• JurisTech’s CEO Shares Insights on AI in Digital Finance at MDEC AI Leadership Dialogue Series 2

    Group photo of all attendees at the MDEC AI Leadership Dialogue Series 2: AI Empowering Digital Finance

    On the 28th November, our esteemed CEO, See Wai Hun, was invited to serve as a panellist at MDEC’s panel discussion, titled: “ MDEC AI Leadership Dialogue Series 2: AI Empowering Digital Finance”.

    Reputable speakers and panellists with extensive knowledge of both artificial intelligence and digital finance were present at the MDEC AI Leadership Dialogue Series 2: AI Empowering Digital Finance event. 

    The panel discussion was moderated by Ts Dr Roshaliza Mohd Rosli, the Manager of Ecosystem at MDEC. The panellists included were Peter Ong, the Group CTO of TESS International; Freddy Loo, the Director of Fusionex; See Wai Hun, the CEO of Juris Technologies; and Dr. Haniza Yon, the CEO of Global Psytech. 

    From left: Peter Ong, Group CTO of TESS International; Ts Dr Roshaliza Mohd Rosli,  Manager of Ecosystem at MDEC; See Wai Hun, CEO of Juris Technologies; Freddy Loo, Director of Fusionex; Dr. Haniza Yon, CEO of Global Psytech.

    With backgrounds in fintech, data analytics, and artificial intelligence, each panellist offered a distinct viewpoint and area of expertise in the dialogue. The panellists gave attendees insightful knowledge and information on this fast-evolving field by sharing their perspectives and experiences on the subject of AI innovations in digital finance.

    From Peer-to-Peer to Comprehensive Banking Solution

    JurisTech’s co-founder, See Wai Hun, described the amazing journey the business has taken to become what it is today. In the early days, JurisTech’s peer-to-peer network bridged lawyers and banks in an era where internet connectivity posed challenges. Over time, this initiative expanded to connect banks with debt collection agencies. Recognising persistent issues, Wai Hun steered JurisTech into developing its first debt collection system, later evolving to address loan origination and many more challenges faced by banks. This eventually led to the development of Juristech’s full-fledged digital banking platform.

    The Quest for Credit Management Excellence

    Being the best credit management software in the world is Wai Hun’s audacious goal for JurisTech. Her focus was on the unexplored abundance of data found in banks and other financial institutions, emphasising the enormous potential of predictive AI and autoML to fully utilise this priceless asset. This rapid advancement in technology made it possible to develop a wide range of products specifically suited for banks and other financial organisations. 

    The different kinds of data that banks can utilise for better service personalisation.

    JurisTech’s Digital Banking Platform: A Holistic Solution

    JurisTech’s end-to-end digital banking platform is evidence of its dedication to transforming the financial services industry’s customer journey. This all-inclusive solution smoothly switches from a “product-first” to a “customer-first” mindset thanks to its strong workflow engine. In order to foster loyalty and trust, the platform goes beyond traditional banking and provides complete connectivity. It can be used for digital customer acquisition, debt recovery, loan approval, borrower assessment, and more.

    Introducing Juris Spectrum, our End-to-End Digital Banking Platform

    Key Components of the Platform:

    • Powerful Workflow Engine: Efficiently designed with a customer-centric mindset.
    • Full Connectivity: Extends banking capabilities for enhanced customer trust.
    • Digitised Customer Journey: Through portal, mobile app, and conversational chatbot.
    • Features: Loan documentation, debt collection, credit scoring, loan origination, digital customer onboarding, and loan management.

    Addressing Bias in AI Models

    All of the panellists agreed on the significance of transparency in artificial intelligence algorithms. Peter from TESS emphasised that before implementing AI/ML, banks must set up strong policies and train employees. According to Dr. Haniza, The EU AI Act is followed by Global Psytech, guaranteeing objective sample data and frequent data source inspections. In agreement, Wai Hun emphasised that in order for AI to realise its full potential, it is imperative to understand business contexts.

    Ethical Dimensions of AI

    Freddy emphasised the usefulness of globally deployable algorithms and the scalability of artificial intelligence. A careful balance between control and advancement was highlighted in the discussion of ethical boundaries, particularly for smaller organisations. Wai Hun promoted an enabling strategy, calling for cooperation and shared accountability and stating that rewards should go to both major and minor participants.

    AI collaboration works requires both shared responsibilities and shared benefits. – See Wai Hun, CEO of Juris Technologies

    Balancing Talent and Ideas in AI Innovation

    The emphasis in the field of Gen AI has shifted from knowledge acquisition to real-world applications. Freddy emphasised the value of problem-solving abilities and engagement, stressing that human beings, not machines, are the intended users of solutions. Wai Hun emphasised the necessity of having leaders who can both lead successfully and double-check data from AI.

    The Role of Chief AI Officer (CAIO)

    When asked about the need for a separate CAIO position, Wai Hun shared how JurisTech has a Chief Innovation Officer (CINO), Hosein Abedinpourshotorban. He upholds primary responsibilities for managing the continuous innovation and change management of the company, where naturally AI becomes a critical technology component that is continuously evolving at the heart of all JurisTech’s solutions. Furthermore, she mentioned how Hosein promotes new frameworks and procedures to successfully apply AI concepts, highlighting the democratisation of AI claiming that everyone can contribute to AI ideas, and that it’s everyone’s responsibility to fully utilise and implement these AI concepts. 

    Hopes for the AI Ecosystem in Malaysia

    The panellists expressed a collective desire for increased engagement between MDEC, central banks, and financial institutions. Eliminating “Pilot Purgatory,” assessing the social impact of AI, developing talent, and providing incentives for AI projects were among the main points of emphasis. Wai Hun specifically urged MDEC to share initiatives and address issues that are impeding the financial sector’s adoption of AI more quickly.

    Wrapping Things Up

    With industry leaders illuminating the critical roles of ethics, talent, and collaboration in shaping the future of AI in Malaysia’s digital finance sector, the event functioned as a compass for navigating the complex domains of AI in fintech. Following the panel discussion, a productive networking session took place after the moderator thanked the panel for giving their time to share a wealth of knowledge with the audience. 

    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.

    By and | 2024-01-02T16:12:07+00:00 5th December, 2023|News|

    About the Author:

    The team at JurisTech's Marketing & Communications, a group of digital marketing strategists and content creators, delivers invaluable insights and expertise drawn from fintech experts across the entire JurisTech team. For media queries, get in touch at mac@juristech.net.