By utilizing eKYC technology from ADVANCE.AI, Bank Jago has doubled the number of its users compared to last year.
Heaptalk, Jakarta — PT Bank Jago Tbk strengthens its strategic partnership with Singapore-based identity verification startup ADVANCE.AI by integrating artificial intelligence (AI)-powered electronic know-your-customer (eKYC) to simplify digital customer registration under strict security and compliance standards.
“We intend to become a technology-based bank that is strong and integrated in the Indonesian digital ecosystem to meet the needs of the retail, mass market, and SME market segments.” The Head of Consumer Business Customer Value Management of Bank Jago, Irene Santoso, affirmed during the press conference. (08/30)
Amid the rapid development of digital banking in Indonesia, companies realize the importance of providing a good experience while maintaining the security of their data. Through this eKYC scheme, ADVANCE.AI can protect customer identities with an accuracy rate of 99% and prevent fraudulent activity from technological exploitation.
In more detail, this eKYC technology also integrates with multiple features, including Optical Character Recognition (OCR), activity detection, and facial comparisons in the account opening process that this digital banking carries out.
Furthermore, with ADVANCE AI’s AI technology utilization, data analysis, and real-time transaction monitoring, companies can authenticate identity documents, check individual whereabouts, and mark potential customers registered with Anti Money Laundering (AML).
Even though the adoption of AI technology is still relatively new, the Country Manager of Indonesia ADVANCE.AI, Ronald Molenaar, observes Indonesia as a country with relatively high cases of data leaks. For this reason, many companies are maximizing AI to detect data leaks while improving cybersecurity, including digital verification and eKYC processes.
“We notice the future of banking lies in integrating technology to create a secure ecosystem. Our partnership with Bank Jago reflects our mission to prioritize customer onboarding processes and enable financial institutions to remain competitive and compliant in this dynamic landscape,” The Country Manager of Indonesia of ADVANCE.AI, Ronald Molenaar, said.
Through entirely digital services, Bank Jago has served more than 8.3 million customers, including 6.7 funding customers in the second quarter of 2023. By utilizing eKYC technology from ADVANCE.AI, this digital bank doubled the number of its users compared to last year.
Bank Jago has also increased sharia credit and financing by 54%, to Rp11.2 trillion in the second quarter of 2023. Along with the increase in the Sharia credit and financing portfolio, this digital bank company posted a net interest income of Rp832 billion and recorded its net profit after tax at Rp41 billion.
