UOB Thailand signed a partnership agreement with True Digital today, to leverage AI and analytics technology to complement UOB’s credit risk analysis and enhance approval process for TMRW credit card customers who are young professionals that recently joined the workforce.
Young professionals in their first jobs may not have sufficient financial track records to apply for credit cards. Through this partnership, the UOB TMRW app, the Bank’s all-in-one app built around the customer and powered by leading technologies such as data analytics, Artificial Intelligence (AI) and machine learning models, can tap on True Digital’s “Insight Analytics” service to enhance the efficiency of UOB’s financial services.
This analytics capability can provide insights on alternative data, to enable the Bank to have a better understanding of applicants’ financial stability and resilience and assess credit risks other than relying on their financial track records.
With this new capability, the Bank can further develop its UOB TMRW app’s competitive edge by tapping on these alternative data for product offerings to digitally serve these underserved group of young customers. By drawing on such data, this will also help the Bank to mitigate risks while providing customers with access to personal credit that is suitable for their needs.
Yuttachai Teyarachakul, Head of Personal Financial Services, UOB Thailand said, “Through the development of AI-driven UOB TMRW digital banking app, UOB Thailand strives to provide the most relevant and personalised services for our digital banking customers. This partnership with True Digital complements our continued efforts in strengthening our digital capabilities and enables us to better serve the unique needs of each customer.”
Natwut Amornvivat, Chairman of the Board, True Digital Group Co., Ltd., said “The collaboration between True Digital and UOB is aligned with our business concept that emphasises the use of data analytics to create value for customers. True Analytics’ “Insight Analytics” service incorporates our expertise in data analytics and AI for smart analytical capabilities and are operating with strict compliance under Personal Data Protection Act, to collate lifestyle and payment insights through our True Analytics platform that can complement UOB’s current capabilities to provide financial services that can best address their customers’ needs. At the same time, this will help to bridge the gap and provide more opportunities for people who may not be able to access banking services.”
Thailand’s tablet market recorded 3.3% YoY growth in 1Q23, Says IDC
Kaspersky announces the launch of its new and reimagined consumer product portfolio in Thailand
