Ming Yih – JurisTech

Composable Architecture in Banking and Finance: Digital Onboarding

Ming Yih — Fri, 10 May 2024 10:33:07 +0000

In today’s ever-changing banking and finance industry, embracing digital transformation is essential for staying competitive. Composable architecture stands out as a game changer, transforming how software solutions are created and deployed. This forward-thinking approach provides unparalleled adaptability, scalability, and effectiveness, completely transforming how customers interact with financial services. As client demands evolve, traditional onboarding methods are falling short. Enter digital onboarding platforms: indispensable tools for ramping up customer satisfaction, simplifying procedures, and boosting productivity.

Understanding Digital Onboarding Platforms

What are Digital Onboarding Platforms, and Why are they Important?

Digital onboarding platforms are the gateway to a seamless and convenient customer experience in the banking and financial sectors. They allow customers to open accounts, apply for loans, and access financial services online, without the need for physical interaction. In today’s digital-first world, these platforms are crucial for attracting and retaining customers.

Evolution of Digital Onboarding Platforms in Banking and Finance

Over the years, digital onboarding platforms have evolved from static, monolithic systems to dynamic, agile solutions. Traditional approaches often suffer from rigid architectures, making it difficult for banks and financial institutions to innovate quickly. Any changes or updates to the system require extensive coding and testing, leading to delays and increased costs.

Another challenge with traditional onboarding processes is the poor customer experience they offer. Lengthy forms, cumbersome verification procedures, and lack of personalisation can frustrate customers and drive them away to your competitors.

Read here for more information on The Proven Results of JurisTech’s Digital Onboarding Platform.

Understanding Composable Architecture

Composable architecture is a modular approach to system design that emphasises the assembly of independent, interchangeable components. These components, known as microservices, are loosely coupled and can be easily combined and reconfigured to meet specific business needs.

Core Principles of Composable Architecture

According to Gartner, at the heart of composable architecture lie four core principles:

Modularity: Composable architecture encourages the breaking down of large, complex systems into smaller, reusable services or modules, each of which is in charge of carrying out particular business operations. This modular design enables greater flexibility, as individual components can be developed, deployed, and scaled independently, without impacting the entire system.

Autonomy: Allowing these modular parts to function separately and integrate with other parts with ease.

Orchestration: Using APIs and other integration tools, coordinating these independent components’ interactions and integration.

Discovery: Making it simple to find and use pertinent parts from both internal and external sources.

Key Components of Composable Architecture

API-driven Approach

At the heart of composable architecture is an API-driven approach. APIs (Application Programming Interfaces) allow different components of the onboarding platform to communicate with each other seamlessly. This modular approach makes it easier to integrate new services and functionalities, all without throwing a spanner in the works of the existing infrastructure.

Microservices Architecture

Composable architecture relies on a microservices architecture, where applications are broken down into smaller, independent services. Each service performs a specific function and can be developed, deployed, and scaled independently. This makes the system more resilient and easier to maintain.

Containerisation

Containerisation is a key aspect of composable architecture, enabling the packaging of applications and their dependencies into standardised units called containers. This ensures consistency across different environments and facilitates easier deployment and management of software components.

Read here for more information on Composable Architecture in Banking.

Benefits of Composable Architecture in Digital Onboarding

Enhanced Flexibility and Scalability

The inherent scalability of microservices enables digital onboarding platforms to scale horizontally, adding or removing instances of services dynamically to accommodate fluctuations in user demand. This flexibility guarantees top-notch performance and dependability, even during peak times, crafting a silky-smooth onboarding journey for customers.

Enhanced Security and Compliance:

Composable architecture facilitates granular control over security measures, allowing organisations to implement fine-grained access controls and encryption mechanisms at the component level. This layered security strategy bolsters the overall defences of digital onboarding platforms, safeguarding sensitive customer data and upholding compliance with regulatory standards.

Cost Efficiency

Although the upfront cost of adopting composable architecture may raise eyebrows, the long-term benefits are worth every penny. By axing needless complexity and smoothing out operations, banks can slash their IT expenses, boost efficiency, and fast-track the launch of fresh products and services.

Accelerated Time-to-Market

The modular nature of composable architecture facilitates rapid development and deployment cycles. This means organisations can roll out new features and upgrades to their onboarding platforms at lightning speeds, seizing the competitive edge and grabbing hold of fresh opportunities in the market.

Implementing Composable Architecture in Digital Onboarding for Banking and Financial Institutions

Identifying Use Cases

Prior to implementing composable architecture, organisations must pinpoint specific use cases and business scenarios where it can deliver the most value. Common use cases include digital account opening, loan origination, KYC (Know Your Customer) processes, and risk assessment.

Best Practices for Implementation

Successful implementation of composable architecture requires careful planning, execution, and governance. Key best practices include:

Start Small, Scale Gradually: Begin with a small, well-defined project and expand iteratively, incorporating lessons learned along the way.

Focus on Business Value: Prioritise features and functionalities that align with business goals and customer needs.

Embrace DevOps Culture: Cultivate collaboration and communication between development and operations teams, smoothing the delivery process and boosting agility.

Monitor and Measure Performance: Implement robust monitoring and analytics tools to track system performance, spot bottlenecks, and optimise resource usage.

Overcoming Implementation Challenges

Despite its many advantages, implementing composable architecture can come with its fair share of hurdles, such as:

Organisational Resistance: Some stakeholders may resist the shift from traditional development practices they’re accustomed to.

Technical Complexity: Managing a large number of microservices and ensuring their seamless integration can be technically challenging.

Security and Compliance Concerns: Safeguarding data and meeting compliance standards in a dispersed, microservices-driven setup demands thorough planning and robust controls.

Case Study: Success Story in the Financial Sector

Chinese Bank WeBank Embracing Composable Architecture

WeBank’s core banking system is built on a microservices architecture, enabling swift adaptation to market shifts. This setup empowers WeBank to roll out fresh solutions, products, and services in under 20 days, thanks to the reuse and integration of existing components.

As a frontrunner in composable banking on the global stage, WeBank has swiftly risen to become China’s largest digital bank.

