Allo Bank & ADVANCE.AI: Creating innovative, delightful banking experiences together
10 January 2023
"Allo Bank's partnership with ADVANCE.AI pretty much started with our Allo Bank app launch event, Allo Bank Festival. It was a large musical concert held from 20-22 May 2022, with many Indonesian artistes and two headline K-pop acts NCT Dream and Red Velvet," shared Sajal Bhatnagar, Director of Digital Business, Growth, Allo Bank.
"During the event, customers needed to be onboarded on the spot – opening a bank account, registering, then verifying their identities – before they could enter the festival grounds. I'm glad we chose ADVANCE.AI to help us with the onboarding process because I wouldn't imagine how else we could've onboarded over 750,000 customers during that time. Plus, no one missed a moment of their favourite act!"
Watch the case study video to hear from Allo Bank
CT Corp, Indonesia’s leading integrated consumer-focused business group, introduced Allo Bank in 2021 to focus on its digital offerings and better serve the country's large underbanked population – in particular, digitally-savvy young adults. As of 2022, Indonesia's unbanked population is 51% and the underbanked is 26%.
Catering to young digital natives isn't just about understanding their financial needs – from online transfers and digital payments to micro loans, housing loans and other innovative financial products – through various life stages. It is also about being able to meet their demands and expectations, such as real-time responses and seamless connected experiences.
Allo Bank was keen to move away from frustrating customer journeys typically associated with banking. Instead, following the brand's mission of "ALL for One, and one for all", Allo Bank strove to create delightful interactions through its innovative financial products and solutions that not only added value for its customers but also its stakeholders and team members.
With that in mind, ADVANCE.AI worked with Allo Bank to set up our easy-to-implement eKYC process for the Allo Bank app as a first step in the partnership.
Speed is critical to Allo Bank's digitally-savvy customers
"Verification via the Allo Bank app using ADVANCE.AI's eKYC is roughly 50% faster than our banking peers, because speed is critical for our customers who are used to instantaneous responses in the digital world. For the case of Allo Bank Festival, eKYC needed to be accurate, fast and compliant with OJK (Otoritas Jasa Keuangan) regulations, so customers can register quickly and ADVANCE.AI really helped us with that," said Sajal.
Besides onboarding for the Allo Bank app, Allo Bank has also progressively rolled out ADVANCE.AI's solutions across its service offerings including Allo Pay, Allo Pay+ and Allo Prime – Allo Bank's e-wallet and savings products.
"We've seen best-in-class results with ADVANCE.AI. With over 80% success rate on our integrated onboarding, that's pretty much the gold standard for eKYC to access banking services. Thanks to ADVANCE.AI, we have also been able to improve our OCR (Optical Character Recognition) success rate by nearly 40%, which means better and more accurate reporting to the regulators – and an overall improvement in our customer journeys," he added.
"We've seen best-in-class results with ADVANCE.AI. With over 80% success rate on our integrated onboarding, that's pretty much the gold standard for eKYC to access banking services."
Sajal Bhatnagar, Director of Digital Business, Growth, Allo Bank
In August 2022, Allo Bank implemented ADVANCE.AI's IQA (Image Quality Assessment). This further boosted the banking experience, with higher completion rates and lower drop-offs. By accurately capturing customer information, it was even easier for the Allo Bank team to provide customers access to the bank's full range financial products, including loans and investment products.
A partnership that focuses on digital banking growth in Indonesia
Our partnership with Allo Bank focuses on its objective to grow the future of digital banking in Indonesia. So, unlike many tech solution providers that only report on solution performance, ADVANCE.AI is constantly optimising the banking experience with Allo Bank whether it's brainstorming on removing friction in customer journeys, developing better customer acquisition strategies or keeping up with changing regulatory requirements. As Sajal said, "that, in my opinion, is what sets ADVANCE.AI apart."
"Very soon, in May 2023, we'll be celebrating the first anniversary of our launch and this partnership with ADVANCE.AI. By which time, we hope to bring the convenience of secure digital banking to 10 million customers – and I think we are very much on track," he added.
"ADVANCE.AI is very pleased to be partnering with Allo Bank. Together, we are enabling better customer journeys, driving business impact and making real step changes towards financial inclusion in Indonesia," shared Teng Sherng (TS) Lim, Chief Commercial Officer, ADVANCE.AI.