Business Daily Media

The Times Real Estate

.

CIMB Bank recognised for Best Financial Artificial Intelligence Project at The Asset Triple A Digital Awards 2022

KUALA LUMPUR, MALAYSIA - Media OutReach - 9 June 2022 - CIMB Bank Berhad ("CIMB Bank" or "CIMB" ) has been awarded the Best Financial Artificial Intelligence Project in Malaysia at The Asset Triple A Digital Awards 2022 for its successful implementation of an automated artificial intelligence ("AI") platform developed by DataRobot, a leader in AI Cloud solutions.



The AI platform enabled CIMB to develop machine learning credit models for its retail portfolio, which strengthened the Bank's credit risk modelling and retail underwriting capabilities across unsecured loan products. This led to improved quality of loan screening, resulting in reduction of credit loss.

The fully automated AI platform leveraged CIMB's wealth of traditional and alternative data to develop machine learning credit models for the bank's retail portfolio. With the sharper models, the bank is able to reduce credit loss by improving the default probability estimation for retail loan applications.

The collaboration commenced work in mid-2020 to structure the use case and connect historical and real-time data. AI models were subsequently built based on these use cases and data, with the solution deployed into production by end-2020. Within six months of the AI platform going live, CIMB observed multiple benefits, including lower expected losses and higher returns against capital in its retail loans segment.

The newly developed AI models were rigorously tested and validated before being utilised in production for decision-making. These models were also compared to traditional models across a set of three loan products, where the new AI models demonstrated significantly improved accuracy.

Vera Handajani, Group Chief Risk Officer, CIMB Group said, "Our new credit risk platform, driven by innovative use of AI, has reduced the cost of processing loan applications and is expected to reduce our credit loss by improved default probability estimation for retail loans. Within six months, we were already able to see tangible results and savings from this AI-driven approach, building on our momentum as we scale digital transformation across the organisation. This is in line with our focus on digitising for value under our Forward23+ strategic plan.

Simon Brender, Regional Vice President Asia, DataRobot said, "As competition between regional, global financial institutions and fintech intensifies across the region, AI is becoming critical for financial services institutions operating in the region to stay ahead of the competition. CIMB is leading the way in harnessing the power of AI to reduce risk, and we are proud the noteworthy results of our collaboration have been recognised by this prestigious award from The Asset."

The Asset Triple A Digital Awards recognise financial institutions and technology firms that have excelled in innovation and have developed a unique digital experience for customers across the Asia-Pacific and the Middle East. The Asset Triple A Awards have been built upon a stringent methodology and a rigorous approach to selecting the winners. The awards are adjudicated by The Asset's board of editors, who collectively have several decades' worth of experience evaluating industry awards in the Asia-Pacific and the Middle East.


About DataRobot

DataRobot AI Cloud is the next generation of AI. DataRobot's AI Cloud vision is to bring together all data types, all users, and all environments to deliver critical business insights for every organization. DataRobot is trusted by global customers across industries and verticals, including a third of the Fortune 50. For more information, visit .

About CIMB

CIMB is one of ASEAN's leading banking groups and Malaysia's second largest financial services provider, by assets. Listed on Bursa Malaysia via CIMB Group Holdings Berhad, it had a market capitalisation of approximately RM55.3 billion as at 31 December 2021. It offers consumer banking, commercial banking, wholesale banking, transaction banking, Islamic banking and asset management products and services. Headquartered in Kuala Lumpur, the Group is present in all 10 ASEAN nations (Malaysia, Indonesia, Singapore, Thailand, Cambodia, Brunei, Vietnam, Myanmar, Laos and Philippines). Beyond ASEAN, the Group has market presence in China, Hong Kong, India, South Korea, the US and UK.

CIMB has one of the most extensive retail branch networks in ASEAN with 630 branches and around 33,000 employees as at 31 December 2021. CIMB's investment banking arm is one of the largest Asia Pacific-based investment banks, which together with its award-winning treasury & markets and corporate banking units comprise the Group's leading wholesale banking franchise. CIMB is also the 92.5% shareholder of Bank CIMB Niaga in Indonesia, and 94.8% shareholder of CIMB Thai in Thailand.

