CekAja.com + Experian + ID/X in IFSE 2019

A quick glance on what you can find in IFSE 2019 related to CekAja.com, Experian and ID/X.

IFSE 2019 will be held in JCC on 23-24 Sep 2019. CekAja.com is the Diamond sponsor for this event. Our booth is located right in front near OJK and Bank Indonesia.

This booth will be staffed together with our Investor and Partner (Experian) and ID/X as part of C88 Group of Companies. The booth is located in the EXPO area. Everyone is able to come and visit the booth (open for public).

In the booth you can interact with CekAja, Experian and ID/X staff and discuss about the new offerings from our companies. Digital onboarding is one of the key message. We will also showcase our CekScore feature and also highlight on Open Banking and Identity and Fraud prevention solution from Experian. ID/X will also showcase their Analytics solution.

We will also have a virtual assistant in the booth which can be controlled by a control panel beside it.

Our Founder, J.P Ellis will be speaking in the Summit and moderate a session called "Strengthening the Credit Bureau by Leveraging Alternative Credit Data" together with experts from OJK, Trusting Social, Experian and TongDun. This session will happen in Day 1 after lunch.

MiniStage Schedule for IFSE 2019 is as per below. CekAja will deliver several short session in Ministage related to our Digital Onboarding solution and also demo on CekScore.

Myself, together with mas @adjie wicaksana and ibu @Frecy Ferry will also be doing a panel discussion related to Smart Financial Planning on day 2 in Mini Stage.

Experian will also deliver 2 breakout sessions:

1. Identity and Fraud roundable session (Day 1)
2. Telco Scores roundtable session (Day 2). They will touch a bit on Digital Onboarding also here.

Registration link is here for the EXPO:

A high level summary on CekAja.com Digital Onboarding solution as per our founder:

Despite rapid advances in technology, mobile internet, and smartphone penetration in emerging economies, many financial institutions continue to relay on costly, inefficient, expensive and insecure paper and manual-based sales and distribution value chains.

What we see in other markets, both globally in advanced-credit economies like the United States, Australia, Korea and the United Kingdom, as well as increasingly in developing-credit economies like Indonesia, India, Brazil and many countries in Africa, is an approach where financial institutions utilize digital onboarding solutions to improve speed and security, lower costs, and ensure relevancy with a customer base.

Digital onboarding is quite a broad subject, it can range from application processing, to decisioning, to validation. It can include digital signatures, photo recognition, OCR, liveness checks, external validations through API or manual analyst checking, and of course a battery of credit checking, credit modeling, propensity, attitude and other checks including fraud.

The best way to think of Digital Onboarding is as a series of customizable lego blocks. The lego blocks can be arranged in a specific user journey with specific and customizable if:then logic. Because the journey is customizable and each solution or component is adjustable, this allows for highly customizable, rapid-to-deploy, and bespoke journeys.

For example, for thick file customers, one could hypothetically arrange 4 lego blocks in a standard journey, including a credit check, a OTP to validate the smartphone, a liveness check, and an automated API check to validate work place.

As another example, a thin-file customer could also include a selfie, a wefie, a social media profile check, several forms of ID upload, and a fraud check on their IP address or device.

The point is that for each vertical, such as credit cards, personal loans, micro insurance, a savings account opening, and so-on, specific journeys can be created from the lego blocks, and these journeys are rapid to deploy and quick to modify.

What effect does this have?

There are several, including: a much faster processing time. We typically see processing time move from days or weeks to a matter of hours, with the potential to take it down to minutes. We also see much lowered costs of underwriting and acquisition. Clearly, automating away a lot of the sales and distribution chain also means there are significant costs savings. We also see increased customization. In a manual supply chain, there is usually one interest rate and customers need to "fit" into it.

With digital onboarding, one can offer risk based pricing and thus have higher approval rates are risk-adjusted prices. And we see increased security and data privacy. As we all know, sales and sales agencies tend to be prone to data theft, data trading, and data leaking. In most markets; there is a vibrant black market for consumer data. Once data becomes paper or xls, it is difficult to control. It can leak and be subject to bad-actor motivations. However, digital onboarding has rights-management, audit logs, and customized security settings. This means the customer can be totally confident in her data, and the financial institution can ensure that data remains sacrosanct.