Building a Roadmap: Planning for Composable Architecture Adoption in Digital Onboarding

Assessing Organisational Readiness

Before embarking on the composable architecture journey, organisations should assess their readiness in terms of:

Technical Capabilities: Evaluate existing IT infrastructure, skills, and capabilities to determine readiness for adopting composable architecture.

Organisational Culture: Assess the cultural readiness for openness to change, teamwork, and innovation.

Strategic Alignment: Ensure alignment between composable architecture initiatives and broader business objectives and priorities.

Embracing the Future with Composable Architecture

As we navigate the ever-changing landscape of the banking and financial industry, one thing remains clear: embracing composable architecture in digital onboarding platforms is not just a trend, but a necessity. By realising its full potential, organisations can stimulate innovation, grab new opportunities, and stay ahead of the competition in the market.

JurisTech, Your Preferred Partner

At JurisTech, we are committed to giving your digital transformation initiatives the best possible support. In order to ensure that we provide the most competitive and effective solutions for the fintech landscape, Visa, a reliable partner in the Asia Pacific region, has accredited five of our software solutions, including our digital onboarding platform.

The validation of Visa highlights our dedication to providing consumers with quick and safe access to international technology suppliers. Our award-winning proficiency in digital customer onboarding and seamless integration enables your customers to have an exceptional customer onboarding experience with your company.

Built on a solid microservices architecture, our digital onboarding platform boasts integration capabilities via APIs and is fundamentally designed to be both scalable and flexible. Not only that, but we employ containerisation of our products via Continuous Integration and Continuous Deployment (CI/CD) using Gitlab and Jenkins, just to name a few.

You can rely on our team to help you navigate your system’s journey and precisely match it with your business requirements. Our members have a wealth of industry experience and combine technical expertise with business acumen. In addition, we offer thorough training prior to, during, and following project implementations to guarantee that all of your support requirements are met.

We place a high value on mutual understanding of performance expectations and go above and beyond to ensure that our clients have a positive experience during the digital transformation process.

For a sneak peek into our offerings, contact us today for a free demo. Find out how to improve customer satisfaction and streamline your onboarding process with JurisTech’s digital onboarding platform.

The post Composable Architecture in Banking and Finance: Digital Onboarding appeared first on JurisTech.

Composable Architecture in Banking

Ming Yih — Fri, 03 May 2024 08:25:30 +0000

Traditional monolithic architectures are showing to be less and less effective in the fast-paced world of modern banking, where innovation and agility are crucial. More flexible and dynamic architectural paradigms are being adopted as a result of the need for quick adaptation to shifting market dynamics, customer demands, and regulatory requirements. One such paradigm gaining traction in the banking industry is composable architecture.

Composable architecture represents a departure from traditional monolithic architectures, which are characterised by tightly coupled and interdependent components. Rather, it adopts a modular design philosophy, in which programmes are constructed as a group of independently deployable, loosely coupled services or components. The fundamental concept of composable architecture is composability, which emphasises the capacity to dynamically assemble and reassemble business capabilities in response to changing demands.

Recent years have seen a dramatic shift in the banking architecture landscape due to technological advancements, changing customer expectations, and heightened competition. In this context, modular and flexible system and process architecture, or composable architecture, becomes a strategic approach that helps banks foster innovation, scalability, and agility.

What is Composable Architecture?

Core Principles of Composable Architecture

Fundamentally, composable architecture consists of four essential elements that set it apart from conventional methods. According to Gartner, these include:

Autonomy: Allowing these modular parts to function separately and integrate with other parts with ease.

Orchestration: Using APIs and other integration tools, coordinating these independent components’ interactions and integration.

Discovery: Making it simple to find and use pertinent parts from both internal and external sources.

Key Components of Composable Architecture

Composable architecture comprises various elements, including:

Microservices: Small, independently deployable services that encapsulate specific business functionalities.

API Gateway: Acts as a single entry point for clients to access multiple microservices.

Event-driven Architecture: Facilitates asynchronous communication and decoupling between services.

Containerisation: Packaging microservices into lightweight, portable containers for easy deployment and management.

Why is Composable Architecture Good in Banking?

Composable architecture adoption provides banks looking to modernise their IT operations and infrastructure with a number of strong advantages. The digital onboarding, loan origination, and debt collection phases of the credit management lifecycle will be the main topics of discussion in this article.

How is Composable Architecture Good for Digital Onboarding?

Financial institutions can benefit from compositable architecture in digital onboarding platforms as it can help them become more agile, innovate more quickly, and offer a more individualised customer experience.

Agility and Speed to Market: Financial institutions can launch new products in a matter of months thanks to composable architecture, greatly reducing time-to-market. This is accomplished by merging pre-existing, modular components and making sure that no legacy technology is interfered with.
Hyper-personalisation of the Customer Experience: By utilising APIs to link different services and systems, composable banking technology can assist banks in providing a more personalised customer experience. With this strategy, banks can leverage more internal data sets for contextual engagements while providing a smooth and integrated experience for customers.
Data and Customer-Centric Proposition The idea behind composable banking is to enable integrated data sets and a single source of truth, which enables the provision of individualised experiences and the use of advanced analytics to facilitate more informed decision-making.
Low Maintenance Costs and Automatic Upgrades: Composable banking requires fewer resources, no major capital investments, and comes with low maintenance costs and automatic upgrades.

Read here for more information on Composable Architecture in Digital Onboarding.

How is Composable Architecture Good for Loan Origination?

Composable architecture in loan origination platforms for banking offers several benefits that can help financial institutions increase agility, innovate faster, and provide a more personalised customer experience.

Enhanced Customisation for Lenders and Clients: Lenders can tailor the origination process to their particular requirements when using a composable process. For instance, they might decide to automate the underwriting process by using a machine learning-based credit decision engine. Or they might decide to use a third-party data provider to validate borrower information. They can also easily incorporate the latest and greatest technology features specific to their customers’ unique needs.
Reusability: Developers can create new functionality more often by utilising pre-existing components in multiple applications thanks to composable architecture. This guarantees that applications are built with a high degree of consistency and reliability while also accelerating the development time.
Scalability: Financial institutions can scale their applications by adding or removing components as needed without affecting the system as a whole thanks to composable architecture. Hence, without compromising effectiveness or performance, businesses can readily adapt to shifting traffic volumes and user demands.
Unlock Greater Innovation and Return on Investment: Composable architecture enables banks to create once, then share, connect, and repurpose their digital assets and data in novel ways to spur innovation, address challenges, and accomplish a variety of goals. It is a brilliant, effective method of getting more use out of their technology investment and a higher return on investment.

