On 13 February 2023, See Wai Hun had the priviledge to speak to SME entrepreneurs on having a business self-review to ensure their business is growing strong. CardUp, a no-code platform that helps individuals and businesses improve cash flow, save time, and automate finance processes, organised a series of webinars to provide insights and tips to help small business owners and entrepreneurs. Representing iMoney, Wai Hun, gave her expert advice on how one can move from surviving to thriving.

Small and medium-sized enterprises (SMEs) are pivotal to a country’s economic growth. In fact, SMEs are crucial that in a 2022 report written by a collaboration between the World Economic Forum with the National University of Singapore (NUS), states that SMEs and mid-sized companies represent 90% of all companies and are responsible for close to 70% of jobs and GDP globally. Another report by Organisation for Economic Cooperation and Development (OECD) states that SMEs account for 97.2% of total business establishments, generating 38.2% of GDP In Malaysia, providing employment for 7.3 million people. With the right strategies, planning, and execution, SMEs can thrive, and create a huge impact in their industry. However, they do face several challenges along the way, such as limited financial resources, difficulty accessing financing, and limited access to technology and other resources. To overcome these challenges, it is essential for SMEs to evaluate the overall health of their companies.

Wai Hun with great enthusiasm shared her story and experience as an entrepreneur especially when managing cashflow and reviewing her business. It was an interactive session and the audience even had the opportunity to go through a series of questions together with Wai Hun to evaluate their business.

Some key takeaways from the webinar:

1. Analyse your business performance regularly: Review how you can optimise your different revenue streams. Your products should bring you the best gross profit margin.
2. Have enough cash to survive rainy days: The rule of thumb is to always set aside at least 3-6 months of cash in case of emergencies. However, take into consideration of your receivables and inventory, business structure, and seasonality that might cause a fluctuation in your business.
3. Reality check: Persevere, Pivot, or Abandon?: Don’t ignore the red flags. Ensure that everything your business provides creates value for customers. Always do a reality check!

“People are always looking at ideas to grow their business, but do you really know if you’re growing? Look at your top line and your bottom line growth. More importantly, the bottom line growth from your gross profit and expenses. By understanding your gross and net profit, you can then look at how you can optimise your cost.” – Wai Hun

About JurisTech

JurisTech (Juris Technologies) is a leading Malaysian-based fintech company, specialising in enterprise-class software solutions for banks, financial institutions, and telecommunications companies in Malaysia, Southeast Asia, and beyond.

The post A CardUp webinar: How Well Are you Running Your Business? appeared first on JurisTech.

New technologies are reshaping the banking and finance sector. Lenders are expected to digitise their basic processes leading to an increase in digital approaches to credit administration. All of a sudden, lenders had to do a lot more with less due to the added complexity as consumers prefer digital interactions instead of physical ones. This disrupted many credit administration processes as credit administration is one of the most critical components in managing and supporting the overall credit process in a bank or financial institution. It also maintains the safety and soundness of a bank. Although credit administration is all about documentation, and documentation, and documentation, the credit administration process also requires ongoing monitoring, communications between third parties, and possibly reclassifying a borrower. Hence, the systems banks have for the ongoing administration of their various credit risk-bearing portfolios will determine the effectiveness of their loan disbursement.

Do More with Less in Your Credit Administration Process

The credit administration process varies from one organisation to the next. For most banks and financial institutions, the credit administration department will have to do the following:

• Obtain current financial information such as borrower financial statements, collateral appraisals, references, and other supporting data,
• Prepare documents and maintain credit files, including updated appraisals, loan covenant tracking, and reporting,
• Work with various third parties such as lawyers and valuers to coordinate credit analyses and risk rating to enable more effective credit decision-making, and more.

More often than not, banks and financial institutions may perform their very best to bring in new customers but falter at the end from the late disbursement of loans due to manual workflow processes. The PAIN of manual tracking and lodging of financing documentation, inaccuracy in documentation processes, and delays in processing drawdown requests will ultimately lead to poor customer experience and a low customer retention rate. Moreover, accompanied by the myriad of communication breakdowns between various parties in the credit administration process, a solution to end this nightmare might just be what you need!

In fact, maybe take a step back and examine the effectiveness of your credit processes closely. Are they centralised and streamlined? Centralisation – or the lack of it – becomes a prominent and increasingly important consideration in your credit administration process as your organisations grow. Therefore, it is important that banks and financial institutions automate not only the loan origination process but also the entire credit administration process. (To digitally transform your entire credit management process, read more here.)

Do more with less by providing a centralised platform for both internal and external parties involved in your credit administration process. Just imagine this with me, you can manage a panel of lawyers efficiently and automate all case assignments to these lawyers based on specific rules you have created. This will enable you to achieve full visibility of their performed actions which will greatly eliminate manual follow-ups between you and the lawyers. Furthermore, with this centralised platform, you are building a cohesive ecosystem with your partners (the lawyers for instance) in which you can embed escalation and chaser modules to raise alarms to relevant parties when process bottlenecks occur. With that, the relevant parties can trace and rectify overdue tasks which gives you greater operational transparency and efficiency. By just centralising your credit administration processes and everyone involved in the process, you are able to empower case tracking, reporting, and monitoring.

