On 4 December 2024, JurisTech’s esteemed CEO, See Wai Hun, took centre stage at a panel talk organised by UOA Group on the topic of “AI and Machine Learning: Driving Innovation in Malaysia”. This insightful event brought together industry leaders to share their expertise on the evolving landscape of artificial intelligence (AI) and machine learning (ML). Alongside Wai Hun, the panel featured Dr Zan Kai, Head of Artificial Intelligence & Data Science at DCAP Commercial, and Mr Shihan Annon, Chief Visionary Officer of LIMRA. The session was moderated by Dr Mohd Ibrahim, an Associate Professor at CAIRO, Universiti Teknologi Malaysia.

During the initial panel discussion, Dr Zan Kai highlighted the evolution of technology in the financial industry, tracing its journey from manual bank counter services to ATMs, Interactive Voice Response (IVR) systems, and now, AI-powered chatbots. He noted how AI has transformed chatbots into smarter, more user-friendly tools that enhance customer experience. 

Wai Hun touched on two key themes: Trusted AI and the transformative opportunities AI offers. She emphasised the importance of implementing AI guardrails, safety principles, and ethical guidelines. She explained how AI must be handled responsibly due to its dual potential to create and destroy, necessitating robust policies around data privacy, fairness, and prompt engineering. Wai Hun likened the management of AI to nurturing children, where providing proper context, guidance, and care is essential.

“AI has immense potential to create a better future, but it needs the guardrails and ethical guidelines to stop it from becoming destructive.”– See Wai Hun, CEO of JurisTech

To address challenges such as AI hallucinations, Wai Hun introduced advanced strategies, including Retrieval-Augmented Generation (RAG), which combines the strengths of large language models (LLMs) with an organisation’s proprietary repository. She also stressed the importance of fine-tuning models with industry-specific data, ensuring accuracy and reliability in AI-driven solutions. These methods form the foundation of JurisTech’s commitment to building Trusted AI.

Wai Hun sharing valuable insights on AI and ML innovation with the audience.

Wai Hun also highlighted two aspects of AI by referencing Gartner’s concepts of “Everyday AI” and “Game-Changing AI.” “Everyday AI” involves integrating AI into routine business processes to enhance efficiency and productivity. It focuses on deploying AI in ways that consistently improve day-to-day operations, making tasks easier and more efficient. In contrast, “Game-Changing AI” refers to transformative applications that can significantly alter business models and drive substantial growth. 

Mr Shihan added to share various Generative AI (GenAI) use cases in cybersecurity, such as automating threat detection, and assisting analysts in automating and streamlining manual processes, demonstrating the transformative impact GenAI brings to the industry. He also emphasised how GenAI has significantly improved response time in cybersecurity, allowing for faster identification and mitigation of threats, thereby enhancing overall security posture.

Expanding on these concepts, Wai Hun shared how JurisTech integrates GenAI into its operations. She illustrated its practical applications in streamlining tasks like recruitment and crafting Request for Proposals (RFPs), transforming hours of manual work into minutes. JurisTech has developed numerous everyday AI use cases that help banks and financial institutions optimise their operations, allowing them to handle routine tasks more effectively and freeing up resources for more strategic activities. Understanding these use cases is essential for businesses to determine where AI investments can have the most impact.

Wai Hun explaining the differences between Everyday AI and Game-Changing AI.

When discussing AI investments, Wai Hun highlighted the importance of assessing parameters such as impact and feasibility. She noted that while GenAI offers powerful capabilities, it may have limitations in certain use cases. To deliver more use cases effectively, Wai Hun stressed the importance of Composite AI, which involves combining different AI technologies. By integrating diverse AI capabilities, organisations can create tailored, effective solutions that meet specific business needs and ensure that AI initiatives align with organisational goals.

In conclusion, Wai Hun’s participation at the “AI and Machine Learning: Driving Innovation in Malaysia” panel discussion underscored her thought leadership and JurisTech’s commitment to responsible and impactful AI adoption. Her insights not only resonated with the audience but also reinforced JurisTech’s position as a trailblazer in leveraging AI to drive innovation and ethical progress in Malaysia’s financial industry.

A group photo with the audience.

About JurisTech

JurisTech is a global leading company, specialising in enterprise-class lending and recovery software solutions for banks, financial institutions, telecommunications, and automobile companies worldwide. JurisTech has been mentioned as a Representative Provider for Lending Ecosystems, as a Representative Vendor for Commercial Loan Origination Solutions, and as a Sample Vendor for Commercial Banking Onboarding across Gartner reports in 2024.

We power economies by reimagining financial services with cutting-edge software solutions, leveraging composable architecture and generative AI. Our offerings include artificial intelligence (AI), auto-decisioning, digital customer onboarding, loan origination, credit scoring, loan documentation, litigation, and debt collection.

Our solutions have enabled businesses across a broad array of industries to undergo digital transformation, providing enhanced customer experiences and, most importantly, achieving their business goals.