How is Composable Architecture Good for Debt Collection?

Financial institutions can benefit from several advantages provided by composable architecture in debt collection platforms, including increased efficiency, lower costs, and better customer satisfaction.

Personalisation and Customer Experience: By employing data analytics and customer segmentation to customise messages to each individual’s needs and preferences, banks can personalise their communication with debtors thanks to composable architecture. This strategy can improve customer relationships and raise the likelihood of a successful debt recovery.
Agility and Adaptability: Composable architecture allows banks to respond quickly to changing market conditions and customer demands. A bank, for example, can incorporate a new payment method or cryptocurrency module into its platform if it detects a growing demand for such services.
Digital Engagement and Automation: Digital tools and automation can be integrated with composable architecture to provide debtors with hyper-personalised interactions with banks. Self-service applications that manage payments, cheque balances, and request payment rearrangements are examples of this. These apps have the potential to increase customer satisfaction and recovery rates.
Cost Efficiency and Innovation: Composable architecture can help banks reduce costs by allowing them to use best-in-class solutions and services rather than relying on a single vendor. This approach can also promote innovation by allowing banks to introduce new fintech features and products alongside their core systems.

Challenges and Risks for Composite Architecture in Banking

Even though composable architecture has many advantages, there are risks and obstacles associated with its adoption.

Integration Complexities: It can be difficult and complex to integrate various services and systems in a composable architecture environment, especially when working with legacy infrastructure or external dependencies. Banks need to make significant investments in solid integration frameworks and technologies in order to guarantee smooth component interoperability and communication.
Security Concerns: As APIs and microservices proliferate, so do the attack surface and potential points of entry for cyber threats. This presents new security considerations and vulnerabilities associated with composing architecture. To protect sensitive data and transactions in a composable environment, banks must put strong security measures in place, such as authentication, authorisation, encryption, and monitoring.
Component Identification, Individual Development, and Interoperability Challenges: Organisations can easily accelerate software development processes by simply enabling the reuse of code and eliminating (or at least reducing) the need to develop code from scratch. However, identifying the appropriate components, developing them independently, and ensuring interoperability can be difficult.

Implementation Strategies for Composite Architecture in Banking

Careful planning, execution, and governance are necessary for the successful adoption of modular architecture. Depending on their unique requirements, capacities, and priorities, banks can use a variety of implementation strategies.

Banks can choose to implement composable architecture in stages, beginning with isolated projects or initiatives and gradually expanding its scope and footprint throughout the organisation. Or, in a more drastic move, banks might decide to completely restructure their entire IT environment from the ground up by starting a rigorous transformation journey.

Regardless of the adoption approach, banks should adhere to certain best practices to maximise their chances of success. These include developing cross-functional cooperation and communication, defining precise business objectives and metrics, coordinating technology choices with strategic objectives, and utilising automation and DevOps techniques to expedite development and operations.

Case Studies of Banks Embracing Composable Architecture

Composable architecture has been adopted by a large number of banks and financial institutions globally in order to promote innovation, agility, and competitiveness. Let us look at a few interesting case studies to show how composable architecture is being used in banking.

Several leading banks and financial institutions have embraced composable architecture to drive innovation, agility, and customer-centricity. For instance, the multinational Spanish banking group BBVA has accelerated digital transformation and modernised its IT infrastructure through the use of a composable approach, which has shortened the time to market for new goods and services.

For its core banking system, New-Jersey based Cross River Bank has also embraced an open banking framework that facilitates the quick development and implementation of new services, as well as a modular and flexible architecture. Cross River Bank has effectively changed into a technology-driven community bank that provides a broad range of cutting-edge financial services while adhering to its community-focused roots by utilising composable banking solutions.

Regulatory Considerations for Implementing Composite Architecture in Banking

Adherence to regulatory mandates is crucial in the heavily regulated banking sector. Banks must manage a complicated web of rules and guidelines controlling data security, privacy, risk management, and financial reporting as they make the switch to composable architecture.

Banks have to make sure that their modular architecture conforms to all applicable regulations, such as GDPR, PSD2, PCI DSS, Basel III, and KYC/AML regulations. This means putting in place strong data protection protocols, carrying out frequent evaluations and audits, and keeping thorough records to prove compliance.

Regulatory frameworks and guidelines play a significant role in shaping the design and implementation of composable architecture in banking. Open banking initiatives, like the European Union’s Revised Payment Services Directive (PSD2), require banks to make their APIs available to third-party developers. This encourages the use of composable architectures, which in turn promote API-driven innovation and integration.

Banks can use a variety of tactics to stay compliant in a composable architecture environment, such as putting secure coding practices into place, enforcing data encryption and access controls, performing frequent security audits and assessments, and working with industry associations and regulators to stay on top of changing standards and best practices.

Future Trends for Composite Architecture in Banking

Future developments for composable architecture in banking are expected to be influenced by a number of up-and-coming trends, including:

The evolution of composable architecture is being driven by emerging technologies like distributed ledger technology (DLT), cloud computing, and serverless computing. These advancements allow banks to create more inventive, scalable, and resilient systems and services.

The banking industry is expected to adopt modular architecture due to the growing demand for agility, innovation, and cost-efficiency in a digitally-driven and fiercely competitive environment. Composable architecture will allow banks to work together more effectively and create new opportunities for value creation. This will change the banking ecosystem and the way customers interact with banks.

Although composable architecture seems to have a bright future, banks still face a number of obstacles and unknowns, such as regulatory scrutiny, complicated technology, a talent shortage, and pressure from competitors. However, banks can turn these difficulties into chances for sustainability, growth, and differentiation if they have the proper leadership, execution skills, and strategic vision.