Quoting Hans Hofmann, “the ability to simplify means to eliminate the unnecessary so that the necessary may speak.”

Juris Credit, Credit Administration Made Easy for You

Juris Credit is a first-of-its-kind solution that is designed to increase the efficiency of the credit administration department several times over. Juris Credit is also possibly the only software solution of its kind to connect users with law firms and valuers within a single cohesive ecosystem for a smoother and easier collaboration. In addition, Juris Credit also ensures that the credit processes comply with the latest laws and regulations in the industry. JurisTech has been a major software solution provider in this industry for more than 25 years, trust us when we say we are experts in this field of knowledge. Of course, Juris Credit also seamlessly tracks the performance of every single party involved in the process because banks and financial institutions will need to have fast, consistent access to accurate, real-time data to make the best lending decision.

To awe you further, here are some very cool core functionalities of Juris Credit:

1. Multi-tenancy Workflow with JurisTech’s Workflow Engine
Create and deploy workflows with a robust end-to-end workflow engine where different flows can be created for each financing product and every step involved in a flow can be assigned to a specific group of users like credit administrators or lawyers. The multi-tenancy workflow extends the usability of Juris Credit to other departments and operations whereby the permission to access certain cases and steps in a flow can also be set to vary based on the user’s rank and department.

2. Snag Stages and Chaser Management
Get timely credit processes with task tracking functionalities by tracking turnaround time (TAT), eliminating obstacles or discrepancies, and having friendly nudges to chase pending actions. “Snag” stages are basically stages when business users can monitor the outstanding work and all the obstacles and discrepancies which will alert relevant parties of items/tasks needing attention. This will ensure that all discrepancies are eliminated before proceeding to the next stage. With the snag framework in place, all pending items can be easily traced and rectified. The chaser management on the other hand is friendly nudges that can be set in the system such as an email reminder on pending actions whenever the turnaround time of an action is not fulfilled.

3. JurisTech’s Checklist Management and Automated Document Generation
Manage your documents with ease with a set of document checklist items at each stage of a case. This ensures that the involved parties track and collect the required documents from customers before moving on to the next stage on top of facilitating financial institutions in standardising and strengthening the policy enforcement of completing tasks within the stipulated time. With pre-configured document templates, you can also easily generate auto-populated documents with customer information such as account holder name, address and other financing account information throughout the credit administration process.

With Juris Credit in place, inconveniences like missing mortgage applications, unknowable application status, and slow turnaround time are things of the past. Scale your credit process by digitising and streamlining your credit administration process. Hit us up for a free demo at contact@juristech.net.

About JurisTech

JurisTech (Juris Technologies) is a leading Malaysian-based fintech company, specialising in enterprise-class software solutions for banks, financial institutions, and telecommunications companies in Malaysia, Southeast Asia, and beyond.

It is time for credit administrators to play a vital role in solving problems in the banking industry. Juris Credit, the only credit administration platform that unifies the workflow of valuers, solicitors and financial institutions in a single platform.

The post The Right Credit Administration Solution For You appeared first on JurisTech.

As part of Endeavor’s latest edition of their Thought Inspire Series, Endeavor endeavoured to make it memorable and interesting with “speed-mentoring”. This means having one-on-one mentoring sessions speed-dating style. On 15 November 2022, the EndeavHER Special with Womentum, invited Wai Hun, an Endeavor Mentor, to pay it forward by having “quick dates” with entrepreneurs allowing them a space and an opportunity to speak to her one-on-one.

Together with Wai Hun (CEO of JurisTech) and Naaman (COO of JurisTech), some of the prominent mentors, entrepreneurs and industry leaders that were present were 

• May Lim, Managing Director of Arnott’s Group, 
• Tunku Alina Alias, the Chair of JA Russell & Co (whose subsidiary is Boh Plantations), 
• Vicks Kanagasingam, Strategic Advisor & Coach of Leaderonomics, 
• Anne Tham, Group CEO & founder of ACE EdVenture Group, 
• Sunderaj Nagalingam, Group Directions Director of Dscaff Industrial Services, 
• Adrian Hia, Investment Director of Kairous Capital, 
• Winnie Chua, co-founder and Chief Product Officer of PolicyStreet, 
• Lennise Ng, CEO & co-founder of Dropee, 
• Rejina Rahim, founder of Wahine Capital, Pauline Teoh, licensed financial planner with FA Advisory Sdn Bhd, and more.

“Being a mompreneur myself, juggling motherhood while running a business is no easy feat but you can be great at both. All you need is VISION. To not be distracted by comparison but captivated with purpose.” – Wai Hun, COEO of JuisTech.

