June 10, 2019
Element Announces Partnership with Bank Central Asia in Indonesia
Indonesia’s digital transformation over the past five years has provided a model of how a large population – the world’s fourth largest at 260 million people – can achieve a reinforcing digital ecosystem where rapid adoption of mobile devices and access to the internet drive demand for services such as mobile financial products. Despite a geography spanning 17,000-plus islands, digital financial services have helped bank account penetration increase from 20% to 49% from 2011 to 2017, with digitalization of banking service technologies positioned to drive the next expansion in customer account growth.
Element's mobile software-based biometric platform enables growth opportunities for the bank’s services, unlocks product innovations across channels, and provides state-of-the-art advances in security as well as a delightful user experience. This fits well with BCA’s focus on strengthening their core transaction and lending services by investing in digital innovation technologies.
Element's advanced artificial intelligence-based solution is designed to complete the traditional customer onboarding process, which can advance BCA's customer acquisition strategy across the archipelago. By leveraging the spread of mobile devices, BCA and Element are working to advance the banking technology landscape and to deliver a seamless, convenient customer experience.
“BCA’s reputation and success as one of the largest private banks of South East Asia is reflective of their technology innovation leadership, providing their customers with the highest quality products and services in digital banking," said Rizki Suluh Adi, Head of Indonesia, Element. "By 2025, a projected 284 million Indonesians are estimated to have 410 million smartphone connections, enabling mobile banking to unlock the next breakthrough in digital financial services. We’re proud to partner with BCA to advance its digital initiatives and to move one step closer to building a frictionless future.”
With a market capitalization of USD $50 billion and USD $58.1 billion in assets, Bank Central Asia is the largest private bank of Indonesia, with a history of investing in digital innovation to strengthen its products and services. Through this commitment to advancing customer value and experience, BCA has established itself as a leader in Indonesia’s consumer, corporate, investment, and private banking sectors.
Element develops and distributes a mobile-based, software-only platform for biometric identity. As pioneers of mobile deep learning – and among the first in the field – Element works with partners around the world to build more efficient and inclusive societies. Element’s end-to-end solutions are being used to empower access to financial services, build global immunization platforms, enable connected diagnostics, provide a digital identity resource for national health systems, and much more. Element was founded by Adam Perold and Yann LeCun, Turing Award Laureate recognized for his contributions in developing the modern field of artificial intelligence, Chief AI Scientist of Facebook, and a professor at NYU. For more information, visit www.elementresearch.com.