In a Nutshell

In summary, banks are designing, constructing, and running their IT systems and services differently now thanks to composable architecture. In a world that is becoming more digital and dynamic, banks can seize new chances for innovation, agility, and competitiveness by embracing modularity, flexibility, and interoperability. Although the transition to composable architecture may present obstacles and hazards, banks that are prepared to embrace change and shape the direction of banking architecture stand to gain a great deal.

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JurisTech Hosts University Malaya Students for Interactive Industrial Visit

Ming Yih — Tue, 30 Apr 2024 08:32:09 +0000

On the 25th of April, JurisTech recently hosted a cohort of 40 bright minds from Universiti Malaya, offering them an exclusive glimpse into the inner workings of our dynamic company. The industrial visit was intended to be both educational and interactive, and it was led by our very own Functional Lead Mervyn Lau, a distinguished UM alumnus, and Elizabeth Lim, JurisTech’s Head of Recruitment.

JurisTech’s HR Team warmly welcoming UM students to the office tour.

Kicking off the day, the students were warmly welcomed by our dedicated HR team before diving into an engaging office tour led by Elizabeth. Dubbed the “Riddle Rally”, this interactive tour encouraged students to form teams, each armed with a map and a mission: to uncover insights about JurisTech’s diverse product units. Students not only learned about our core products through this gamified experience, but they also developed a deeper comprehension of how each solution contributes to the digitisation of the credit management lifecycle.

UM Students gathering info from a business unit to progress in their office tour.

Following the tour, the students gathered to share their newfound knowledge, delving into the intricacies of JurisTech’s operations and the role JurisTech’s software plays in revolutionising credit management. This conversational session prepared Mervyn Lau to speak and share his personal story of transitioning from an intern to a Functional Lead at JurisTech. The students found Mervyn’s account of how he decided to join JurisTech fascinating since it demonstrated the company’s dedication to facilitating talent development programmes at JurisTech’s Heroes Training Academy.

Reflecting on his internship experience, Mervyn emphasised the support he received from his seniors, which propelled him towards success and ultimately, leadership roles within the company. His journey served as an inspiration, highlighting the opportunities for growth and development at JurisTech.

Elizabeth then discussed the values-driven GECO culture of JurisTech, which is based on principles such as “Customer First” and “Growing Heroes.” She emphasised the critical role business analysts play in fostering innovation and ensuring client satisfaction by converting client needs into actionable insights.

In her discussion of potential career paths, Elizabeth emphasised the adaptability of software engineers, who are skilled in a variety of fields like database administration and front-end development. She also introduced the Heroes Training Academy, which provides intensive training to equip people with the skills they need to transition into tech roles.

The highlight of the visit came when COO Naaman Lee presented an award to the top-performing team from the office tour. The students had the chance to learn from industry experts during an interactive Q&A session that ensued. When posed with the question about JurisTech’s criteria for hiring, Naaman flipped the script with a thought-provoking response. He turned the focus back to the students themselves, asking what steps they should take to carve out successful careers.

Naaman giving an award to the team with the highest points in the office tour.

Naaman stressed the importance of academic diligence, highlighting that a student’s CGPA serves as a key metric for employers evaluating resumes. He emphasised the importance of studying and stated that students’ dedication and sense of responsibility are reflected in their academic performance.

Furthermore, Naaman encouraged students to view their university years as opportunities for personal growth and skill development. Students who immerse themselves in their chosen fields can emerge as confident and competent individuals prepared to face the challenges of the workplace.

Naaman sharing his advice with passion to the next generation.

Naaman’s advice resonated deeply as he stressed the importance of academic excellence and continuous learning in shaping a successful career path. Having gained new knowledge and inspiration, the students left JurisTech with a renewed sense of purpose and determination. They were given the confidence to strive for excellence in their future endeavours as well as a deciphering of the tech industry thanks to this unforgettable experience. The future appears more promising than ever for aspirational tech enthusiasts, thanks to JurisTech’s dedication to developing talent and promoting an innovative culture.

Group photo of UM Students at the end of the Industrial Visit.

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JurisTech’s CEO Celebrates Entrepreneurial Success Stories at Endeavor Malaysia’s Local Selection Panel 2024

Ming Yih — Tue, 09 Apr 2024 06:52:25 +0000

5th April 2024 – JurisTech’s visionary CEO, See Wai Hun, has once again been extended with an esteemed invitation to serve as a panellist at the Endeavor Malaysia’s Local Selection Panel (LSP) for 2024.

Group picture of the the attendees of Endeavor Malaysia’s LSP 2024

Endeavor Malaysia, the local affiliate of the world-renowned non-profit organisation Endeavor, remains committed to cultivating an ecosystem conducive to high-impact entrepreneurship. Founded in 1997, Endeavor is the leading global community for forward-thinking entrepreneurs. Numerous recipients all over the world have had life-changing opportunities made possible by its unwavering commitment to developing entrepreneurial talent.

Today, Endeavor’s vast network reaches nearly 40 countries and empowers more than 2,000 entrepreneurs, whose combined efforts have generated over USD 28 billion in revenue. Moreover, these business owners have been instrumental in creating more than 3.9 million employment opportunities and raising more than USD 4 billion in capital in 2020 alone. With its distinct entrepreneur-first strategy, strong peer-to-peer community, and trust-based network, Endeavor remains a driving force behind innovation and expansion.

Endeavour Malaysia organises the LSP every year as part of its commitment to developing bright entrepreneurial talent locally. The LSP acts as a doorway for high-impact entrepreneurs to receive strategic support and direction. This year, Wai Hun was honoured to be invited to participate as a panellist once more, joining notable individuals like E-lene Kee and Endeavour Mentors Dato’ Henry Goh (MACROKIOSK MATTERS) and Tony Chin FCA, ICDM(F), QRD on the panel.

This year, we saw the victory of two incredible entrepreneurs: Johnson Khoo, co-founder of Nori Malaysia, and Zeth Lim, CEO of Verdant Solar Sdn Bhd, who impressed the panel and qualified to become pre-International Selection Panel (ISP) candidates.

