey of ensuring that they approve and understand what they're signing up for so sharing the information between parties you know helping them understand that they got the control over the consent that they're they're giving to the bank to share their um their money with somebody else you know all this is a very all this is critical for you know for um improving that level of trust in a in a you know ecosystem of your your customers who have now suddenly been dragged into this digital you know digital universe kicking and screaming and so it's uh as i said they never wanted to cut they never wanted to transact digitally but now they have to right they're forced into it and look they're probably going to like it but you know they have to go through that that change you know change is difficult for a lot of people and comes back to my original point of when i when i did the introduction of being able to take uh understanding of a person's behavior and other attributes that might be associated with how they typically use the service and use that as a way of um putting the stake in the ground so that you don't have to re-evaluate somebody in the ten different steps that they they went through every single time they log on you know that's going to be too hard the next bank is going to do it in a way which only needs eight steps and you're going to lose that customer and so you want it to be a a frictionless appearance a frictionless or maybe not completely frictionless but enough friction for them to have a confidence that it's secure but not too much to make them run away and ai has got to be key to ensuring that with the ecosystem of many hundreds of thousands of customers all doing things slightly differently with slightly different devices in different locations different times of the day different uh parts of the world um you know that that's all trapped and managed and the the the their our outlier behavior is easy to identify as opposed to trying to build really complex rule sets you know that that's this is certainly something which is right in the ballpark of ai can i just say something quickly yeah just to put it into context um last year three banks went offline either for a few hours or several days here in the philippines okay so i was one night with you know i basically couldn't get money out of my atm and uh i couldn't pay for parking so you know that taught me a big lesson uh in terms of trust and and and the complexities are around this market amazing so totally agree you know having sophisticated technology to ensure uh trustworthiness has still to be you know user-friendly enough so that customers don't find it a burden so totally frictionless is is is a is one way and you know ai uh has uh has the capability to to reduce the burner onto the user so moving uh from banking to a different industry you know ai has increasing impact for example to the insurance industry which you know i work in myself uh may i invite mel from fwd insurance to share a bit about how aim is impacting his industry okay so um actually insurance is an old and highly regulated industry so even today um customers are faced with time-consuming paperwork and bureaucracy when getting a claim for example remembers or signing for a new insurance policy so having said that we are for us we are now starting to see a global push by insurance companies to augment uh technological capabilities so that we can do a business faster cheaper securely abroad securely of course so the industry right now the insurance is definitely ripe for ai disruption so customers expect to be able to interact with companies through modern uh technology so like for example right now we are building a chat bot uh which uh definitely will help uh to uh to have the uh customer experience to have a better customer experience because uh definitely many uh customers right now already have their own phones making them uh mix which make them a natural next step in a customer interaction so in order to truly be effective chatbots must have a natural language processing which ai is the one who's doing all those things and sentiment analysis so they can understand what customers are really asking so another thing that we are working is on the marketing and underwriting so uh insurance is a competitive market so a strong marketing strategy is uh really vital so traditionally insurance companies use a blanket methods like call the calling customers but right now with the use of ai so we are expecting uh customers uh actually customers are expecting a personalized sales tactics so uh what ai is doing is uh pulling all those customer data again having a customer 360 to create their own profile their full profile that can be used to offer a relevant insurance products that they need for their uh customer preferences also so apart from that uh insurance definitely is uh always be being driven by data and it has a huge effect on the company's bottom line and satisfaction of the customer so without without this uh good data i would say ai will will be uh useless or meaningless because um definitely ai will really depend on the data so right now i would say that uh many uh insurance companies uh already uh uh are are going into this kind of high direction gun are the days are those uh traditional uh insurance companies uh doing a lot of our paperwork but mostly right now they are doing a lot of digital uh processing and relying on on the ai machine learning but of course uh with a good foundation of data so that's my take for that andy thank you mel totally agree what you said you know the the insurance industry is now being disrupted in big way with ai you know from frictionless customer experience to totally digital experience to streamlining back office claims processing rpa that you know and fraud detection you know i think one of the the key challenges of traditional insurance companies uh going digital is the pace of digital transformation um obviously new virtual insurance companies that that are being set up around around this region they're digital from day one and i think you know to give an example you know for for traditional insurance companies don't want to be left behind to give an example you know how we solve this digital transformation and the pace of transformation at potential or pro-life uk is that we have a very fast-paced innovation process you know they take great ideas and turn them into good live innovation within a week or so that's true we we go live within a week or so and this is through a well thought out infrastructure with ci cd pipelines and digital ecosystem app that allows us to easily plug in new capabilities and launch immediately into existing apps you know this is how it's allow a potential to innovate at speeds i think you know even young stars are find hard to catch up so for the challenge for a traditional company you know either banks or insurance companies how do we transform excuse me how do we transform ourselves fast enough so that you know we'll be faster than those who started virtual you know this is very important for for for traditional companies now let's move on to another question um we talked about engaging customers and so forth and there's a lot of applications to a of ai to uh to not just insurance but by banking especially ai's ability to engage customers more progressively uh low your work in the world bank group uh uh has has has some of these aspects of engaging customers could you share some insight to this topic sure um thanks andy i think yeah um it's an interesting topic because you know if you look as i said if you look at the the kinds of problems that i'm trying to solve with clients around the world it is more around so how do we use these innovatively but contextually which i think is really important um and also building trust because you know i think it's a combination of all of these things because you know and i heard the the the mention earlier to say but yeah tell the client about the technology in the back end sometimes