Charles Wong: «Bank In A Box Offers Foresight, Not Just Insight»
The game-changer in financial services is one that can help clients make intelligent decisions, Charles Wong, co-founder of Privé Technologies, says.
Artificial intelligence is being used by big institutions already, but most applications have not approached it from a personal perspective, notes Charles Wong, co-founder of Privé Technologies, a provider of digital wealth solutions.
«Right now, everyone is about insight, gathering info and presenting info. One of the things we are finding to be a much bigger game-changer is this: if you offer insight, you must offer what I call foresight - what is up and coming? What should you be doing?» said Wong, who spoke to finews.asia at the sidelines of UOB's whitepaper launch on Fintech Funding, at the Singapore Fintech Festival 2019 (pictured above).
Missing Piece
The adoption rate for some bank applications in the region has been low because most customers use these apps purely for transactions. In view of this, Privé Technologies has started to work with one of its investors, Samsung, to put health, wellness, and happiness onto mobile phones.
«If we inject the entire bank-in-a-box into a mobile device, that'll be much easier to improve that experience because the people are using it on a daily basis for other needs,» said Wong. «The missing piece in the value proposition of most bank apps today is the ability for an individual to have access to his/her own information at the fingertips, information that can help them make better-quality decisions.»
Customized Solutions
Bank customers are constantly inundated with thousands of ads and value propositions, but there is nothing currently offered by financial institutions that could help them harness these data sets and tailor them to their needs.
«That is the AI solution that we're working on. That's a theme we think is essential to every person...but everyone wants to derive happiness, wealthiness, and healthiness in a very different way.»
«We don't have to worry about that if you have an AI machine that is learning from the individual, rather than trying to help the banks decipher all these things, and try to categorize information into different buckets - I think that's the wrong approach,» Wong said.