#CIMB

The issuer is solely responsible for the content of this announcement.

News from Asia

LOFTER GROUP Awarded 12 Honors at PropertyGuru Asia Property Awards, Recognized as Best Boutique Developer (Hong Kong and Macau)

UPPER PRINCE Triumphs as Best Connectivity Condo Development in Asia HONG KONG SAR - Media OutReach Newswire - 20 December 2024 - LOFTER GROUP ("LOFTER" or "the Group"), a Hong Kong-based propert...

Agilis Robotics completes world's first robot-assisted bladder tumour resection in clinical trial

HONG KONG SAR - Media OutReach Newswire - 20 December 2024 - Agilis Robotics has announced the successful completion of the world's first robot-assisted en-bloc resection of a bladder tumour (ERBT...

HKU engineering researchers develop revolutionary diamond fabrication technology

HONG KONG SAR - Media OutReach Newswire - 20 December 2024 - A research team led by Professor Zhiqin Chu, Associate Professor in the Department of Electrical & Electronic Engineering, and Prof...

Guangzhou Development Zone Aims to Build a Bridgehead for the opening up of Guangzhou, China

GUANGZHOU, CHINA - Media OutReach Newswire - 20 December 2024 - This year marks the 40th anniversary of the establishment of the Guangzhou Development Zone. The revised Regulations of the Guangzho...

XTransfer and OCBC Jointly Announce Comprehensive Partnership

"Global Multi-Currency Accounts" Empowers SMEs with New Market Opportunities SHANGHAI, CHINA - Media OutReach Newswire - 20 December 2024 - XTransfer, the World's Leading & China's No.1 B2B Cr...

ZJLD Awarded the 2024 Hong Kong Corporate Governance and ESG Excellence Award by the Chamber of Hong Kong Listed Companies

HONG KONG SAR - Media OutReach Newswire - 20 December 2024 - The first baijiu company listed on the Hong Kong Stock Exchange, ZJLD Group Inc. ("ZJLD" or the "Company", SEHK stock code: 06979...

Japan's first overseas JOYPOLIS SPORTS flagship complex opens in Kai Tak Sports Park

The all-weather indoor sportainment complex, JOYPOLIS SPORTS HONG KONG, grandly opens today. With five stories and nearly 30,000 square feet, it features dozens ...

Step into Hong Kong: Experience the "Immersive Hong Kong" Exhibition in Dubai

HONG KONG SAR - Media OutReach Newswire - 20 December 2024 - The "Immersive Hong Kong" exhibition opened today (December 20) in Dubai, the United Arab Emirates, making its fifth stop after success...

Fushi Technology to Launch AI Agent Industry Vertical Applications, Accelerating Southeast Asia Market Expansion

HONG KONG SAR - Media OutReach Newswire - 22 December 2024 - On December 20th, Fushi Technology is set to launch its AI Agent industry vertical applications in the Southeast Asia region to help bu...

Leading the Way: Singapore's Exceptional Achievements at the ACES Awards 2024

BANGKOK, THAILAND - Media OutReach Newswire – 23 December 2024 - At the ACES Awards 2024, Singaporean companies and leaders took center stage, honored for their groundbreaking contributions to sus...

Five signs that AI is growing faster than the internet did

What do Aussie businesses need to do to keep up? There has been mounting chatter that AI is growing even faster than the rapid acceleration we sa...

Protecting Your Small Business from Cyber Threats This Holiday Season

The holiday season brings a surge of online activity for small and medium businesses (SMBs), with increased sales and customer inquiries offering ...

Essential SEO Strategies: Boosting Your Real Estate Business

In recent years, it is said that more and more people are searching for properties online than those who visit real estate companies in person. For ...

Every Business Needs to Apply a Concrete Strategy

Do you want your website to rank higher in the top results of the Google search engine? Then hire the excellent SEO Services in Australia for your n...

Navigating Cyber Fraud After a Natural Disaster

As Australia enters another long, hot and potentially destructive summer, businesses and residents are preparing for the natural disasters synonym...

8seats messaging startup aims to transform business communication

The new platform brings an innovative approach to unite office-based and desk-less teams 8seats, a next-generation messaging platform for busine...

Sell by LayBy