Bank Jago allocates Rp5 billion for AI to enhance operational efficiency

PT Bank Jago Tbk (ARTO) has allocated approximately USD 350,000, or the equivalent of Rp5 billion, for the utilisation of Artificial Intelligence (AI) technology as part of an effort to improve the company’s operational efficiency.

“Regarding AI itself, we have budgeted around 350,000 US dollars or approximately Rp5 billion,” stated Bank Jago Director, Supranoto Prajogo, during the Public Expose Live 2024 in Jakarta on Thursday.

Supranoto noted that the company has already implemented AI technology across several business lines, including credit granting processes, fraud detection systems, and customer services.

He explained that the use of AI in the credit process is intended to assist in assessing Bank Jago’s retail credit portfolio. Given the characteristics of this portfolio, the filtering process is conducted based on portfolio levels.

“The implementation of AI has already been carried out. This relates to credit granting, specifically for conducting assessments,” said Supranoto.

In addition to the credit process, he continued, the company also utilises AI technology for fraud detection systems to help identify potential fraud occurring within banking activities.

“Furthermore, we also have a fraud detection system that utilises AI,” Supranoto revealed.

Additionally, the company employs AI technology in customer service, notably through chatbots, which enables immediate responses to basic customer enquiries. He explained that the company’s AI-based chatbot is used to answer fundamental questions that do not involve customers’ personal information.

“For our chatbot, we are indeed assisted by AI. If there are quite basic questions that do not involve personal information, we can answer them directly,” Supranoto said.

Supranoto stated that the utilisation of AI technology is part of Bank Jago’s broader efforts to increase operational efficiency while supporting business processes that require rapid data processing and response.