JurisTech’s success journey has always been intertwined with the work and support Endeavor has sowed into the leaders of JurisTech. Endeavor is the world’s leading community of high-impact entrepreneurs. They unlock the transformational power of entrepreneurship by selecting and supporting the world’s top founders and entrepreneurs of fast-growing startups and companies to help them achieve significant impact.

“Endeavor has been the game changer in our growth, mindset, approaches since the early days of knowing them back in 2014. I truly believe without Endeavor we wouldn’t be in this stage of growth. Our success is in no small part owed to Endeavor with their diverse array of mentors and perhaps more importantly their outstanding and caring local office.” – Naaman, COO of JuisTech.

About JurisTech

JurisTech (Juris Technologies) is a leading Malaysian-based fintech company, specialising in enterprise-class software solutions for banks, financial institutions, and telecommunications companies in Malaysia, Southeast Asia, and beyond.

The post An EndeavHER Special: Inspiring Entrepreneurs Speed-dating Style appeared first on JurisTech.

From left: Ibrahim Sani (moderator); Jeffrey Chew, Chairman of Fundaztic; See Wai Hun, CEO and co-founder of JurisTech; Chris Yap, Managing Director Business Banking of Ambank; Kevin Lee, Head of SME of Maxis; and Dato’ Fadzli Shah, Senior Advisor of Zetrix. [Image Credit: Ambank]

According to The Star, the event themed ‘Next and Ahead’ showcased the bank’s digital propositions and was attended by 250 participants from Ambank’s various clientele. AmBank leaders alongside external thought leaders such as JurisTech, Maxis, Microsoft, Merchantrade, StashAway, Cybertronium, and IDC discussed a wide range of themes and trends within the digital realm, providing their views and insights.

Our CEO and co-founder, See Wai Hun sat with a panel of experts – Chris Yap, Managing Director Business Banking of Ambank; Jeffrey Chew, Chairman of Fundaztic; Kevin Lee, Head of SME of Maxis; and Dato’ Fadzli Shah, Senior Advisor of Zetrix, together with the moderator of the day, Ibrahim Sani. The panel discussed the needs and tremendous growth opportunities for SMEs to digitalise their business and how the SME space has significant untapped opportunities for digital innovation by financial services players.

Kevin mentioned that prior to the pandemic, digitising for SMEs was not a priority. However, the pandemic has pushed SMEs to digitalise. “The market is there, and we are connecting a lot of businesses because most SMEs in Malaysia don’t have the technical know-how of how to digitalise.”

With the acceleration of digitalisation, many banks are moving toward digital customer onboarding even for SMEs. According to Jeff, most micro SMEs are still helmed by the older generation. At this stage, the current entrepreneurs are not 100% ready to be digitally onboarded fully. However, the newer generation is soon taking over the businesses and they are more ready and independent in finding financing. Hence, he believes that there is a need to build the emerging entrepreneur to which he predicts that in 5 years’ time, micro SMEs will be ready to be digitally onboarded fully.

Moving to a fresher topic on credit decisioning for SMEs, considering the needs of SMEs for working capital, how does artificial intelligence (AI) or machine learning (ML) help with credit decisioning as they are typically made using historical data to predict repayment capability? 

“AI is a very interesting technology,” said Wai Hun. “To predict SMEs repayment capability, banks will have to look at their payment history data but how do you find someone’s accounting data if they have not changed their accounting system in years? You can’t access that data.” Hence, instead of finding those data, Wai Hun advises the banks to look at the data they already have or made available and to harness it. “Without credit data, even going to ecosystem partners, you would not be able to know how well they will perform when you actually give them credit, as most scoring algorithms are, based on repayment ability and credit mix.” Therefore, banks can choose either to take the risk and invest in getting the data or use AI to find uncovered patterns in the current dataset and let the data speak for itself. This just shows the importance and vitality of advanced technology being utilised in the financial space.

“It’s time for banks and their corporate customers to move forward to collaborate with external players in adopting digitalisation,” said Chris. On the other hand, Dato’ Fazril spoke about how one should visualise and paint a picture of what one want to change and digitise – “Have your building blocks right.” 

Last but not least, Wai Hun mentioned that digitising should be easy. Sometimes, what is preventing us is the constant thinking that we need more information. “So if you want information, let’s break it down. What information do you want? Where do you want to get it from?” Start figuring out why we first need this information and how can we simplify the journey.

“When we talk about digitalisation, for instance, you say you want to create a digital form in 1-2 minutes to give out a loan. You can only do so if you know which product you want, and which target segment you want. Then, just zoom in on that and focus on it. However, the minute you want to do everything, that’s when you may find yourself falling into different tracks.” –  See Wai Hun

The rapid advances in technology are creating opportunities in the intersection between industries and AmBank has set its sight to go beyond banking in serving the needs of SMEs grappling with the opportunities and challenges of digitising their business models. An insightful session with the distinguished panellists discussing and addressing the opportunity to go beyond banking to serve the Malaysian SME segment. If you are interested to know how JurisTech can propel you to move beyond banking, drop us an email at contact@juristech.net.