With an emphasis on celebrities, Nori Malaysia is a brand incubator that provides all-encompassing assistance from product inception to market expansion. They manage the entire supply chain, create lifestyle products customised to specific celebrity images, and work with top platforms to increase brand visibility.

Meanwhile, Verdant Solar Sdn Bhd leads the charge in meeting Malaysia’s growing demand for renewable energy solutions. Specialising in solar panel planning, installation, and maintenance, they provide their clients with affordable, dependable solutions that are tailored to their specific energy requirements.

Zeth Lim undergoing the selection process at the Endeavor Malaysia’s LSP 2024

The entrepreneurs who make the cut proceed to the final round of selection—the ISP. Here, they would be able to network with powerful business people, exchange ideas, and obtain additional funding for their initiatives.

From left: E-lene Kee, Dato’ Henry Goh – CEO of Macrokiosk, Adlin Yusman – Managing Director of Endeavor Malaysia, Tony Chin – Chairman of Sumitomo Mitsui Bank Malaysia, See Wai Hun – CEO of JurisTech

In 2014, Wai Hun was one of the candidates for the 54th International Selection Panel in New York, where she alongside our co-founders John Lim and Naaman Lee, were selected as Endeavour Entrepreneurs. Wai Hun, who is now an assessor, seized the opportunity to give back and assess businesses, advancing those with exceptional potential to the next phase. Moreover, for the preceding three years, JurisTech has been influential to the LSP panel by being graciously invited as panellists.

We are delighted to welcome Nori Malaysia and Verdant Solar Sdn Bhd into the Endeavour family and would like to express our sincere congratulations to them both. Through Endeavor’s unmatched ecosystem of mentors, investors, and fellow entrepreneurs, they will receive the support and direction they need to overcome the obstacles and take advantage of the opportunities to dream bigger, scale faster, and pay it forward.

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JurisTech’s CEO Unveils Transformative Vision for Indonesia’s Microfinance Landscape at APPI National Seminar 2024

Ming Yih — Tue, 26 Mar 2024 06:04:35 +0000

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.

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The Proven Results of JurisTech’s Digital Onboarding Platform

Ming Yih — Wed, 24 Jan 2024 03:37:37 +0000

The demand for fully digital onboarding services is increasing, and the banking and financial services sector is realising that it needs hyper-personalised digital onboarding platforms to keep up. Digital onboarding in the financial industry is an automated process that provides customers with access to financial products and services such as opening a bank account, taking out a loan, or setting up an account with a digital bank or neobank. Numerous business advantages come with digital onboarding, including improved fraud prevention, reduced expenses, and a quicker and better user experience.

As per a Forbes article, artificial intelligence (AI) is expected to have a significant impact on the banking and investment sectors, transforming customer service and offering more efficient solutions. Furthermore, according to a Gartner Research study, 62% of banks place a high priority on developing new goods and services, including digital onboarding services. Additionally, clients can now access fully digital onboarding services via mobile devices thanks to the online platforms that are replacing traditional banking services, making the process more convenient and seamless.

The Advantages of JurisTech’s Digital Onboarding Platform

With JurisTech’s digital onboarding platform, financial institutions can now streamline their customer onboarding operations, improve customer experiences, and adapt to the changing demands of the digital age.

What are the features and capabilities of JurisTech’s digital onboarding platform that allow for such great improvements, you may ask?

Features such as a loan straight-through processing (STP) engine, digital verification via eKYC, secure document management, compliance checks, authentication mechanisms, data encryption, secure communication, and continuous security monitoring, are available on JurisTech’s digital onboarding platform to help financial institutions digitise their customer onboarding journey. The aforementioned features are intended to guarantee the confidentiality and security of data, optimise workflows, and augment customer satisfaction, ultimately resulting in better business results.

Cut Through the Noise with Straight-Through Processing

JurisTech’s loan STP engine is a standout feature that simplifies and automates the loan application and approval process. The engine evaluates loan applications using predefined business rules, credit scoring algorithms, and real-time credit checks; it then provides customers with real-time decisions and notifications. This feature allows for a quick and effective onboarding process by drastically cutting down on the amount of time needed for application evaluation and decisioning.

Enhanced Security Measures for You and Your Customers’ Peace of Mind

Digital verification features like eKYC and internal blacklist checking are also available on JurisTech’s digital onboarding platform, enabling safe and effective customer identity verification procedures. Customers can upload and manage confidential documents on a secure platform that guarantees data encryption and protection both during transmission and storage. Compliance checks, like CDD and EDD, are carried out to make sure that regulations are followed and to reduce the risk of fraud and money laundering.

Advanced encryption protocols protect customer data, guaranteeing that sensitive information is shielded from unauthorised access or breaches. Authentication mechanisms, like 2FA and OTP verification, improve the security of customer accounts and transactions. Encrypted messaging and video conferencing are examples of secure communication channels that safeguard private conversations and client interactions.

A security matrix, which offers granular access control to guarantee that users only have access to the data and processes they require, is another feature of JurisTech’s digital onboarding platform. A comprehensive audit trail for compliance and security purposes is provided by the platform’s security audit trail, which keeps track of all user actions and system modifications.

In order to guarantee that client data is handled in compliance with legal requirements, JurisTech’s digital onboarding platform also complies with industry standards and laws, such as GDPR and other data privacy laws. Mechanisms for threat detection and continuous monitoring are put in place to quickly identify and address any potential security threats or vulnerabilities.

Streamline Operations with Low-Code Technology

In addition, the platform offers a number of features that improve user experience, such as a drag-and-drop interface, dynamic form builder, and low-code platform. Business users can drag-and-drop visual editors and reusable actions into processes for rapid development without coding thanks to these features, which make process design and development simple and intuitive.

Build Digital Ecosystems with Open API Compatibility

Last but not least, JurisTech’s digital onboarding platform complies with Open API standards to facilitate ecosystem integration and data exchange. Financial institutions can take advantage of the power of data and propel business growth with this feature, which makes it simple for them to integrate with other platforms and systems.

