A New Era of Banking in AI: How to Get Started Today

An exclusive event of revolutionising banking with artificial intelligence.

JurisTech hosted our very first exclusive event that brought out most of the major banks and financial institutions in Malaysia to learn the ways of becoming an AI-driven organisation.

It is not merely following the hype of AI but using AI as a tool to make quick and sound business decisions. Juris aims to revolutionise the way financial transactions are conducted.

So then, what is AI?

Based on Gartner, AI is categorised into three primary disciplines – Computer Vision, Natural Language Processing, and Machine Learning.

Our legendary CEO, See Wai Hun stresses on the third discipline, which is Machine Learning, by talking on the topic of ‘What is Machine Learning and its Application in Banking’.

Machine learning optimises structured data which the banks have in abundance. She mentioned that most banks have been using regression technology for credit scoring. However, how many banks dared venture into other AI algorithms? What kind of results do banks want? What is the impact of each initiative the banks do?

‘We always think of physical business as having no data, but we are wrong,’ said Wai Hun.

The main difference of the digital natives (those born in the digital world) and the physical businesses is that the digital natives know how to use the data. They utilise every ounce of data to enhance customer experiences and scale the business.

How then can we do differently? We need a bold digital vision.

A bold digital vision is to utilise the data at hand to generate as many use cases for the company. Quoting Carly Fiorina, former executive, president, and chair of Hewlett-Packard Co – The goal is to turn data into information, and information into insight.’

Wai Hun then shared the strategic framework of AI, curated by Gartner. She led the audience through the process of determining AI use cases by selecting, prioritising, and stack-ranking them. The financial services professionals generated unique and innovative AI use cases that can be implemented in their organisation.

After an interesting-yet-eye-opening session by Wai Hun, our design thinking expert, Katherine took over the floor by engaging the audience on ‘Brain Writing’.

The financial services professionals generated creative and wild ideas by only spending 3 minutes on Ideation, 5 minutes on Data Analysis, and 3 minutes on Selecting the best idea to present to the floor.

The second half of the session was taken over by Hosein, our Head Data Scientist. He presented some practical tips on tools and technology. Hosein opened by saying that only 4% has successfully implemented AI (PWC 11th annual Digital IQ survey, 2018). Touching mostly on the technical aspect, he explained what machine learning is and the challenges organisations faced implementing AI.

One of the biggest challenges was breaking down the wall of confusion during the production phase between Data Scientists and Data Engineers, DataOps, and Data Architects.

‘Change is a constant,’ said Hosein.

To combat change, continuous learning and continuous deployment is a must!

Hosein gave the audience two options to choose. One – to implement AI themselves. Two – to invest in an AI technology that automates the AI deployment life cycle for them.

He then showcases our latest innovation – Mindcraft, a predictive and prescriptive analytics with AI, machine learning, and data mining.

By combining the power of business expertise and statistical measures, our AI-based solutions have been proven to be precise and accurate in scoring customer’s credit worthiness. The technology behind our solutions are mature and sophisticated – created to be transparent. In fact, it has been tried and tested in real-life scenarios, with authentic data.

To conclude the event, Wai Hun left the audience with a powerful statement, ‘If banks do not become a data company, data company will become banks.’

By | 2019-10-17T12:13:28+00:00 26th September, 2019|News|

About the Author:

Laura Tsen is the Marketing Executive of JurisTech. She is always intrigued by new ideas. She believes that success is the result of perfection, hard work, learning from failure, loyalty, and persistence. A newbie to the world of copywriting but she has a passion to learn and pick up a new skill.