The Bank of East Asia wins big data, analytics accolades at HKB Technology Excellence Awards

The company was commended for its Metabase platform and Intelligence-Led Financial Crime Prevention.

The Bank of East Asia, Limited (BEA) has been recognised with the Big Data - Banking and Analytics - Banking award at the Hong Kong Business Technology Excellence Awards for its groundbreaking initiative, MetaBase, and its comprehensive approach to fraud detection.

MetaBase, as described by BEA, is a transformative platform that centralises access to the bank's vast data assets, ushering in an era of data-driven decision-making. This big data platform is poised to redefine the banking industry by eliminating data silos, empowering employees with cutting-edge analytics tools, and setting new standards for customer-centric banking. It acts as the single source of truth, equipped with a suite of toolkits that enable artificial intelligence (AI) and machine learning for both self-serve and in-depth analysis.

Meanwhile, BEA implemented its Intelligence-Led Financial Crime Prevention initiative, which has brought about a transformation in the landscape of fraud prevention. This initiative stood out for its robust strategy, innovative practices, and impressive achievements.

It places a strong emphasis on proactive detection and prevention, combining advanced analytics and valuable intelligence to stay ahead of evolving fraud trends. This approach enabled the bank to detect and mitigate sophisticated financial crimes more effectively and, notably, even before victims realised they had fallen victim to scams.

Holistic approach to data analysis

The creation of MetaBase was driven by the challenges posed by BEA's legacy technology framework. Data silos and inconsistent data quality had long hindered the bank's ability to implement data-driven and AI-powered strategies effectively. Furthermore, limited processing capacity and outdated tooling created bottlenecks in the analytics process.

MetaBase offers a comprehensive solution by seamlessly integrating internal and external data sources whilst leveraging cloud-based analytic toolkits. This empowers every member of the bank to access holistic insights into customer behaviour, enabling BEA to understand its customers on a deeper level, anticipate their needs, and deliver products and services that exceed expectations.

The platform is instrumental in helping BEA enhance customer experiences, as personalised products and services are created based on data-driven insights. With the removal of data silos, every team member benefits from a user-friendly big data platform that provides the latest, well-documented data with high-quality references, definitions, and standards.

By leveraging cloud capabilities, MetaBase enabled BEA to analyse vast amounts of data, ranging from generative AI and image recognition to speech conversion and predictive analysis.

Furthermore, BEA did not just utilise MetaBase for internal purposes. The platform set a new industry standard by fostering innovation and collaboration through cloud partner’s data marketplace, partner solutions, and APIs to support innovations that have not been seen in the banking industry.

MetaBase goes beyond being a technological infrastructure change. By equipping employees with self-service and user-friendly analytic tools, MetaBase enhanced productivity, job satisfaction, and efficiency. Employees are empowered to use AI, real-time data analysis, and machine learning algorithms for informed decision-making, streamlined processes, and improved customer outcomes.

Staying ahead of the curve with proactive financial crime prevention

On the other hand, by integrating diverse data sources and employing advanced analytics, BEA’s Intelligence-Led Financial Crime Prevention initiative transformed the landscape of fraud prevention. It revolutionised how financial institutions identify patterns and anomalies, uncover hidden connections, and assess high-risk parameters.

As a result, it has significantly improved accuracy rates, reduced false positives, and minimised financial losses. The initiative's innovative practices include filtering valuable intelligence and adapting to emerging fraud patterns, thereby ensuring its effectiveness in identifying new and evolving risks and providing prompt insights for proactive risk management.

One of the most noteworthy achievements of Intelligence-Led Financial Crime Prevention is its success in protecting customers from fraud, preventing substantial financial losses, and proactively identifying mule accounts before any fraud allegations are made.

Ultimately, this initiative has demonstrated its ability to enhance fraud prevention outcomes, safeguard financial institutions, and maintain customer trust. Through the adoption of innovative strategies, practices, and technologies, it has set new standards in the battle against financial crime and established itself as a pioneering force within the industry.

The Hong Kong Business Technology Excellence Awards is presented by Hong Kong Business Magazine. To view the full list of winners, click here. If you want to join the 2024 awards programme and be acclaimed for your company's outstanding contributions in pursuit of technological innovation, please contact Julie Anne Nuñez at [email protected].