Asia Blockchain Review recently had the privilege to talk to June Lee, APAC’s Managing Director of GBG, for her thoughts on the Predator solution.
For the uninitiated, the Predator solution makes deep learning and predictive analytics available to their entire digital risk management customer journey. Below are her responses in this second part of our interview series.
With the ongoing global pandemic, supply chain disruptions, trade war imbalances and now violent protests over the recent killing and shooting of African American individuals, the situation in the US must be quite precarious for businesses as a whole. What’s your take on all this? Are there any ramifications here in APAC? Or are we shielded from all this?
The current APAC landscape has upended nearly every aspect of life, from the personal aspects (how people live and work) to the professional aspects (how companies interact with their customers, how customers choose and purchase products and services, how supply chains deliver them).
In terms of business momentum, there are many businesses impacted by supply chain disruptions, lock-down and loss of revenue. Some sectors are hit harder than the others. Governments across APAC have all respectively taken measures to provide for these disruptions through the reserves for various sectors.
The fallout of the current situation in APAC will have a lasting impact to businesses but also create new opportunities, as customers look to invest in essentials in the short-term. A number of our customers mentioned to us that they are focusing on shoring up their core business, strengthening liquidity position, minimizing risk and pursuing known opportunity space.
We have to work closer with our customers in APAC to help them address these challenges, be more competitive in the market and improve the customer experience to their customers.
From your experience in the marketplace, how do you see the situation in the APAC region panning out with the way companies are pivoting to the new normal? Perhaps some insights into certain vertical markets could be helpful.
The biggest shift due to COVID-19 has been the adoption of digital for both consumers and businesses. We see more businesses in APAC going digital across finance & banking, government, education, gaming, and recruitment industries. For consumers, there remain a portion who held back on e-banking services (e-loans, digital banking), e-learning, contact-less payment, online meetings, despite the situation with COVID-19.
Our customers in finance and banking saw an increase in transactions and applications in e-banking, buy now pay later, and e-credit services. In terms of operations, they have also become more creative and innovative in managing fraud. Some of our customers are now managing fraud remotely and in doing so, they are able to provide around the clock fraud management to their customers.
For GBG in particular, in the finance and banking industry, we see uptake in all our three lines of business, from traditional banking industry to digital banks and fintech and across both retail banking and SME lending and micro-financing in the APAC region.
Many more branch-based financial services like superannuation and financial planning are now exploring new ways to do e-KYC to move online quickly so as not to lose on-boarding new customers. The other industry that will see a huge increase is the education sector, as they move towards online learning, driving up demand in our identity verification services.
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Anil started his career in journalism all the way back in 2003. After traversing the sphere of editorial, corporate communications and advertising, he has now come full circle and is back in the world of journalism. He believes in the power of the written word, and its ability to enthrall, delight and inform the reader.
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