Search
Close this search box.

We are creating some awesome events for you. Kindly bear with us.

AI to Accelerate Indonesia’s Banking System

Bernard Widjayam, the Head of the Market Conduct Department at the Financial Services Authority (OJK), underscored the significance of incorporating technology into the oversight of financial service businesses. In his statement, he highlighted the limitations of manual analysis when it comes to efficiently and effectively analysing data on behaviour within the industry.

Manually analysing vast amounts of data related to financial service business behaviour can be a time-consuming task. Furthermore, relying solely on manual analysis can introduce the risk of inefficiencies, inaccuracies, and inconsistencies in the data analysis process. It may lead to a lack of coherence and potentially misleading information.

By leveraging technology in the supervision and monitoring of financial service businesses, the aim is to enhance data analysis’s efficiency, accuracy, and reliability. Automation and advanced algorithms can streamline the process, enabling faster and more comprehensive analysis of behaviour-related information. In turn, facilitates timely and informed decision-making for regulatory authorities and promotes a more transparent and compliant financial services sector.

Implementing technology-driven solutions allows for data collection, processing, and analysis automation. By harnessing advanced analytical tools and techniques, regulatory bodies can uncover patterns, trends, and anomalies in behaviour data that may otherwise be overlooked in manual analysis. This comprehensive and data-driven approach enables a deeper understanding of the industry, identifies potential risks or misconduct, and supports proactive regulatory interventions.

Moreover, using technology to supervise financial service businesses helps establish a consistent and standardised framework for data analysis. It ensures that the analysis is conducted systematically and unbiasedly, reducing the potential for human errors and subjective interpretations. It promotes transparency, fairness, and accountability in assessing behaviour within the financial services industry.

Bernard Widjayam also highlighted the potential use of AI and machine learning technologies in monitoring the offerings of financial products and services through various media channels. By harnessing the power of AI and machine learning, regulatory authorities can enhance their ability to detect and assess potentially misleading or non-compliant advertisements and promotions in the financial services sector.

AI and machine learning algorithms can analyse enormous amounts of data from different sources, such as websites, social media platforms, and online advertisements, to identify patterns and anomalies in the marketing practices of financial service providers. It enables authorities to swiftly identify misleading claims, hidden fees, or unfair marketing tactics that misguide consumers or violate regulatory standards.

Using AI and machine learning technologies can significantly augment the effectiveness and efficiency of regulatory oversight in the digital age. These technologies can automate the monitoring process, flagging suspicious advertisements or promotions for further investigation and reducing the burden of manual monitoring on regulatory authorities.

To promote the digitalisation of activities in BPR/BPRS as outlined in pillar 2 of the Indonesian Banking Development Roadmap, CBI, as the Credit Insurance Management Institution (LPIP), has implemented Artificial Intelligence (AI) and utilised credit scoring for credit application analysis.

Implementing AI in credit application analysis is expected to provide higher efficiency and accuracy. By leveraging AI technology, CBI can process customer data quickly and accurately, identify credit risks, and make more precise credit decisions. Moreover, CBI can evaluate the credit profiles of prospective borrowers based on factors such as credit history, income, and assets. It enables CBI to make objective and fair credit decisions.

With the implementation of AI and the utilisation of credit scoring, CBI can accelerate the credit application process, reduce undesirable credit risks, and improve the overall operational efficiency of BPR/BPRS. This step aligns with the vision of the Indonesian Banking Development Roadmap, which emphasises the importance of digitalisation in enhancing the competitiveness of the banking sector.

PARTNER

Qlik’s vision is a data-literate world, where everyone can use data and analytics to improve decision-making and solve their most challenging problems. A private company, Qlik offers real-time data integration and analytics solutions, powered by Qlik Cloud, to close the gaps between data, insights and action. By transforming data into Active Intelligence, businesses can drive better decisions, improve revenue and profitability, and optimize customer relationships. Qlik serves more than 38,000 active customers in over 100 countries.

PARTNER

CTC Global Singapore, a premier end-to-end IT solutions provider, is a fully owned subsidiary of ITOCHU Techno-Solutions Corporation (CTC) and ITOCHU Corporation.

Since 1972, CTC has established itself as one of the country’s top IT solutions providers. With 50 years of experience, headed by an experienced management team and staffed by over 200 qualified IT professionals, we support organizations with integrated IT solutions expertise in Autonomous IT, Cyber Security, Digital Transformation, Enterprise Cloud Infrastructure, Workplace Modernization and Professional Services.

Well-known for our strengths in system integration and consultation, CTC Global proves to be the preferred IT outsourcing destination for organizations all over Singapore today.

PARTNER

Planview has one mission: to build the future of connected work. Our solutions enable organizations to connect the business from ideas to impact, empowering companies to accelerate the achievement of what matters most. Planview’s full spectrum of Portfolio Management and Work Management solutions creates an organizational focus on the strategic outcomes that matter and empowers teams to deliver their best work, no matter how they work. The comprehensive Planview platform and enterprise success model enables customers to deliver innovative, competitive products, services, and customer experiences. Headquartered in Austin, Texas, with locations around the world, Planview has more than 1,300 employees supporting 4,500 customers and 2.6 million users worldwide. For more information, visit www.planview.com.

SUPPORTING ORGANISATION

SIRIM is a premier industrial research and technology organisation in Malaysia, wholly-owned by the Minister​ of Finance Incorporated. With over forty years of experience and expertise, SIRIM is mandated as the machinery for research and technology development, and the national champion of quality. SIRIM has always played a major role in the development of the country’s private sector. By tapping into our expertise and knowledge base, we focus on developing new technologies and improvements in the manufacturing, technology and services sectors. We nurture Small Medium Enterprises (SME) growth with solutions for technology penetration and upgrading, making it an ideal technology partner for SMEs.

PARTNER

HashiCorp provides infrastructure automation software for multi-cloud environments, enabling enterprises to unlock a common cloud operating model to provision, secure, connect, and run any application on any infrastructure. HashiCorp tools allow organizations to deliver applications faster by helping enterprises transition from manual processes and ITIL practices to self-service automation and DevOps practices. 

PARTNER

IBM is a leading global hybrid cloud and AI, and business services provider. We help clients in more than 175 countries capitalize on insights from their data, streamline business processes, reduce costs and gain the competitive edge in their industries. Nearly 3,000 government and corporate entities in critical infrastructure areas such as financial services, telecommunications and healthcare rely on IBM’s hybrid cloud platform and Red Hat OpenShift to affect their digital transformations quickly, efficiently and securely. IBM’s breakthrough innovations in AI, quantum computing, industry-specific cloud solutions and business services deliver open and flexible options to our clients. All of this is backed by IBM’s legendary commitment to trust, transparency, responsibility, inclusivity and service.