OneConnect Uses Artificial Intelligence to Accelerate Digital Transformation at Financial Institutions in Response to COVID-19 Outbreak

OneConnect Financial Technology Co., Ltd. (“OneConnect” or the “Company”) (NYSE: OCFT), a world-leading technology service platform for financial institutions, is supporting digital transformation at financial institutions that are grappling with operational challenges revealed by the novel coronavirus (COVID-19) disruption.

The COVID-19 outbreak has highlighted the need for financial institutions to upgrade their range of online products and trading tools in order to serve their corporate and retail customers who are turning to online services to do business without leaving home. OneConnect provides comprehensive end-to-end solutions for banks, insurers, and investment managers by integrating extensive financial service experience with market-leading technology. It enables customers’ digital transformations to increase revenue, manage risks, improve efficiency, enhance service quality and reduce costs.

OneConnect's artificial intelligence (AI) product solution offers three series of products and services: intelligent deposits, online retail loans and loans for small and medium-sized enterprises (SMEs).These products help banks to better serve corporate and individual customers, allowing customers to enjoy full online business services without leaving home during the spread of COVID-19   .

Intelligent deposit solution improves liquidity

Banks are unable to continue their usual offline marketing and services due to the outbreak, resulting in extremely low levels of retail deposits. OneConnect offers its intelligent deposit solution, which integrates industry platform resources to help banks provide retail customers with high-yield current and time deposit products without leaving home. The solution enables banks to retain the flow of deposits and improve liquidity.

Online financial supermarket gives SMEs access to emergency loans

In order to help SMEs and small proprietors deal with financing difficulties related to the COVID-19 outbreak, OneConnect connects cash-strapped merchants with financial institutions through its digital financial supermarket. With access to various online loan products, including loans for the e-commerce and food service sectors to meet their urgent needs, merchants can handle the entire process online, from loan application to disbursal of funds. Enterprises can access emergency loans without the need for in-person contact.

OneConnect’s AI operation solution supports online services

For some financial institutions, switching from offline to online services may overload their current digital capability. OneConnect's intelligent operation solution offers three services – financial cloud, smart voice and smart claims -- to enable financial institutions to safely expand their online services.

The financial cloud products offered by OneConnect help financial institutions quickly expand their resources in the short term and cope with online traffic surges that must be handled efficiently by employees working remotely.

OneConnect's smart voice service supports staff working remotely who need to service large numbers of customers with urgent issues during this coronavirus disruption. Manned by smart outgoing robots, which can handle calls, and AI agents, which support human agents, the smart voice service can reduce workload for staff, save manpower and provide 24-hours-a-day, seven-days-a-week service. Customers can easily handle their financial and banking needs from home.

When the annual break for Chinese New Year came to an end in mid-February, OneConnect was approached by more than 20 partner banks who needed help. The average number of inquiries related to payments increased 43% per day. OneConnect was able to launch emergency remote services to deal with customer inquiries, complaints and reminders for the payment of overdue loans, in many cases caused by the COVID-19 disruption.

Smart claim offers quick processing of traffic accident insurance claims

To minimize the face-to-face contact usually required to report traffic accidents, from the drivers to the police and insurance surveyors, OneConnect’s integrated video solution for quick processing and claims-handling of traffic accidents is a safer alternative. The solution allows the parties concerned to report the traffic accident by video while enabling the traffic police to obtain evidence remotely, determine the responsibility online, and issue the electronic version of their findings. The platform simultaneously enters the accident information into the insurance company's compensation system and provides one-click access to rescue, recommended repair shops and high-quality parts suppliers. The solution also includes a police and insurance information-sharing platform and a remote claims-adjustment platform for insurance industry associations and insurance companies.

To date, the video-based traffic accident processing platform has handled more than 330,000 accidents, with the average processing time being reduced from 40 to five minutes. The number of incidents that can be handled by law enforcement per day has increased from 20 per police officer to 300, and the traffic jams caused by minor accidents has been reduced from 1 hour to 15 minutes.

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