that can be good and it can be bad because they start to google things and suddenly you're asking answering questions which you may not have had before um so you i think the the the the problem the way in which we're trying to solve this say so what problem am i solving first and foremost how do i make sure that the problem i'm solving and the way in which i'm solving it is entirely ingrained in the current in the customer's current digital life or current journey because that takes care of some of the um the the the the questions that you may have so we're looking from that perspective now we're looking at it from the perspective as i said in the in in the sme space or in those spaces to how we can start to create contextually and how we can you know in terms of whether it be conversational banking or contextual commerce how we can bring that all together to create an experience that ultimately gets customers to use digital or to use the digital enablers which then helps our business it helps the client business from a from a efficiency perspective from a reduced cost to serve perspective from increasing the potential product per customer to be used so we're i think certainly the clients that i'm dealing with we're in it's it's in early stages um because we have to convince them why it's a good idea and yeah in in essence of time you know what has changed globally is that customers are now no longer prepared to pay for the institutions inefficiency they prepare to pay for their own inefficiency so if i come and i say well i've got this great ar platform as up yeah so or i've got this great mobile banking as a you know so you're supposed to have it what's the problem um and so i think we've got to try and figure out that sort of balance is to say what's important for us is not necessarily for the customer but it's integral in the customer's journey so we're trying to figure out with the clients that i'm dealing with how to create this connection very interesting low let me see if the other panel members have similar experience in in terms of their digitization journey trying to balance uh visualization efforts with customer needs providing them with new functionality but not at a expensive cost yeah i can i can comment on this as well okay so the way we do so we work on the corporate side so our clients are companies so the way we work is we identify a few customers that we can work on directly on let's say new products that they might be interested so it could be providing that the data providing analysis providing forecasting on their some of their spending and so we we spend a lot of time with them trying to really understand what they want and we do pocs together so we we do work hand in hand and we make sure that whatever needs is reflected in the product that we want to launch so we with this cove we actually spend a lot of money on digitalization and providing more digital services so we have more and more apis for the client to connect to we have also more and more dashboards that the client can see um their whole journey so we did that trying to identify some of the customers which are willing to to be part of the journey was one of the biggest success of this this time and having that combined journey if you want helps helped us a lot designing some of the products to to serve them better so this is how we approach it as well definitely leveraging uh things like api making it a lot easier for for for your partners to to go on to you as you say your digital journey expanding the ecosystem those are super great approaches anyone else has anything to add if not i'll move on to another question so um we're kind of uh towards the end of the the panel discussion maybe let me bring out one particular aspect which is uh and it's used very often is you're using ai for automated fraud detection uh we talked about building trust so obviously you know one one big areas we have to make customers sure that that you know their money is safe uh and and and and as well as you know the banking system or financial system is not easily uh hacked through through various you know uh fraud uh methods uh so this is very important uh use of ai you know we we talk about that a lot let's get a bit more insight and detail um who would like to share um may i invite maybe maybe mel well would you have something to share about about you know ai and fraud detection yeah of course okay so um fraud has long been a major issue for uh financial institution companies so with the well with increase of in the number of transactions happening across the organization or across across the globe the threat for financial fraud increased too so um artificial intelligence or ai has pop up as a powerful technology that has the potential to prevent the financial fraud so in leveraging ai for for the prevention it helped companies actually to enhance internal security and in streamlining business uh processes so by driving improved efficiency ai has emerged as a major technology actually for preventing any financial frauds so um ai machine learning applications which are all rule-based algorithms are are there to analyze our patterns and predictive analytics to block any fraudulent transactions which help finance companies in preventing uh any financial frauds so for me ai is actually redefining the way companies do fraud detection these days so before uh that before uh with the uh before ai has emerged so the fraud prevention systems only relied on a set of patterns or analyze only restricted fraud patterns so there are a lot of limitations but things have changed now uh all thanks to ai but by combining all these supervised learning algorithms trained on the the data that you have with unsupervised training or learning so it helps to gain better understanding on the customer's behavior and making it a good option for the effective detection of a new or emerging a fraud attacks so uh it actually uh helps uh to complete ai helps to complete any data analysis within a millisecond um and detects any complex patterns so um with the use of ai right now it actually has a you know a critical part in detecting a fraud it's actually it's more of a preventing any fraud instead of just getting all those upfront so it actually removes any time-consuming tasks and enables a fraud analyst to focus on critical cases so with the use of ai using all those as current techniques um it combines a certain supervisor learning so it helps reduce any false positives so decreasing the friction in customer experience so it still boils down to a customer experience so uh really for me ai has a very critical part in terms of uh detection of preventing of fraud which also has a clean effect in terms of your customer experience thank you so much mel i think uh we have maybe one minute left for two minutes any understanding from the panel well jus
i would just say that you know we are looking obviously at uh our you know as part of a risk transformation and having real time capability in terms of fraud detection uh this is something where i would like the bank to push the envelope and see if we could partner not for example with some of the telcos because when you look at a data uh you know a lot of the the fraud happens at home right so uh somebody will break into your home network and then perform a bunch of transactions so he telcos have today the ability to also monitor any deviation from the norm in your behavior so if we can find a way between you know the bank's capability and this partnership with the telco then you were going to have we're going to be looking at providing safety in one of the most unsecure environments very good boy thank you thank you for that and with that i think you know our time is up i'd like to thank all the panel members for the precious time and valuable sharing and for the organizer for giving us the time to speak today thank you enjoy the rest of the conference thank you thank you bye thank you very much thank you thank you thank you so much [Music] you
