2018 BAI Global Innovation Award Finalists
Outstanding Use of AI in Financial Services
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Jibun Bank provides two AI support tools for foreign currency deposits.
One is “AI Foreign Currency Forecast,” in which AI analyzes historical exchange rate data and predicts the future rate. The user can see the results on their smartphone.
AI predicts fluctuations within one hour, one business day, or five business days for five currencies (USD, EUR, AUD, NZD, ZAR), and displays the results with facial icons that can be understood intuitively. In addition, we announce when foreign currency is likely to change with high probability by alert notifications.
The other AI support tool is “AI Foreign Currency Automatic Saving Plan,” in which AI judges the timing at which the yen appreciates the most against selected currency each month, and automatically deposits foreign currency with the amount set by the customer.
While it is difficult for professional dealers to predict currency rate fluctuations, our AI foreign currency forecast alert has achieved better result than the professionals.
AI verification has solved the problem of real-body verification and provides technology support for the development of the insurance industry in the Internet era. In the insurance industry, it is difficult to verify the identity and behavior of a certain person in various business affairs. After several years of development and research, OneConnect’s AI verification, an online identity verification product, was launched in September 2017. It has offered certification service for over 100 million people with 25 percent market share in China’s insurance field. The app usage rate has reached up to 16 percent among customers, the data base has been accessed 700 million times between January 2018 and June 2018, and the app itself has been designed and modified for over 100 set up modes. As a result, 50 partnerships have been built for further cooperation.
Financial risk control relies on the credit analyst’s grip on the authenticity of the customer’s information. In the face-to-face interview, the credit analyst has to judge the credit risk through his dialogue with the customer based on his past experience, which is energy-consuming and error-prone. Our solution utilizes the results of psychological study, adopts AI methods, and extracts the abnormal performance of people when they tell lies to provide assistant judgment for the credit review process. It lowers the professional threshold of credit analysts, improves the efficiency of credit review, reduces the bad debt ratio, and realizes AI+banking.