SkorLife, an Indonesian fintech company, has successfully used Generative AI (GenAI) to reduce its customer service costs by 50%, while greatly improving user experience. As more financial institutions prepare to adopt AI technology, SkorLife is setting a new industry standard with its innovative use of AI to address key financial challenges in the country.
Giving Indonesians control over their credit data
In Indonesia, many people face difficulty accessing loans due to a lack of understanding of their credit scores. While the nation's credit bureaus hold essential credit information, it has historically been difficult for consumers to access and make sense of this data. Consequently, nine out of ten loan applications in Indonesia are rejected, preventing many Indonesians from using financial tools to improve their economic situation.
Since its launch in 2022, SkorLife has tackled this issue directly. The app, which has been downloaded more than 1.5 million times, offers users greater control over their credit information. The platform enables individuals to manage, dispute, and understand their credit data, thus promoting greater financial transparency. With over 750,000 active users, SkorLife's AI-powered system provides personalised financial advice to help users make informed financial decisions.
In a recent podcast episode of Indonesia Digital Deconstructed, SkorLife CEO and Co-Founder Ongki Kurniawan discussed how the company empowers Indonesians with their credit data. “This is about more than just understanding one's credit score; it's about equipping individuals with the knowledge to make informed financial decisions, thereby fostering a more financially literate society,” Ongki explained.
SkorLife at the forefront of AI adoption in finance
A new report from AC Ventures, Boston Consulting Group (BCG), and the Indonesian Chamber of Commerce and Industry (Kadin Indonesia) shows that 61% of financial institutions in Indonesia are prepared to integrate AI technology into their services. The report also reveals that nearly half of these institutions are already using GenAI to improve customer service and reduce costs. SkorLife is highlighted as a leader in this space, having scaled AI to provide hyper-personalised customer interactions and improve the user experience.
SkorLife's use of GenAI has been a game-changer for its customer service operations, cutting costs by 50%. According to the company, 40% of its operating expenses come from customer service. The AI system offers personalised financial advice, based on transaction history and spending patterns, allowing the company to optimise resources for further innovation.
Ongki, who has held senior roles at major firms like Citi Group, BCG, XL Axiata, and Grab, spoke about the regulatory challenges in Indonesia. “One of the core challenges is that the pace of technology has not been matched by the pace of regulatory frameworks in Indonesia, creating a variety of barriers that we need to navigate,” Ongki noted. He stressed the importance of aligning technological advancement with regulatory development to fully benefit local consumers.
Future plans for open banking
SkorLife is now looking towards open banking initiatives, which could make financial services more accessible to a wider audience in Indonesia. Open banking would allow seamless data sharing between banks, financial institutions, and third parties, making financial decisions easier for consumers. This system could also enable non-financial companies, such as e-commerce platforms like Shopee and Tokopedia, to embed financial services into their apps, allowing users to apply for loans while shopping.
SkorLife aims to collaborate with regulatory bodies and financial institutions to overcome the challenges posed by Indonesia's regulatory environment while continuing to innovate in the financial sector. Ongki summed up the company's mission as follows: “Our journey is about continuous improvement and adaptation, ensuring every Indonesian has the tools to secure a better financial future.”
With its cutting-edge AI technology and commitment to financial accessibility, SkorLife is transforming Indonesia's financial services industry.