About JurisTech

JurisTech (Juris Technologies) is a leading Malaysian-based fintech company, specialising in enterprise-class software solutions for banks, financial institutions, and telecommunications companies in Malaysia, Southeast Asia, and beyond.

The post AmDigital Day: Beyond Banking – Empowering SMEs appeared first on JurisTech.

Our CEO, See Wai Hun has always been a huge advocate for people’s growth, especially for budding entrepreneurs and women leaders. Hence, it was a big ‘Yes!’ the moment LeadWomen approached her to be a part of their pool of mentors for one of their prestigious events, the Women in Leadership (WiL) Programme.

This 3-month WiL programme mainly targets high-potential women leaders. From April to September 2022, Wai Hun had the privilege to mentor two very inspiring women leaders – Choy Shok Hung from HSBC Bank, Malaysia and Sophary Touch from Maybank, Cambodia.

From top left: Choy Shok Hung (HSBC Bank Malaysia); See Wai Hun (CEO of JurisTech and iMoney); Sophary Touch (Maybank Cambodia)

From a mentor-mentee relationship, new friendships and a new women accountability circle were formed through the programme. Shok Hung mentioned she was really empowered and inspired throughout the 1-on-1 sessions she had with Wai Hun and there was just so much to learn!

“Life is a journey to be enjoyed. Remember to stop and smell the roses. You don’t have to reach every of your goals to live life to the fullest. Instead, celebrate each milestone along the way.” A piece of advice given by Wai Hun to her mentees and all the WiL graduates during the WiL Virtual Graduation.

A huge hearty congratulations to all WiL 2022 graduates and we hope that your industry will be marked by your leadership and that you will bring greater impact and influence as women leaders.

A candid shot during the WiL Virtual Graduation

“Do not follow where the path may lead. Go instead where there is no path and leave a trail.” – Muriel Strode (Poet) 

About JurisTech

JurisTech (Juris Technologies) is a leading Malaysian-based fintech company, specialising in enterprise-class software solutions for banks, financial institutions, and telecommunications companies in Malaysia, Southeast Asia, and beyond.

The post Paying it Forward by Mentoring Women Leaders appeared first on JurisTech.

In June 2020, Bank Negara Malaysia (BNM) issued a policy document which allows banks and other financial institutions to deploy eKYC (electronic Know Your Customer) as part of the onboarding process. This was a pivotal moment for banks and financial institutions in Malaysia to push for digital transformation in their processes and financial services for customers.

With eKYC, banks and financial institutions can now streamline their offerings and provide an end-to-end digital financial service. So what is eKYC? eKYC is a method used by financial institutions and other companies to learn about and verify the identity of their customers digitally. We know that banks and financial institutions emphasise on identity verification and security before providing financial services. Thus, eKYC is crucial in the onboarding process to provide easier access to financing. Hence, at JurisTech, we have equipped our powerful digital customer onboarding platform, Juris Access, with eKYC technology. This will not only enable financial institutions or organisations to create an engaging end-to-end onboarding journey but also to accelerate your customers’ financial-related applications.

Zooming into the application process, being able to automate the entire verification process enables you to reduce the application journey from days to minutes! Therefore, embedding eKYC into your digital onboarding process is definitely the way to go. Nonetheless, doing it the Juris Access way will bring you an even greater competitive advantage as you basked in the benefits of advanced and powerful technology. Here’s how.

1) Omnichannel platform with multiple fun touchpoints

Juris Access is an omnichannel platform. Your customers are no longer constrained to physical bank branches to enjoy the extra convenience where they can complete their online application anytime, anywhere. This omnichannel platform receives new applications for various products through multiple digital channels, processes these applications in real-time, and returns results almost instantaneously to customers. In addition, it also allows financial institutions to provide prospective customers full access to the suite of available products through multiple digital mediums, including the web, mobile, merchants, social networking sites, and even chatbots.

To top it off, customers don’t only get a seamless digital journey but also an engaging one! Who says onboarding customers for financial or credit products need to always be serious, tedious, and boring? For example, we can match loans best suited to your customer’s personal preference, with an easy and interactive step-by-step guided process, bringing an elevated experience to your customers whilst authenticating their identification.

2) Seamless integration platform

Furthermore, Juris Access connects seamlessly with other JurisTech’s solutions and existing systems including credit bureaus and optical character recognition (OCR) application. Through it’s web API, Juris Access is able to perform complex backend processing, create new accounts, and track existing accounts. With this web API, applications received from various channels will be processed and concurrently application status will be updated, while users can upload required documents to be sent to Juris Access for eKYC for processing. Thus, empowering anyone (without human intervention) to submit and manage an application.

3) Secure with full transparency

In this new era, falsification of identity, signatures, and phishing are all too common. Having a digital identity authentication management allows you to hasten and simplify customer onboarding while increasing the percentage of the right customers.

