UOB Thailand has partnered with True Digital to transform its credit risk analysis and streamline the approval process for TMRW credit card applications using AI and analytics technology. The partnership intends to serve young professionals who have recently entered the workforce and may not have enough financial history to apply for regular credit cards.
True Digital's "Insight Analytics" service will be used by UOB Thailand's unique TMRW app, an all-in-one banking platform powered by cutting-edge technology such as data analytics, Artificial Intelligence (AI) and machine learning models. This strong analytics capacity will provide alternative data insights to analyze applicants' financial stability and resilience, allowing UOB to evaluate credit risks other than traditional financial track records.
Yuttachai Teyarachakul, head of personal financial services, UOB Thailand, said, “Through the development of [the] 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.”
Meanwhile, Natwut Amornvivat, chairman of the board, True Digital Group Co., Ltd., commented, “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 [the] 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.”
UOB Thailand will gain a better knowledge of young professionals' financial conditions and risk profiles by incorporating alternative data into their credit evaluation process. With this improved risk analysis, the bank will be able to extend appropriate loan products to this underserved consumer niche while limiting the potential risks associated with low financial histories.
