CTBC Bank Co’s (中國信託銀行) efforts to develop big data analysis were recognized yesterday as the company won the gold prize for data-driven value creation at the eASIA Awards.
The company’s submission, CTBC Data Analytics Transformation, beat 12 teams from five Asian nations, including five from Taiwan, and was the only local financial company take home a top prize.
The award is the culmination of CTBC Bank’s efforts to develop new and promising use for its big data analysis, including internal hackathons.
The company aims to secure its digital competitiveness in the next few decades with its commitment to big data research, as well as further automation and digitization, it said.
“Data has become the new oilfield for businesses as they extract and refine business intelligence and market insights,” said Friedman Wang, executive vice president of the bank’s global retail credit risk management division.
In its submission, the lender demonstrated how big data analysis laid the foundation of its new service offerings, such as a smart mortgage app that combines property prices with loan payment estimates.
Other new services include a big data-driven investment portfolio planning and management tool for mutual funds and insurance policies, as well as an online platform that can approve urgent loans in as little as 30 minutes.
The lender is also exploring other frontiers, such as augmented reality (AR), which it demonstrated at its booth at the World Congress on Information Technology in Taipei this week.
The bank said that its new AR application allows people to see computer-generated overlays of foreign-exchange data and price conversions in their field of view at retail outlets, a feature that is geared toward tourists.
Organized by the Asia Pacific Council for Trade Facilitation and Electronic Business, a non-profit, non-governmental organization, the annual event has been held yearly since 2003.
This year’s event for the first time included financial technology (fintech), an emerging field that has seen rapid development among Taiwan’s biggest financial companies.