Artificial Intelligence (AI), big data, blockchain and other game-changing technologies pushing digital transformation continue to receive much attention from business organizations.
A Filipino online FinTech (financial technology) product and services company called eCompareMo is diving deep into technology as it strives to continue its leading role in the country.
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One of eCompareMo.com’s long-term goal in the country is to push further digital transformation in FinTech by leveraging new technological innovations or be left behind ruing opportunities gone by.
The Filipino firm, one of the brands under C88 Financial Technologies, is considered the country’s “largest online financial supermarket for banking, insurance, and investment services.”
Its parent company, Singapore-based C88 Financial Technologies, is known as “the largest digital finance, insurance and investment platform in Southeast Asia” where it champions access to digital services to millions in Indonesia — where FinTech has taken a foothold — and the Philippines and other countries where it operates.
Executives of eCompareMo conducted in the country its inaugural “Finovation” conference in Makati City on March 15 where they offered insights on the most exciting developments in technology as predictions on what the country can expect from the FinTech sector.
Leading the discussion was J.P. Ellis, group CEO and co-founder of C88 Financial Technologies established in 2008.
In his presentation titled “What trends and forces are shaping the Philippines’ financial technology landscape,” he rattled off AI, big data, product customization, blockchain, and information security.
When these five “game-changers” are combined, Ellis said:
AI will lower costs and offers personalized experience;
Big data will improve virtually everything, from pricing risk to detecting fraud;
Product customization can offer personalized pricing that means more financial product manufacturing which is better for customers;
Blockchain and massively open and secure ledgers will improve transparency and intra-institution data sharing; and,
World-class information security and cybersecurity standards can be achieved by leveraging the cloud.
In an interview, Ellis gave four things that differentiate their FinTech firm from others:
First, the company is one of the oldest in the Philippine market, having been established in 2008 serving technology needs of Filipinos;
Second, it has the most number of customers as customers in the country flock to the financial supermarket brand to make wiser and wealthier financial decisions;
Third, it has the most partners, such as the majority of Philippine banks, noted financial institutions and insurers; and,
Fourth, it has the most sophisticated technology now being used to make customers create wiser and healthier decisions.
With him in the panel of discussants included Karl Knoflach, chief growth officer, C88 Financial Technologies; Stephanie Chung, managing director and co-founder and CEO of eCompareMo; Ched Limson, chief commercial officer; and Chris Lopez, head of partnerships.
Through technology, eCompareMo, created in 2014, is seeking to revolutionize financial processes in the country by applying exciting innovations in the FinTech industry.
Digital transformation as expected is being embraced by the company as a key in giving access to financial products and services to the rising number of Southeast Asian customer.
At Finovation, which they planned to continue holding in the future, Limson introduced to members of the media eCompareMo’s AI bot named “Alex.”
“The demo showed the use of artificial intelligence, of the hottest developments in financial technology, can provide immediate access to necessary financial information without human intervention and error,” the company said.