Taiwan’s financial sector catches global ‘open banking’ wave

台灣金融業抓住全球「開放銀行」趨勢

Open banking sets the standards to put customers in control of their finances, using AI and big data as core applications


TAIPEI (Taiwan News) – A number of Taiwan banks are adapting to the “Open Banking” trend by incorporating big data and artificial intelligence (AI) in their banking services.

Open banking uses an application programming interface (API) to create applications for financial institutions. Meanwhile, the adoption of open-source technology has the benefit of providing greater transparency for account holders.

Taishin International Bank and Hua Nan Bank are among the banks that have introduced Google Assistant, a smart AI system that enhances the service search experience. For example, by making verbal commands through their mobile devices, customers can receive recommendations from an automated reply service about which credit card to use for a particular purpose, reported Central News Agency.

AI can also be used for credit review, which Taipei Fubon Bank uses to facilitate credit investigations, through the Joint Credit Information Center. This can determine within three days how much loan and interest a client may be granted.

Additionally, E. Sun Commercial Bank plans to adopt AI as a tool for credit card fraud detection, as this is believed to be more efficient and accurate than human detection, according to the report.

Other smart financial services applications include bank management assessment, online investment options, increasing credit lines for customers traveling overseas, and more.