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Bangko Sentral’s chatbot, reporting system bag prizes


THE Bangko Sentral ng Pilipinas (BSP) has bagged two international awards for its financial technology (fintech) and regulatory technology (regtech) initiatives.

In a statement on Thursday, the central bank said it was the only institution to win in two categories — Artificial Intelligence Initiative and Data Management Initiative — during the Central Banking Fintech and Regtech Global awards in Singapore on September 4.

“The BSP’s regtech journey has just begun. As with any initiative, we did not imagine receiving [any] recognition or award when BSP embarked on this journey,” Bangko Sentral Governor Benjamin Diokno was quoted as saying in his acceptance remarks.

“The initiatives were born from [the] BSP’s commitment to continue building its digital capabilities as a regulator intent on promoting innovations in the financial service sector to benefit the country and the people,” he added.

The central bank won in the Artificial Intelligence Initiative category for developing a prototype chatbot to provide the public with a more accessible and efficient way to engage the regulator on financial consumer concerns.

“From the existing manual process to using artificial intelligence [AI] and natural language processing [NLP], the chatbot will be able to adequately and efficiently handle consumer concerns coursed through channels including SMS and social media,” it explained.

The chatbot, which is expected to go live in mid-2020, is also envisioned to provide the BSP with more insight into customer experiences, banking practices and conduct as inputs to policymaking and supervision and develop consumers’ trust in the financial system.

The BSP also won in the Data Management Initiative category for developing a prototype API-based prudential reporting system as part of its ongoing effort to strengthen its supervisory capacity.

“By providing a machine-to-machine link between the banks’ core banking systems and [the] BSP’s system, the system will allow for the streamlined transmission, processing, warehousing and analysis of the banks’ prudential reports,” it said.

The system will significantly improve the timeliness, ease and integrity of data submission, the central bank added.

From a pilot run covering two banks, it was expanded to 19, while preparations are under way to move the system to cover all universal, commercial and thrift lender for a total of 96.

The system is expected to go live in the latter part of 2020.

The awards are organized by Central Banking Publications, a leading source of information of the central banking industry.

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Today’s Front Page January 24, 2020

Today’s Front Page January 24, 2020