On the 8th of March 2024, See Wai Hun, JurisTech’s esteemed CEO, had the honour of addressing distinguished delegates at the National Seminar organised by the Asosiasi Perusahaan Pembiayaan Indonesia (APPI) in Kuta, Bali. The seminar, titled “Bertumbuh Dalam Pengaturan UU P2SK“, centred around the regulatory landscape after the implementation of the P2SK Law in Indonesia, drawing a significant audience from the microfinance sector.

An impressive gathering of microfinance delegates at the APPI National Seminar 2024

In her opening remarks, Wai Hun presented a case study on Wells Fargo to demonstrate the disruptive power’s transformative potential. She emphasised the groundbreaking move made by Wells Fargo in 1995 to become the first major US bank to provide online banking services, and she underscored the critical role that technological innovation played in transforming traditional banking practices and creating a standard for industry-wide evolution.

Wells Fargo’s 1995 technological breakthrough reshaped the financial landscape, setting a precedent for innovation.

Wai Hun then outlined three key strategies for microfinance institutions to achieve global prominence through technology-driven approaches. First and foremost, she pushed for the unlocking of new capabilities, highlighting the critical role that technology plays in transforming business models, improving operational effectiveness, extending market reach, and creating competitive differentiation.

Secondly, she accentuated the significance of harnessing the power of data coupled with Artificial Intelligence (AI) to hyper-personalise the customer journey, thereby transitioning from product-centricity to service-centricity. Microfinance companies can create personalised customer experiences by leveraging diverse datasets, boosting customer loyalty and satisfaction.

The various data types that artificial intelligence (AI) can use to hyper-personalise a company’s customer journey. 

Last but not least, Wai Hun discussed the effectiveness of hyper-automation in raising business operations to new heights. By combining automation technology and predictive analytics, businesses can maximise decision-making procedures, foster operational flexibility, and effectively and precisely accomplish their goals.

Moving on, Wai Hun introduced two invaluable tools, the maturity model journey map and the maturity model assessment radar, to help organisations assess and visualise their maturity levels across various dimensions. These tools provide organisations with well-organised growth paths, making it possible to identify capabilities, set goals, and engage in ongoing improvement.

The maturity model journey map provides a structured roadmap for organisations to navigate through various stages of maturity in a specific area, establishing a clear path for advancement, goal setting, and continuous improvement. It assists organisations in evaluating their current state, defining key milestones, identifying capabilities and best practices, setting goals, and tracking progress towards higher levels of maturity.

The maturity model assessment radar, on the other hand, provides a comprehensive visual representation of an organisation’s maturity across multiple dimensions, allowing for a more holistic understanding of strengths, weaknesses, and areas for improvement. By plotting the organisation’s maturity levels on various axes, the radar chart allows organisations to compare their current state to desired future states, prioritise areas for improvement, and make informed decisions to drive overall maturity and performance improvement.

These tools work together to provide organisations with a structured roadmap for maturity progression (journey map) and a comprehensive visual overview of their maturity profile across multiple dimensions (assessment radar). By utilising these two tools, organisations can acquire knowledge, establish strategic objectives, and implement focused measures to improve their maturity levels and efficiently accomplish their intended results.

The message that Wai Hun delivered struck a chord with the audience, resulting in several requests for collaboration from businesses looking to work with JurisTech to receive a free business health assessment.

Wai Hun’s speech, in summary, is a stark reminder to important financial sector decision-makers to seize technological innovation, make use of data-driven insights, and plan strategic changes to prosper in a disruptive and evolving age. 

Fourth from left: Ibu Fung Cin — Sales Director of IndoCyber, See Wai Hun — CEO of JurisTech, Pak Kresno — Director of IndoCyber

To delve deeper into the intricacies of the maturity model journey map and the maturity model assessment radar, we invite you to reach out to us at contact@juristech.net for a complimentary business health assessment. Our team stands ready to provide insights tailored to your organisation’s specific needs, guiding you towards achieving optimal maturity levels and driving sustained growth. Take advantage of this opportunity to embark on a transformative journey towards excellence in the financial industry. Contact us today to unlock your full potential.

About JurisTech

JurisTech (Juris Technologies) is a leading fintech company, specialising in enterprise-class software solutions for banks, financial institutions, telecommunications, and automobile companies in Malaysia, Southeast Asia, and beyond.