Technology Awards 2017 – Most Innovative Solution

Most Innovative Solution

AXISOFT

In today’s intense regulatory environment, the key to successful innovation in the field of private banking lies in mastering the balance between creativity and compliance. And while 2017 was a year dominated by innovation across various channels—including products distribution, internal processing and digital delivery—one technology firm stood out for its foresight and technological prowess.

Spotting a gap in the market for a solution that efficiently addresses investment suitability needs, Hong Kong-based Axisoft developed and launched a state-of-the-art investment suitability tool, COMPASS, which not only ticked all the right boxes regarding function but was both timely and innovative.

In 2017, Axisoft clearly demonstrated that it is was one step ahead of the industry, anticipating Hong Kong regulatory updates on investment suitability and launching COMPASS shortly before regulators provided further guidance to banks.

COMPASS’ popularity is in large part due to its innovative use of artificial intelligence (AI) technology.

The solution leverages AI to detect orders that do not match standard suitability requirements and suggests actions based on those detections. In particular, the tool bolsters the role of the relationship manager by achieving cost savings, in that it helps them sift through reams of client data and product risk profiles. COMPASS’ AI engine also generates reminders and prompts with relevant information when relationship managers meet with their clients.

As a result, Axisoft’s COMPASS has been met with resounding success, particularly by Hong Kong-based private banks, and has received high praise from many industry practitioners, with a number of those spoken to by Asian Private Banker calling the tool “impressive” and a “key achievement of the year”.

Axisoft’s COMPASS is Asian Private Banker’s Most Innovative Solution for 2017.

George Ong, CEO, Axisoft

“Artificial Intelligence is a real disruptive technology to the existing banking industry. Banks that cannot make Artificial Intelligence as their core competence may soon disappear in the new business arena.”