MANILA -- Singapore-based C88 Financial Technologies' eCompareMo, an online financial "supermarket" for banking, insurance and investment services, highlighted on Thursday the importance of technology to improve financial processes and the consumers' experience.
In a press conference in Makati City, the company claimed that its eCompareMo web portal lets users, say, view all types of insurance -- car insurance, dengue insurance, among others, for them to view and compare.
The website serves as a one-stop shop for users applying for a credit card, loan, car insurance, and other financial and insurance products, so there will be no need to go from one website to another.
C88 Financial Technologies chief executive officer and co-founder J.P. Ellis said eCompareMo had invested on things that are now considered game-changers in the financial technology (fintech) industry -- artificial intelligence (AI), big data, product customization, blockchain, and information security.
Ellis noted that with these technologies, the company would be able to provide better services to its customers.
Using AI, for instance, eCompareMo now features a bot, a computer program that works automatically and carries out tasks for other programs or users.
eCompareMo's bot named "Alex" was created to provide immediate access to financial information without human intervention. Officials from C88 Financial Technologies said this bot works 24 hours a day.
Ellis clarified that while eCompareMo is using a bot, this doesn't mean that the bot would minimize the job opportunities in the company.
"We are planning to hire more Filipino data scientists," he said.
Ellis emphasized that there is a huge potential to improve products and services in the Philippine market if financial institutions will embrace innovations.
"We noticed that in the Philippines, the penetration of insurance is not as high as with the other countries," he told reporters in an interview.
He continued that the company continues on improving in terms of technology and offerings. At eCompareMo, users can compare interest rates, credit card features and perks, and insurance quotations. They can also apply on the spot for their product of choice.
Also, eCompareMo has introduced the first Car Insurance Concierge in the country. It is a helpdesk for insurance policy issuance and renewal, according to C88 Financial Technologies. (PNA)