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Filipino banking customers are more willing to embrace new bank services that use emerging technologies, including artificial intelligence (AI) and machine learning, than many of their Asia-Pacific neighbors, global information technology firm Unisys said.

In its “Unisys APAC Banking Insights – Banking on the CX Factor” report, which surveyed the attitudes of such customers in the Philippines, Australia, Hong Kong, Malaysia, and Taiwan, the company said 53 percent of Filipino customers were most annoyed by long queues.

In contrast, they are least annoyed by repeating themselves to different bank representatives, or from one channel—phone, internet or branch—to another.

Noting the irritation with long lines, Richard Parker, vice president for financial services at Unisys Asia-Pacific, said this presented local banks a chance to move more customer interactions to digital channels.

“In addition to relieving pressure on [their]branches, AI and machine learning can help banks make quick decisions and capture intelligence about customers to offer them more personalized and relevant services,” he added.

According to the report, the number of Filipinos annoyed by their credit card being frozen or canceled because of a suspected fraudulent transaction fell from 9 percent to 3 percent last year.

Filipinos are willing to embrace technological innovations to enable digital bank services, it suggested.

Fifty-two percent of Filipinos are comfortable with their bank using software and algorithms to assess online credit card applications, the report said. But when applying for home loans, the percentage dropped to 41 percent, with 50 percent of customers expressing discomfort.

Despite this, Filipinos are the most comfortable in applying for a home loan online.

Across all five countries surveyed, consumers are more comfortable with the online assessment for a credit card than a home loan, according to Parker.

“This suggests that there is an opportunity for banks to use smart software to lead decision-making for commodity products, [like]credit cards,” the Unisys official said.

“But they must understand that there is higher emotional involvement in a significant life event, like a home loan, and make a human option available for customers who want it,” he added.

The article was originally published on www.manilatimes.net and can be viewed in full

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