JurisTech has been at the forefront of the fintech industry, driving economies forward with our first-class AI-powered solutions. We are well on our way to accomplishing our 2018 goal of reaching 100 organisations in 10 countries in 10 years, having over two decades of experience in the fintech space and serving more than 50 banks and financial institutions through more than 80 project implementations with a 100% project delivery rate.

In an age when technology is a major driving force, let us look at some of the key factors propelling JurisTech forward within the fintech industry.

The Use of Open API in JurisTech’s Products

Application Programming Interfaces (APIs) are the building blocks of digital ecosystems because they serve as links between networks. A collection of standards known as the Open Application Programming Interface (Open API) is what software developers can use to create an interface that lets their program talk to any other program.

Clear documentation, simple implementation, increased functionality, portability, simplicity, and language agnosticism are just a few advantages of Open API, which help to accelerate time-to-market. Open API is distinct from other specifications in that it is strictly structured, has robust tools, and has wide adoption. It is the most widely used and supported standard for describing APIs, and many businesses, like Microsoft, Google, GitHub, and Twitter, support it.

Open Banking, Powered by Open API

With the help of APIs, open banking allows banks and other third-party financial providers to share and absorb data, resulting in the creation of digital ecosystems. With customer consent, these providers analyse data to offer personalised services. Customers benefit from increased choice and control over personal data as a result of increased competition among banks and other financial institutions. Companies can take advantage of data-driven insights to gain a competitive edge, comprehend customer preferences, and cultivate a customer-centric approach. This evolution in banking is reshaping the industry and empowering both consumers and businesses.

The Implementation of AI/ML and Hyperautomation

As our solutions are built in adherence to the Open API guidelines, we are able to integrate JurisTech’s artificial intelligence solution together with our suite of products, as well as third-party systems that follow the Open API guidelines.

A newspaper featuring the impact of JurisTech’s AI and Collection solutions for Bank Rakyat in New Strait Times.

What are the use cases of AI/ML in finance and banking industry? In the case of JurisTech, we apply AI/ML in our solutions that serve the banking and finance sector across several key areas, which are debt collection, identifying credit default risk, alternative credit scoring, hyperautomation and personalisation, and optimising telemarketing, just to name a few.

AI/ML Use Cases in Banking – Debt Collection

AI and ML redefine the debt collection processes in banks and financial institutions. When borrowers miss payments for longer than ninety-nine days, banks have historically had trouble with non-performing loans (NPLs). The majority of banks’ automated collection systems are not flexible enough to pick up on the minute details of consumer behaviour. Because of this restriction, financial institutions are ill-prepared for potential difficulties that may arise and are unable to identify possible non-performing loans in a timely manner.

By presenting a proactive and adaptable methodology, JurisTech’s AI Solution transforms the way that NPLs are approached. With the help of this innovative solution, banks can predict how loan accounts will perform in the future by examining the five C’s of credit: Character, Capacity, Capital, Collateral, and Conditions. The emphasis on customer behaviour patterns ensures a more accurate and timely identification of potential NPL accounts.

AI/ML Use Cases in Banking – Identifying Credit Default Risk

The COVID-19 pandemic has reshaped the dynamics of credit-sensitive transactions, requiring a nuanced approach to identify and mitigate risks effectively. AI and ML prove to be useful tools for identifying credit default risk. JurisTech’s AI Solution leverages Machine Learning modelling, revolutionising the scoring and loan approval stage. With faster processing speed and a more precise forecast of future loan defaults, its AI-powered algorithm evaluates a large amount of customer data. This improves the entire credit risk management process by lowering time-to-market and guaranteeing accurate credit scores.

AI/ML Use Cases in Banking – Alternative Credit Scoring

AI and ML enable the use of alternative credit scoring through non-traditional data sources such as financial transactions, web traffic, mobile device usage, and public records. Diverging from traditional financial methods, Juris Mindcraft acknowledges the drawbacks of depending only on the credit system. Lack of credit history is a common barrier faced by the unbanked, unserved, or underserved markets. JurisTech’s Machine Learning model pioneers a holistic approach, incorporating nontraditional data sources like financial transactions, web traffic, and public records. This not only broadens the reach of digital banks and fintechs, but also allows for a more personalised and accurate creditworthiness assessment, enabling financial inclusion.

