CTBC Bank, Taiwan Life Insurance rank among Asia-Pacific’s 20 best

Taipei, Two subsidiaries of Taiwan-based CTBC Financial Holding Co. have recently been named by International Data Corp. (IDC) as one of the 20 best banks and 20 best insurers, respectively, in the Asia-Pacific region for this year, with three major artificial intelligence (AI) development projects.

CTBC Bank, has won the recognition from the world-renowned science and technology consulting and research institute for developing a facial recognition service for cash withdrawals and an AI-powered chatbot, a conversational agent in which a computer program is designed to simulate intelligent conversation.

Taiwan Life Insurance, meanwhile, has been recognized because of its "eClaim Blockchain," which applies blockchain technology to the insurance claims process, allowing customers to transmit documents required for related claims.

CTBC Bank is the only financial institution to have been recognized by IDC for six consecutive years. It is also the only bank in Taiwan's financial sector selected as the best bank in the Asia-Pacific region, according to James Chen, president and CEO of CTBC Bank.

"As the largest commercial bank in Taiwan, CTBC Bank has been keeping up with the growing popularity of AI. In recent years, it has focused on the development of three major AI areas -- computer vision, NLP and conversation, and machine learning," Chen said.

"It has also established six platform systems and has been applying them to a number of financial products and services, receiving high recognition from IDC as a result," he added.

One of its award-winning projects, the chatbot, is a concrete example of CTBC Bank's application of AI technology to prevent global money laundering, Chen noted.

CTBC Bank has a total of 115 overseas branches in 14 countries and regions around the world. In order to effectively reduce the potential risk of cross-border money laundering, CTBC Bank's Law Compliance Division and its AI team are committed to the innovative development of regulatory technology (RegTech), a new technology that uses information technology to enhance regulatory processes, according to Chen.

Meanwhile, Taiwan Life Insurance's "eClaim Blockchain," will allow customers to make claims by filling in application forms at its official website and authorizing hospitals to return medical information using the blockchain technology, avoiding the hassle of having to go to and from the hospital to obtain proof of medical treatment, the company said.

With the current spread of COVID-19, the use of such technology can reduce the risk of customers being infected with the coronavirus disease by reducing their trips to the hospital.

The insured can also view their personal medical information online at any time, making it a portable and handy medical record for easy self-management, as they can take it with them when they transfer to different doctors or hospitals, and use it for reference during medical consultations, according to the company.

Source: Focus Taiwan News Channel