CTBC Bank Takes Lead in AI Implementation: Examining the Transition from Volume to Significance
CTBC, a leading financial institution, has been leveraging Artificial Intelligence (AI) as a central part of its digital strategy since 2018. The bank's AI initiatives span more than 50 departments across three major business lines, marking a significant stride in its digital evolution.
The bank's AI efforts are not limited to its current applications. CTBC is extending its digital strategy into future innovations like GenAI, a future-focused initiative that aims to deliver tangible benefits and enhance its digital strategy.
To provide value, CTBC is inputting the knowledge and insights of its experienced senior bankers into the AI brain of its GenAI initiative. The bank considers the right governance and the right talent as essential for the successful implementation of GenAI.
CTBC's in-house R&D lab employs over 200 data and AI-focused scientists who are dedicated to building the best use cases for its customers and the business. The bank is using data resources from both retail and corporate banking to provide deeper enterprise-wide insights.
One of the key areas where AI is making a significant impact at CTBC is fraud detection. The bank's AI Skynet fraud detection system has reduced fraud in its credit card accounts by 6% in 2024. For each transaction, the AI model in CTBC's AI Skynet can evaluate 100,000 fraud rules within 30 milliseconds, providing swift and accurate fraud detection.
CTBC plans to expand real-time AI detection beyond credit cards to all transactions in the coming year. This expansion is expected to further strengthen the bank's fraud detection capabilities and ensure a secure banking environment for its customers.
CTBC's digital strategy is centered around sustainable AI development that addresses specific challenges and delivers value to its customers and the business. The bank aims to solve challenges such as revenue generation, process efficiency, OCR for digitizing paperwork, identity verification, insight generation, and RegTech for risk management.
In addition to fraud detection, CTBC is using AI to enhance its personalized banking experience and deliver next-gen banking services. The bank is focusing on six mainstream technologies for its digital evolution, including OCR for digitizing complex documents and advanced facial recognition through multi-modal verification technology.
The use of AI at CTBC has increased by 150% year-over-year, reflecting the bank's commitment to embracing and leveraging AI for its digital transformation. As CTBC continues to innovate and grow, its AI initiatives will undoubtedly play a crucial role in shaping the future of banking.
However, information about any specific government agency or organization that CTBC collaborates with to prevent fraud and money laundering in financial services could not be found in the provided search results.
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