Far Eastern International Bank launches AI to showcase financial intelligence

        AI technology liberates human imagination, and related applications continue to rise. However, what will happen when AI is combined with financial services? What changes may occur in people's lives? This cover story introduces how Far Eastern International Bank is laying out and developing AI applications to tailor high-quality digital financial experiences for customers.

        Future finance is within reach

        

        Customers can receive customized investment suggestions by opening the mobile app; New employees can successfully complete educational training and self-learning through a generative AI system; Financial consultants use AI systems to quickly search for the information they need... Emerging AI applications are reshaping the future of the financial industry and simultaneously igniting business opportunities. According to a research report by PwC, global GDP may grow by 14% (approximately USD 15.7 trillion) in 2030 due to AI technology. Financial services, as one of the main beneficiary industries, are being applied by various businesses to customize customer service, optimize internal business processes, and manage risks, hoping to be the first to win in the next round of technology boom.

        How to use AI technology to improve products, achieve disruptive innovation, and become the winning point for the financial industry in the future? Far Eastern International Bank actively prepared before AI swept the world. From the perspective of customer needs and Big Data, it formulated three strategic axes: "robot finance, Big Data marketing, and Ten Joy Metaverse", committed to providing rich wealth management services and creating differentiated experiences for customers.

        Three major spindle layout AI

        

        Among various financial applications of AI, "robo finance" is one of the most well-known projects. In 2021, Far Eastern International Bank will combine AI, Big Data, algorithms, and investment studies to continuously conduct A/B tests and performance tracking, and dynamically adjust them to improve the quality of investment research team reports, while also serving as a reference for client investment portfolio recommendations; It is expected to further launch "Robot Wealth Management 2.0" in 2026, with real person wealth management consultants and robot wealth management systems serving high asset VIP customers and general customers respectively, to develop an intelligent innovation model of human-machine cooperation and diversion cooperation. Among them, robot financial management can use AI systems to configure investment portfolios based on customer information and balance them in response to market changes, meeting different customer needs.

        In terms of "Big Data Marketing", Far Eastern International Bank designs over 100 tags to mark customer behavior patterns, and then uses AI to accurately predict each person's product demand in different lifecycles. At the same time, it uses web scraping technology to explore data and explore high asset potential customers; In addition, combined with the comprehensive effect of the group's GDA data, targeted retail boutique customer groups for promotion and promotion, effectively increasing the credit card signing amount. In addition, Far Eastern International Bank actively focuses on analysis, using AI tools and massive data to create an "Auto Machine Learning" platform, and incorporating external data, public opinion volume, etc. into decision evaluation, integrating customer footprints, seizing every opportunity point of contact, and achieving Omni Channel marketing.

        Supported by the potential of generative AI production content, the development of the metaverse is highly anticipated, highlighting the foresight of Far Eastern International Bank's advanced deployment. In 2022, Far Eastern International Bank took the lead in creating the "Metaverse 1.0" with HTC VIVERSE, immersing customers in a 3D virtual space and enjoying theme films such as "Magic Ten Joys Academy" and "Aurora Exhibition Space" to experience the brand value of wealth management "Ten Joys". In the future, it is expected to add "Avatar Intelligent Customer Service" to provide customers with various inquiries, transactions, and marketing activities, while also covering robot financial services. It will establish a distinctive 3D branch of Ten Joys, and through AI virtual and real integration, achieve two-way interaction between customers and intelligent customer service, and innovate the user experience.

        Perceived service, honored affirmation

        

        Based on its strategic architecture, Far Eastern International Bank has continuously improved on its existing foundation and has launched multiple AI services that appeal to its customers. For example, Far Eastern International Bank Bankee Community Bank uses AI to analyze customers' online browsing behavior, purchase records, and other information, providing customized information on the app and receiving many positive reviews. In the future, it plans to launch a new "AI intelligent customer service system" that can deeply understand customers' voice commands through semantic recognition, and even directly guide the Bankee app's operation functions to improve digital services.

        As for the customer service team that interacts with customers on the front line, they also teamed up with IBM in 2020 to design intelligent customer service "Xiaole" using its AI brain. They use "Natural Language Processing and Machine Learning" technology to mimic human communication and communicate with customers. They can support bilingual Chinese and English, and can provide query and transaction services for 365 days, as well as product recommendation and sales functions. Since its launch, the service volume has accounted for nearly 40% of the total customer service electricity, and the accuracy of answers and customer satisfaction have also been almost full marks, saving the bank 20 human resources. His outstanding performance not only made him a model employee at the customer service center, but also won the Taiwan Contact Center Development Association (TCCDA) "Best Intelligent System Technology Team Award" and the 20th National Brand E.SUN BANK Award "Best Popular Brand" in 2020 and 2023, respectively.

        In addition to upgrading customer service, AI also plays a supportive role in the daily work of colleagues. Far Eastern International Bank Bankee Community Bank's "Eagle Eye Project" uses AI systems to identify suspicious transactions or accounts, saving manual judgment time and improving identification efficiency; Many colleagues also use generative AI to produce text, videos, design or write programs, improve workflow, and effectively enhance execution efficiency. Some projects that originally required three to five working days can be completed in as little as one day with the assistance of AI.

        Strictly abide by discipline, control and use

        

        The transformation of enterprises towards AI is imperative, but there are also hidden risks involved. Far Eastern International Bank refers to the draft guidelines for the use of artificial intelligence (AI) in the financial industry released by the Financial Supervision Commission in December 2023, and implements the four lifecycle stages of AI systems: "planning and design", "data collection and input", "model establishment and verification", "system deployment and monitoring". At the same time, it follows the "Security AI System Development Guidelines" jointly issued by 18 national asset security departments including the National Cybersecurity Centre (NCSC) in November 2023 to design, develop, deploy, operate and maintain AI systems, control various security risks, and ensure that customers can use the bank's AI with peace of mind. Service.

        Moreover, Far Eastern International Bank continues to adhere to six core principles, utilizing AI systems and services, including establishing governance and accountability mechanisms, and committing to establishing risk management mechanisms related to AI systems and assuming responsibility; Emphasize fairness and human centered values, and try to avoid unfairness caused by algorithms as much as possible; Protecting privacy and customer rights, respecting and protecting consumer privacy; Ensure system robustness and security, maintain system robustness and security; Implementing transparency and interpretability, if using AI to interact with consumers, appropriate disclosure should be made to ensure transparency in AI operations; Promote Sustainability Development and confirm that the AI development strategy and execution can align with the bank's Sustainability Development principles.

        In the face of the new technology era, Far Eastern International Bank is committed to meeting customer needs and experiences step by step, integrating AI technology into investment and financial management, customer service, and internal work, specifically improving service quality and work efficiency. In the future, it will further use AI to assist in the promotion of marketing creativity, and continue to pay attention to the trend of using large language models in intelligent customer service. We hope to attract more young people with financial management potential through diverse innovative applications, and experience extraordinary digital finance together.

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