Juris Access equipped with eKYC enables you to automate the entire verification process to expand your business or support compliance needs. What’s even greater is that you can even leverage AI (artificial intelligence) to support your entire identity authentication process such as capturing the applicant’s personal information, digital verification (MyKAD number and hologram detection), facial recognition engine, liveness detection, and etc.

4)Less backend hassle and complexity

Backed by a powerful processing backend engine, your customers can complete their entire application journey in just 3 minutes! The eKYC technology integrated with Juris Access eliminates all the hassle and complexity of the digital onboarding process by absorbing all backend complexity. Less human manual paperwork intervention, delay-in-time, and overwhelming customers with details and complexity. Customers now can have instant access to financial and credit products.

As a user, Juris Access is a single integrated platform connecting consumers, financial institutions, and 3rd-party partners (dealers, merchants, law firms, contractors, and many more), removes manual paperwork, provides users with a consolidated view of case status from various sources, generates scheduled reportings for data analysis, and reduces operational cost. Emphasising on convenience and speed, do it the Juris Access way! Enhance your digital customer onboarding journey with eKYC technology to bring an elevated experience to your customers.

If you are interested to learn more about Juris Access and how you can build an engaging digital onboarding platform, connect with our team today at contact@juristech.net.

About JurisTech

JurisTech (Juris Technologies) is a leading Malaysian-based Fintech company, specialising in enterprise-class software solutions for banks, financial institutions, and telecommunications companies in Malaysia, Southeast Asia, and beyond. 

Juris Access revolutionises the digital onboarding process by having automation at the heart of the system that sits for the purpose of pre-qualifying, eligibility check, and product recommendations.

The post Elevate Your Digital Onboarding Process with eKYC appeared first on JurisTech.

“Artificial intelligence will have a more profound impact on humanity than fire, electricity and the internet”. A bold statement from Sundar Pichai, Head of Google.

Beyond the AI hype, banks and financial institutions are increasing their efforts to investigate how AI can help reshape their processes and organisational structures to boost efficiency and enhance customer service levels. Globally, AI in the banking industry is expected to keep growing. It is projected to reach USD 64.03 billion by 2030, growing at a CAGR of 32.6% from 2021 to 2030. While in the APAC region, The International Data Corp (IDC) expects businesses (excluding Japan) to collectively spend USD 32 billion on AI in 2025. IDC also mentioned that the banking industry is expected to drive the bulk of the AI spending as banks in the APAC region increasingly leverage the technology for augmented threat intelligence and fraud analysis applications.

According to Gartner, the top three business drivers for AI in the banking industry are to improve customer service/experience, reduce costs, and improve risk management. Let’s take a look at how some banks or financial institutions in APAC are using AI to their advantage.

Trigger early warnings or “digital nudges” to potential late payers

Non-performing loans (NPLs) are on the rise. NPL is a sum of borrowed money whose scheduled payments have not been made for more than 90 days pass without the borrower paying the agreed instalments or interest. For example, credit card debts, car loans, or mortgages. 

The Commonwealth Bank of Australia (CBA)’s financial wellbeing and behavioural economics teams show how using AI, machine learning, and insights from customer activity to provide well-timed “digital nudges” can help customers save money and repay their credit card debt. With this new feature, CBA prompts those who consistently incur credit card interest in real time to think about how they could best use their annual tax refund along with messages to consider making a credit card repayment. Additionally, providing customers with insights on the benefits of reducing their debt, including savings on interest or avoiding late fees, as well as potentially improving customers’ overall financial well-being significantly.

The results of this new feature showed that CBA’s customers who engaged with the credit card repayment “digital nudge” repaid an average of AUD 541 more in the month following their tax refund. “The trial showed that if the credit card nudge was rolled out to all eligible customers, this would result in more than AUD 4 million in ‘catch-up’ credit card repayments each year.” – CBA’s Chief Data and Analytics Officer, Dr Andrew McMullan.

Thus, AI can be utilised to forecast potential late payers on top of educating customers about their financial well-being. Having this capability will allow banks to gain more revenue and offer new levels of customer servicing.

Reimagine financial customer services and experiences to increase personalisation and efficiency

Speaking about offering new levels, of customer servicing in banking, the way customers prefer to do banking nowadays has changed too. Customers are increasingly preferring personalised financial services on top of being more value-oriented as they have multiple alternatives. In response to this changing customer behaviour, banks and financial institutions should leverage AI to provide a smart online and offline experience that is convenient, timely, and relevant to the customer.

Source: SenseTime, January 2021

In China, digital humans have vastly gained popularity as it is closely related to the concept of the metaverse, integrating the virtual and real worlds. About 20 digital humans made their debut in China in the Beijing 2022 Olympic and Paralympic Winter Games alone. 