AI/ML Use Cases in Banking – Hyperautomation and Personalisation

AI and ML are crucial for analysing vast amounts of data to enable hyperautomation and personalisation. Recognising the uniqueness of each customer journey, JurisTech’s AI Solution steps in to assist origination and collection officers. It makes decision-making faster, more precise, and automated by recommending the next best course of action based on data insights. It also assists officers in making informed decisions, fostering meaningful interactions, and ensuring customer needs are met, from analysing creditworthiness during origination to predicting bad paymasters during collection.

AI/ML Use Cases in Banking – Optimising Telemarketing

Customer acquisition cost (CAC) is still a major concern for businesses, especially telemarketers. By automating processes, prioritising leads, offering real-time insights, and boosting personalisation, AI and ML optimise telemarketing, ultimately leading to increased efficiency and success rates. JurisTech’s AI solution can help maximise lead generation efforts, revolutionising the way companies interact with prospective clients. It identifies high-value prospects by mining the existing customer database, allowing agents to focus on quality leads. Through more focused and effective interactions, it not only achieves customer satisfaction but also expedites telemarketing efforts.

How Do These Factors Affect Customer Experience (CX)? 

For the financial industry, especially in banking and finance, the integration of automation, artificial intelligence, and machine learning holds great promise for enhancing the experiences of both customers and employees. Hyperautomation is a crucial enabler that boosts productivity, lowers errors, and enables banks to achieve higher precision in less time. Enhanced collaboration and fewer mistakes are two of the main ways that financial process automation increases productivity. Other benefits include improved regulatory compliance, increased flexibility, and a decrease in human error.

Additionally, hyperautomation enables automated customer interactions through AI chatbots and pre-established workflows, guaranteeing prompt and precise customer service. Moreover, it improves document processing and verification by utilising machine learning, NLP, and OCR for data extraction, verification, and policy evaluation.

By analysing consumer patterns and preferences for individualised interactions, artificial intelligence (AI) and machine learning help ensure better decision-making accuracy. The overall customer experience is improved as a result of this combined use of technologies, which also increases efficiency and reduces costs while improving customer service.

The Call for Financial Inclusion

As a leading innovator in credit scoring and lending solutions, JurisTech has always been a staunch supporter of financial inclusion. We have done this by utilising the revolutionary potential of artificial intelligence (AI) and data analytics. This innovation has broken down barriers, democratised finance, and provided opportunities for individuals and businesses around the world that were previously excluded from traditional financial systems.

The world still faces difficulties in achieving financial inclusion, which is essential to reducing poverty and fostering economic growth. Basic financial services are unavailable to the unbanked and underbanked, who make up a sizable section of the population. In Southeast Asia alone, 290 million people fall into this category, limiting their access to loans and perpetuating financial inequality.

As mentioned above, the evaluation of creditworthiness is revolutionised by the use of alternative data for credit scoring made possible by our autoML and AI platform. Lenders are able to obtain a complete picture of a borrower’s ability to repay loans by using artificial intelligence (AI) and machine learning to analyse data from a variety of sources, including utility bills, purchase histories, and mobile data. Through this method, loans are made available to the unbanked community.

Conclusion

JurisTech is a pioneering force in the ever-changing landscape of fintech, driving innovation and inclusivity in the financial industry. By integrating Open API, AI/ML, and hyperautomation strategically, we have not only advanced towards our ambitious target of reaching 100 organisations across 10 countries in 10 years, but we have also made a substantial impact on the financial ecosystem’s transformation. Through our advocacy of open banking, utilisation of alternative data for credit scoring, and deployment of cutting-edge technologies to improve customer experiences, JurisTech persists in breaking down barriers and promoting financial inclusion for the underbanked and unbanked. Our steadfast dedication to transforming the customer experience and advancing financial accessibility continues as we skillfully negotiate the ever-changing world of finance and technology.

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.