The Proven Use Cases of JurisTech’s Digital Onboarding Platform

Credit leasing, auto financing, and mortgages are just a few of the financial industries that have successfully adopted JurisTech’s digital onboarding platform. By improving client experiences and simplifying corporate processes, the platform’s cutting-edge features and capabilities have completely changed the way financial institutions run.

In the mortgage sector, JurisTech’s digital onboarding platform has facilitated the creation of a mortgage marketplace that connects over 1800 lawyers and financiers, streamlining the mortgage application and approval process. As a result, financial institutions are now better equipped to use data and technology to boost their competitiveness and spur corporate expansion.

JurisTech’s digital onboarding platform, which offers a digital platform for customer-initiated applications, affordability and repayment calculators, and seamless document uploads, has empowered a major luxury vehicle brand in the auto-financing industry. The decision-making process has been accelerated for customers by the platform’s real-time credit check and decisioning capabilities, which have secured more favourable financing and credit terms. This has improved consumer loyalty and satisfaction by improving the auto-financing experience overall.

With the help of JurisTech’s digital onboarding platform, which streamlines the credit leasing process and improves business relationships, credit leasing companies can now connect with over 20,000 dealers through its marketplace. Additionally, a major local bank was able to expand their credit leasing offerings by partnering with property developers and agents through the platform’s assistance in creating a rent-to-own marketplace. Due to this, financial institutions have been able to increase the scope of their services and attract new clients, which has boosted their revenue and profitability.

In a Nutshell

To sum up, JurisTech’s digital onboarding platform is an all-inclusive digital platform that enables financial institutions to meet the changing demands of the digital age, digitise their operations, and improve customer experiences. The features and capabilities offered by the platform guarantee data privacy and security measures, expedite procedures, and improve customer experiences.

JurisTech, Your Preferred Partner

At JurisTech, we are committed to giving our customers the best possible support for their digital transformation projects. As one of the partners in the Asia Pacific region, Visa accredited five of JurisTech’s software solutions, including JurisTech’s digital onboarding platform, to offer the most effective and competitive solutions for the fintech industry landscape.

The VISA certification demonstrates JurisTech’s dedication to providing customers with a quick and safe connection to technology providers throughout the world. Let your customers enjoy a better banking experience by utilising JurisTech’s exceptional solutions, which guarantee award-winning expertise in digital customer onboarding and seamless integration.

Our team can assist you in navigating your system and ensuring that it meets your business requirements. Our members have extensive industry experience and are both technical experts and business consultants. We also offer comprehensive training prior to, during, and post-project implementations to ensure that all of your support needs are met. Ensuring mutual understanding of performance expectations is our top priority, and we put a lot of effort into making the digital transformation process enjoyable for our clients.

For a free demo, get in touch with us right now to find out more about how JurisTech’s digital onboarding platform can increase your customer satisfaction and optimise your customer onboarding process.

The post The Proven Results of JurisTech’s Digital Onboarding Platform appeared first on JurisTech.

Driving Economies Through JurisTech’s Outstanding Impact on the Fintech Industry

Ming Yih — Mon, 15 Jan 2024 11:10:18 +0000

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.

The post Driving Economies Through JurisTech’s Outstanding Impact on the Fintech Industry appeared first on JurisTech.

JurisTech’s 2023 in Review: A Year of Milestones, Innovation, and Community Spirit

Ming Yih — Fri, 29 Dec 2023 08:17:50 +0000

JurisTech’s journey in 2023 has been marked by a series of noteworthy events, shaping our world in diverse ways. As we approach the end of this truly eventful year, it is only fitting that we take a moment to reflect on the numerous accomplishments and milestones that have defined its narrative. Without further ado, let us take a look at JurisTech’s 2023 in review.

Adoption and Implementation of Kaizen

Kaizen is a Japanese term that translates to “continuous improvement” or “change for the better.” It is a Japanese concept that is often associated with the business and manufacturing sectors. The Kaizen philosophy emphasises making small, incremental improvements to processes, products, or services over time.

Kaizen promotes a continuous improvement mindset, in which employees at all levels of an organisation actively participate in suggesting and implementing small changes to improve efficiency, quality, and overall performance. The goal is to foster a culture of continuous improvement by encouraging innovation and adaptability.

How JurisTech applies the Key Principles of Kaizen:

Continuous Improvement: Kaizen promotes the idea that there is always room for improvement, and that small, continuous changes can lead to significant advancements over time.

Employee Involvement: JurisTech employees are encouraged to actively participate in identifying and proposing areas for improvement. This participation fosters a sense of ownership and commitment to the process of improvement.

Elimination of Waste: Kaizen aims to reduce waste in processes, whether it is time, materials, or resources. Through the identification and elimination of waste, JurisTech can enhance its efficiency and reduce its expenses.

Standardisation: In addition to encouraging continuous improvement, Kaizen emphasises how crucial it is to standardise effective procedures in order to preserve and expand upon advancements.

Focus on Quality: At the core of Kaizen is an improvement in quality. Enhancing the calibre of JurisTech’s products and services is the aim of ongoing process improvement.

Celebrating 15 years of CSR (Corporate Social Responsibility)

JurisTech was privileged to provide support to two organisations this year: Rumah KIDS (Kanak-kanak Ini Disayangi) and SPICES (Supporting Parents, Infants, and Children through Early Services).

Group photo of all participants at SPICES’ 4th Charity Golf Event

JurisTech’s mission to improve the lives of underprivileged children is in line with the proceeds from this year’s 4th Charity Golf Tournament at Sungai Long Golf and Country Club, which raised money essential for SPICES’ developmental projects.

Naaman Lee, COO of JurisTech, presenting the mock cheque to Rumah KIDS’ representative.

Regarding Rumah KIDS, JurisTech employed internal fundraising to generate an astounding RM62,202.33, which it then contributed to the organisation. JurisTech’s COO, Naaman Lee, demonstrated the company’s dedication to helping disadvantaged kids by personally sponsoring gifts. Not only that, but in addition to the monetary donation, the JurisTech Annual Dinner committee helped by holding an interactive art class for the children.