Agricultural Bank of China deploys its AI-based digital human receptionist at its branch in Zhongshan, Hangzhou to help the bank’s duty managers ease their workloads by handling customer queries while offering a new banking experience to customers. We also have Bank of Ningbo introducing its first digital employee at their Shanghai branch that can “sense” the behaviours of customers. If she “senses” customers being in a good mood, she becomes more talkative and introduces more of the bank’s wealth management services. However, if she “senses” customers frowning, she becomes more cautious and does nothing more than answer the questions asked. Another example would be Chinese real estate giant Vanke having an AI-based debt collector named Cui Xiaopan who reminds employees to pay the company’s bills on time and collect bills due. Supported by powerful AI algorithms, the resolution rate of the cases Cui Xiaopan handled was as high as 91.44%.

The concept of having digital humans have brought customer service to a whole new level. The convergence of AI tech is bringing about the power of personality into brands and deeper engagement with greater personalisation.

Examples of AI Use Cases for the Banking and Financial Services

Of course, there are many more ways AI can be applied in many areas in banks and financial institutions. According to the Korean Herald, Hana Bank, which is one of the five major banks in Korea aims to expand communication between customers and staff by using AI to look through customer reviews in real-time. An official who is in charge of the programme at Hana Bank said that getting immediate feedback on their financial services is vital to their expansion as the banking industry is constantly changing. The AI is able to handle the staggering volume of reviews faster and draws clearer boundaries between good and bad feedback compared to humans, which can greatly help Hana Bank determine what needs to be done to enhance customer experience.

Here are some use cases of our very own proprietary Juris Mindcraft, an autoML that can enable you to make intelligent business decisions.

Onboarding your customers with greater personalisation:

• Optimise the customer acquisition cost in telemarketing
• Improve the customer conversion and reduce the acquisition cost in sales
• Provide product recommendations, cross-selling, and upselling to customers
• Predict customer churn and Loan-to-Value (LTV)

Enhancing your loan origination process:

• Identify credit default risk when scoring customers
• Utilise alternative credit scoring for the credit-invisible customers
• Predict next best action
• Credit limit recommendation

Increasing your revenue with an efficient collection process:

• Utilise self-curing prediction strategy to approach delinquent customers
• Utilise self-curing customers prediction strategy to optimise the early collection stage
• Predict next best action
• Optimise the collection strategy by targeting the right customer with the right treatment at the right time

With the right people, the right tools, and the right technology, AI can be easily implemented with banks and financial institutions greatly benefiting from it. Yet, according to Fintech News, APAC’s banks and financial institutions are struggling to draw critical insights from their data in a timely and effective manner. Understanding the major pain points of the banking and financial industry in implementing AI, JurisTech built Juris Mindcraft, an automated Machine Learning (autoML) and artificial intelligence (AI) platform that uses advanced machine learning (ML) techniques to build powerful AI models. An effortless AI that enables banks and financial institutions to make intelligent business decisions and gain insights to solve real-world problems.

Speak to us if you would like to know more about how you can utilise AI and ML to scale your business infinitely at contact@juristech.net.

About JurisTech

JurisTech (Juris Technologies) is a leading Malaysian-based fintech company, specialising in enterprise-class software solutions for banks, financial institutions, and telecommunications companies in Malaysia, Southeast Asia, and beyond.

The post AI Applications in the Banking and Financial Services in APAC appeared first on JurisTech.

Watch the full video on YouTube. Posted by Workplace at the River.

Our distinguished CEO, See Wai Hun shed light on the disruptions and transformation happening in the Malaysian banking space as a guest speaker at an event organised by Workplace at the River on 7 July 2022. The aftershock of the pandemic has caused a rapid digital acceleration with an uprising of new global trends. Hence, Fintechs are evolving once again.

“You might think blockchain is not coming, but I tell you, 80% of most of the central banks in the world are actually piloting or doing research on blockchain.”  – See Wai Hun

Recently, the government of Malaysia announced the winners of the new digital banking licences to conduct either conventional or Islamic banking business in Malaysia. It caused a significant spike of interest in Malaysians toward the country’s financial services market and it is a major disruption to the industry.

Digital banking goes beyond just digitising legacy banking approaches and we can clearly see it as many ASEAN countries race to build and strengthen their policies to release their digital banking licences. Singapore issued their digital banking licence in 2020, the Philippines in March 2021, and Malaysia announced the digital banking licence winners in April 2022. Indonesia on the other hand, does not have a license specific to digital banks. The license falls under the commercial banking licencing regime as the Financial Services Authority (OJK) arguably considers digital banking as a business model that does not require a specific licence, according to Jakarta Post.

For Bank Negara Malaysia (BNM), we can see the main reason BNM issued digital banking licences is to encourage financial inclusion, to serve the underserved community, and foster the growth of Malaysia’s economy. Hence, digital banking has to be backed up with technologies or solutions that provide the following:

1. A hyper-personalised customer journey that not only is easy and convenient for customers but also adds a human touch to it.
2. The ability to leverage data analytics to better understand the underserved and unbanked customer segment’s behaviour through alternative data.
3. The ability to build and increase financial literacy to equip customers with relevant knowledge to make effective financial-related decisions.

Wai Hun also dived into certain uprising global trends that are taking not only the banking and financial industry but the world by a storm, such as Web 3.0, blockchain, and the metaverse.

“A lot of people confuse blockchain with cryptocurrency. Blockchain is the technology that is powering the cryptocurrency and this technology is going to change the way we do banking in the future.” –  Wai Hun

Looking at Gartner’s Hype Cycle for Digital Banking Transformation, 2021, Wai Hun highlights future trends in Web 3.0 that will entirely disrupt and transform the way we do banking or the way we handle money.

Decentralised finance, also known as DeFi, is already happening. “Meaning there is no banks or central authority but just a group of programmers writing a lot of algorithms and a lot of people investing in it, “ said Wai Hun. Wai Hun enlighted the audience with advanced technologies powered by blockchain, for instance, smart contracts, NFTs, and Central Bank Digital Currency (CBDC). She gave simple illustrations throughout her presentation such as crop insurance for farmers in emerging economies using smart contracts to utilise the decentralised oracle networks (DONs) to arrive at a consensus about weather events through many different data sources and trigger automatic payouts when the conditions of a policy are met, and many others.

We are in an exciting time where we get to see these new and advanced technologies mature, on top of breaking down intermediaries and central authorities like banks. 

“Just because you don’t understand the technology, does not mean it’s not coming.” – See Wai Hun

Don’t miss out on what’s coming in the future. Watch the full video presentation here.

About JurisTech

JurisTech (Juris Technologies) is a leading Malaysian-based fintech company, specialising in enterprise-class software solutions for banks, financial institutions, and telecommunications companies in Malaysia, Southeast Asia, and beyond.

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Optimise Your BAU (Credit: Unsplash)

Time is money. Everyone wants to do more in less time, even more so, for small and medium enterprises (SMEs). Larger enterprises can easily leverage their bigger budget to tap into more resources to get things done. Meanwhile, as an SME, you will always need to think innovatively in optimising your business as usual (BAU) to maximise your limited resources. So what can you do in this highly competitive world to keep your cost low whilst ensuring high productivity? Digitisation!

Digitalisation, easier said than done

This is an exciting period to be in. Digital transformation is taking place in all sectors and industries. SMEs are constantly placed in a position of vulnerability to change especially during the pandemic. Usually many would think that if you are constantly placed under such circumstances, you’ll eventually learn to adapt and change for the better. Unfortunately, that is still a far cry for SMEs. According to OECD, the pandemic has impacted SMEs worldwide and it shows more than half of SMEs face severe losses in revenues. Struggling to survive the day and having endured repeated hits from lockdowns, you will not have the capacity to plan for the long term, let alone prioritising digital optimisation by putting aside funds to digitise your business processes. Furthermore, it does not help when there are inefficient legacy systems that are deeply embedded into your organisation’s structure and everyday business activities. This only makes it harder for many of you to switch to newer and more up-to-date systems. Thus, adopting minimal digitalisation and settling with what we already have is good enough for many SMEs. Yet, that should not be the case.

The role of digital optimisation to increase BAU productivity

Time is a key factor for many businesses. According to Inc.com, they constantly see a lack of time as a huge concern for a large percentage of small to medium business owners. There’s so much to do in so little time! Hence, as business owners, making sure every minute and second is fully utlised is crucial to maintain peak productivity for BAU. With digital optimisation, SMEs can create a work environment for employees to feel more comfortable and productive. Gartner defines digital optimisation as the process of using digital technology to improve existing operating processes and business models. This is because it enables employees to do more value-added work instead of redundant work. This would allow them to be more objective-driven to focus on quality output.

So what can you do to kickstart digital optimisation to increase your BAU efficiencies?

Be bold to innovate and grow

Quoting CEO See Wai Hun, “Innovation is making the impossible possible, and that requires taking risks.” One has to be bold to make the decision to shift their mindset and to set out doing the impossible. For example, instead of just settling on an inefficient legacy system, is there a better and cheaper system out there? Additionally, it’s time for business owners to grasp and understand that size no longer matters. In the past, you’ll need big budgets and large resources to have the greatest access to technology. Now, the ever changing tech landscape and the emergence and development of advance technologies such as Artificial Intelligence (AI), Predictive Analytics, and Machine Learning (ML) have made technology easily accessible for SMEs to utilise and scale with it. Growth can now be driven by technology and technology is now democratising the world of business. The beauty of SMEs and it’s smaller size in nature gives SMEs an advantage of being more nimble and agile when it comes to seizing the opportunities with these advanced technologies present.

Start small, test, and learn

Of course, it can be daunting to immediately dive into using these technologies without knowing where to start. However, the COVID-19 crisis has taught us that experimentation is both a necessity and an expectation as these experiments will take aim at longer-term gains for all concerned – employees, customers, or business partners.