The Release of JurisTech’s Auto-Decisioning Engine

To make the best decisions, Juris Decisioncraft, the auto-decisioning engine developed by JurisTech, combines data and analytics from multiple systems and sources. It gives companies in a variety of industries the power to use data-driven insights, making it easier to formulate complex and important decisions quickly and confidently. With its intuitive web interface and no-code technology, Juris DecisionCraft allows businesses to easily refine decision models inside the system without the need for programming or specialised technical knowledge.

The Launch of Brand-New or Reformed Business Units

Mobile Team, Decision & Data Science (DDS), and Advocates for Client Experience & Success (ACES) are the three business units that were formed/reformed during the current year.

The Mobile Team is primarily responsible for maintaining internal mobile applications and creating mobile app versions for all JurisTech products. DDS is responsible for JurisTech’s autoML AI platform and auto-decisioning engine, in addition to managing iMoney’s (JurisTech’s consumer arm) data tasks and report automation. With its redesigned organisational structure, ACES is dedicated to providing clients with individualised support at a faster rate.

Multiple Major Projects Completed with Success

This year, we are proud to have launched multiple large-scale projects with a 100% success rate. Each project encompasses a multitude of JurisTech solutions.

Among these projects, we completed one in six months, setting a new record for our fastest project implementation time!

These projects were carried out for the benefit of five different clients: A leading communications service provider in Malaysia that specialises in mobile and broadband plans and cutting-edge smartphones; an umbrella company with a wide range of business interests including real estate development, investment, construction, industries, hospitality, and financial services; one of Indonesia’s first multifinance companies, having been the first to be listed on the Jakarta Stock Exchange and Surabaya Stock Exchange; a pioneer in Islamic banking in Malaysia that played a key role in the development and expansion of the country’s Islamic financial industry; and a financing company in Japan that is well-known for its deep industry knowledge.

Alliance Bank and CTOS Partner Up to Upgrade Retail Loan Origination System, Powered by JurisTech

From left, Mr Eric Chin, CEO (CTOS), Mr Erick Hamburger, Group CEO (CTOS), Mr Kellee Kam, Group CEO (Alliance Bank), Ms Gan Pai Li, Group Chief Consumer Banking Officer, (Alliance Bank), Ms See Wai Hun, CEO (JurisTech)

Alliance Bank will update its Retail Loan Origination System (RLOS) with a five-year, RM 14 million contract, working with CTOS and JurisTech. With a focus on the unbanked and underbanked populations, this ground-breaking project seeks to revolutionise the credit industry by utilising digital innovation and automation to deliver quick, easy, and individualised services.

With a goal of disbursing loans within minutes, the new RLOS, which is based on JurisTech’s platform, integrates CTOS solutions and aims to streamline the loan origination process. This will improve customer satisfaction and propel Alliance Bank’s retail consumer loan book growth to RM 36 billion over the next five years.

CTOS and Kekal Impian Enters Partnership with Moneylending Platform Powered by JurisTech

From left: Eric Chin, CEO of CTOS Data Systems Sdn Bhd; Jason Ng, Business Advisor for Kekal Impian Sdn Bhd; See Wai Hun, Co-founder and CEO of Juris Technologies Sdn Bhd; Eric Hamburger, Group CEO of CTOS Digital Bhd; Lee Khang Ren, Director of Kekal Impian Sdn Bhd; Tan Sri See Hong Chen, See Cherng Jye and Tan Boon Wah, Business Advisors to Kekal Impian Sdn Bhd signing a cooperative agreement between CTOS and Kekal Impian.

CTOS Data Systems Sdn Bhd and Kekal Impian Sdn Bhd have formed a strategic partnership to revolutionise digital money lending in Malaysia.

Using JurisTech’s state-of-the-art technology, the partnership seeks to improve financial inclusion by offering online financial services that are faster, more convenient, and individualised, with a focus on underserved populations. This partnership represents a turning point in the financial landscape of Malaysia by utilising data-driven decisioning and technology to create a more open and welcoming financial environment.

EndeavHER Roundtable 2023 — Empowering Founders: Charting the Talent Territory

Group Photo of the Panel, Moderator, and the audience taken at the EndeavHER Roundtable 2023

The EndeavHER Roundtable 2023, organised by Endeavour Malaysia and with the theme “Empowering Founders: Charting the Talent Territory,” was proudly sponsored by JurisTech.

The gathering of prominent figures in the industry, such as See Wai Hun, CEO of JurisTech, encouraged conversations about talent development, entrepreneurship, and the future generation in the workplace. Reiterating the importance of diversity, inclusion, and talent investment for business success, the thought-provoking session focused on the value of purpose-driven entrepreneurship, talent development, and fostering an innovative culture.

Juris Olympics – A Month to Remember

Group Photo of Amazing Race Participants & Organisers for Juris Olympics

Juris Olympics 2023, a five-week internal sports event hosted by JurisTech, transcended traditional competition, fostering unity and camaraderie among JurisTech and iMoney’s employees.

Apart from the intense competitions in chess, pool, and other games, the occasion perfectly embodied the GECO values of the company, which are Growing Heroes, Making Excellence Happen, Customer First, and Opening Up. The success of Juris Olympics demonstrated a harmonious fusion of competition, teamwork, and adherence to core values within the JurisTech family, in addition to strengthening internal ties.

Reflecting with a Forward Gaze

As we conclude this retrospective journey through the successes and challenges of 2023, we cannot undervalue the crucial contributions made by our committed JurisTech employees. Your dedication, perseverance, and hard work have been the main factors in our success in the ever-changing fintech industry.

As we express our gratitude to each employee, we also cast our gaze forward with excitement. The year 2024 holds the promise of new territories to conquer and fresh horizons to explore. We are ready to start a new year of development, learning, and unmatched success with new mindsets and a common goal of excellence.

In the spirit of collaboration and continuous improvement, we extend heartfelt thanks to our partners and clients as well. Together, we will embrace change and steer the fintech industry’s ever-changing terrain, influencing the direction of financial technology.

Cheers to the adventures that lie ahead in 2024 and to the unwavering spirit of JurisTech. Together, with unwavering resolve and a forward-thinking attitude, we will keep redefining possibilities and raising the bar in the finance industry. Thank you for your hard work, and here’s to a prosperous and groundbreaking year ahead!

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Beyond Software: JurisTech’s Commitment to Enriching Young Lives with Rumah KIDS

Ming Yih — Mon, 18 Dec 2023 06:48:12 +0000

Rumah KIDS (Kanak-kanak Ini Disayangi) was cordially invited to participate in JurisTech’s 26th Annual Dinner, which was held on December 9 at the scenic Tropicana Golf & Country Resort. With this event, JurisTech continued its 15-year tradition of unwavering commitment to Corporate Social Responsibility (CSR). The company has cultivated a steadfast tradition of sharing its Annual Dinner with the underprivileged, coupled with dedicated fundraising campaigns aimed at supporting children’s homes.

Naaman Lee, COO of JurisTech, presenting the mock cheque to Rumah KIDS’ representative.

Each passing year witnesses JurisTech’s internal fundraising event, a collaborative effort involving its employees. The company takes a remarkable step by contributing double the amount collected during this initiative, subsequently contributing the overall sum to a chosen orphanage. This philanthropic undertaking stems from the firm belief of JurisTech instilling hope among underprivileged children, resonating with the company’s overarching vision of creating exceptional software solutions that contribute to building and enriching lives. In keeping with this charitable custom, JurisTech has raised an impressive RM 62,202.33 this year, all of which has been donated to Rumah KIDS.

In addition to their monetary donation, JurisTech representatives paid Rumah KIDS a visit on December 2. Naaman Lee, Chief Operating Officer of JurisTech, in a touching gesture, personally sponsored gifts chosen from the children’s wish lists. The day was further enriched by JurisTech’s representatives engaging with the children in a delightful and interactive art lesson, creating memorable moments of joy and connection.

A snapshot of the art made by the children at Rumah KIDS

This action embodies the true spirit of corporate social responsibility and demonstrates JurisTech’s unwavering commitment to improving the lives of those who are less fortunate.

JurisTech representatives’ group picture

JurisTech’s CEO, See Wai Hun, and COO, Naaman Lee, present a mock cheque to Rumah KIDS on stage.

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

Ming Yih — Tue, 05 Dec 2023 09:13:19 +0000

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.

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.

The post JurisTech’s CEO Shares Insights on AI in Digital Finance at MDEC AI Leadership Dialogue Series 2 appeared first on JurisTech.

Ming Yih – JurisTech

Composable Architecture in Banking and Finance: Digital Onboarding

Understanding Digital Onboarding Platforms

What are Digital Onboarding Platforms, and Why are they Important?

Evolution of Digital Onboarding Platforms in Banking and Finance

Understanding Composable Architecture

Core Principles of Composable Architecture

Key Components of Composable Architecture

API-driven Approach

Microservices Architecture

Containerisation

Benefits of Composable Architecture in Digital Onboarding

Enhanced Flexibility and Scalability

Enhanced Security and Compliance:

Cost Efficiency

Accelerated Time-to-Market

Implementing Composable Architecture in Digital Onboarding for Banking and Financial Institutions

Identifying Use Cases

Best Practices for Implementation

Overcoming Implementation Challenges

Case Study: Success Story in the Financial Sector

Chinese Bank WeBank Embracing Composable Architecture

Building a Roadmap: Planning for Composable Architecture Adoption in Digital Onboarding

Assessing Organisational Readiness

Embracing the Future with Composable Architecture

JurisTech, Your Preferred Partner

About JurisTech

Composable Architecture in Banking

What is Composable Architecture?

Core Principles of Composable Architecture

Key Components of Composable Architecture

Why is Composable Architecture Good in Banking?

How is Composable Architecture Good for Digital Onboarding?

How is Composable Architecture Good for Loan Origination?

How is Composable Architecture Good for Debt Collection?

Challenges and Risks for Composite Architecture in Banking

Implementation Strategies for Composite Architecture in Banking

Case Studies of Banks Embracing Composable Architecture

Regulatory Considerations for Implementing Composite Architecture in Banking

Future Trends for Composite Architecture in Banking

In a Nutshell

About JurisTech

JurisTech Hosts University Malaya Students for Interactive Industrial Visit

About JurisTech

JurisTech’s CEO Celebrates Entrepreneurial Success Stories at Endeavor Malaysia’s Local Selection Panel 2024

About JurisTech

JurisTech’s CEO Unveils Transformative Vision for Indonesia’s Microfinance Landscape at APPI National Seminar 2024

About JurisTech

The Proven Results of JurisTech’s Digital Onboarding Platform

The Advantages of JurisTech’s Digital Onboarding Platform

Cut Through the Noise with Straight-Through Processing

Enhanced Security Measures for You and Your Customers’ Peace of Mind

Streamline Operations with Low-Code Technology

Build Digital Ecosystems with Open API Compatibility

The Proven Use Cases of JurisTech’s Digital Onboarding Platform

In a Nutshell

JurisTech, Your Preferred Partner

About JurisTech

Driving Economies Through JurisTech’s Outstanding Impact on the Fintech Industry

The Use of Open API in JurisTech’s Products

Open Banking, Powered by Open API

The Implementation of AI/ML and Hyperautomation

AI/ML Use Cases in Banking – Debt Collection

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

AI/ML Use Cases in Banking – Alternative Credit Scoring

AI/ML Use Cases in Banking – Hyperautomation and Personalisation

AI/ML Use Cases in Banking – Optimising Telemarketing

How Do These Factors Affect Customer Experience (CX)?

The Call for Financial Inclusion

Conclusion

About JurisTech

JurisTech’s 2023 in Review: A Year of Milestones, Innovation, and Community Spirit

Adoption and Implementation of Kaizen

Celebrating 15 years of CSR (Corporate Social Responsibility)

The Release of JurisTech’s Auto-Decisioning Engine

The Launch of Brand-New or Reformed Business Units

Multiple Major Projects Completed with Success

Alliance Bank and CTOS Partner Up to Upgrade Retail Loan Origination System, Powered by JurisTech

CTOS and Kekal Impian Enters Partnership with Moneylending Platform Powered by JurisTech

EndeavHER Roundtable 2023 — Empowering Founders: Charting the Talent Territory