For instance, you can start with customer-facing initiatives as it offers a larger upside. Automate your processes, utilise data and analytics to quickly and effectively isolate difficulties. Watch out for opportunities to build a new standardised work process in scaling these digital solutions across your core business processes. This is so that it reduces confusion and builds a focus or vision for your employees to achieve. Be willing to experiment, pivot when necessary, and learn how you can scale better with technology catering to your own business needs.

So where can you start to automate? Take onboarding a customer as an example. You can automate your approval process for eligible customers which creates a frictionless digital customer experience and reduces manpower involved in the application process. This will not only reduces time, effort, and cost, whilst reducing manual errors; it will also allow your day-to-day business operations to be more agile and your employees can focus working on areas that require the human touch to generate higher income for the business. Another clear example would be to embrace the visual workforce in your BAU approach. However, to do so, SMEs will need to first digitise their business operations. For instance, if you need to collect unpaid invoices, you could always opt for a cloud-based solution that allows you to work over the Internet. This will help SMEs to manage and keep track of all invoices, making sure SMEs don’t miss a customer’s payment.

Change is constant but we only have 24 hours a day, 7 days a week. It’s time to touch base on your everyday task to increase efficiency and productivity. What can you do as an SME business owner to optimise your BAU? Remember, size doesn’t matter when you can leverage technology to scale and grow.

Read more on how to become a successful business in the long term.

About JurisTech

JurisTech (Juris Technologies) is a leading Malaysian-based fintech company, specialising in enterprise-class software solutions for banks, financial institutions, and telecommunications companies in Malaysia, Southeast Asia, and beyond.

Speak to us if you would like to know more about how you can digitise and transform your business at contact@juristech.net. Check out our software solution suit here!

The post SMEs: Optimise Your Business as Usual (BAU) appeared first on JurisTech.

From Left: Saliza Abdullah, Group MD & CEO of BG Capital Holdings; See Wai Hun, CEO of JurisTech and iMoney; Peggie Ng, Moderator and previously on RTM TV1 morning talk show, Selamat Pagi Malaysia.

“Micro battles are important. If you’re doing well in something, look at its adjacency and double down on your strength. Don’t be afraid to experiment because that’s how you learn, and after all, it’s the reason you started. Enjoy the process and celebrate the small successes,” said See Wai Hun, CEO of JurisTech and iMoney.

On 25 May 2022, at the Perdana Leadership Forum (PLF) SME Leaders Programme 2022, our visionary CEO, See Wai Hun and Saliza Abdullah, Group MD & CEO, BG Capital Holdings set the tone of the discussion by highlighting the importance of embracing new tech, adapting to the new ways of doing business, and putting on an innovative mindset when building and scaling your business. Attended by existing and aspiring entrepreneurs, the panel discusses what it takes to grow a business, navigate through the perilous waters of small business ownership, and ensure the company remains intact through storms of recessions and other troubles.

“When people say it’s impossible, that’s when you should do it. Because when it’s possible, everyone is already doing it” – Wai Hun

Moderator Peggie Ng cheekily asked the panel if they are innovative and bold. Wai Hun answered that she is a risk-taker because innovation is making the impossible possible, and that requires taking risks. “That’s why you’re the entrepreneur because you’re crazy,” Wai Hun jokingly adds. 

Saliza on the other hand mentioned that there’s a difference between a risk-taker and a dreamer. Taking risks is part and parcel of doing business and achieving your dream. However, take calculated risk, plan well and execute them until you reach the goal.

“It’s never wrong to dream. Have a dream, but also have a plan and able to execute to achieve your dream.” – Saliza

When asked about managing cash flow from the audience, Saliza who owns a family business and Wai Hun who founded her business during the Asian financial crisis both mentioned the importance of being prudent, and asking the question of how do I get a sustainable income? Wai Hun adds that as a business owner, you should learn to break down and identify revenue streams. For example which of your revenue is a one-off income, recurring income, etc. This way, you’ll be able to identify and focus on the sustainability metrics instead of vanity metrics. Vanity metrics are statistics that look spectacular on the surface but don’t necessarily translate to any meaningful business results.

At the end of the session, both Wai Hun and Saliza agrees that having the right mindset is crucial for entrepreneurs in building a lasting successful business.

“Have a clear vision and know your true sense of purpose. It shouldn’t be about how much you want to make but about becoming sustainable and making an impactful contribution.” – Saliza

Wrapping up the entire PLF SME Leaders Programme 2022, former Prime Minister Tun Dr Mahathir Mohamad, who is also Perdana Leadership Foundation (PLF) honorary president said, “With the right mindset, values, and alongside hard work, there is nothing MSMEs can’t achieve.”

 About JurisTech

JurisTech (Juris Technologies) is a leading Malaysian-based fintech company, specialising in enterprise-class software solutions for banks, financial institutions, and telecommunications companies in Malaysia, Southeast Asia, and beyond.

The post CEO Spotlight “Building a Successful Business for the Long-Term” appeared first on JurisTech.