KUCHING: It is important for businesses offering credit must evolve to maintain and grow market share, according to CTOS Data Systems Sdn Bhd (CTOS), Malaysia’s largest credit reporting agency.
This was furing its CTOS Insiight Conference 2018 whereby it hosted 150 representatives from various sectors comprising the local credit ecosystem.
The conference agenda of ‘Powering Opportunities’ was served by in-depth looks into current trends, innovations and issues affecting credit providers such as banks, telcos, moneylenders and insurance companies. From these discussions, emerged solutions and opportunities derived from insights shared by the expert presenters.
The 150 policy-maker attendees heard the latest news on instant credit decisions, to digital identity authentication and distributed ledgers used in block chain technology. The re-occurring theme identified was the ongoing shift from analogue to digital across credit providers with presentations focusing on the benefits of automation in the digitization process.
In his presentation about automating credit decisions, CTOS Chief of Product and Marketing, Keith Wardell, highlighted customer insight indicating that due to constraints imposed by manual decision-making processes and lack of resources, businesses see the value in automating their processes to acquire new customers faster.
“When speaking about the CTOS Application and Decisioning solution to be launched in September, Wardell said, “We have heard the needs of the market, especially those with limited resources. The latest CTOS automation solutions can be implemented to enable credit providers to provide digital decisions within minutes, as opposed to hours or even days, which is the norm in certain industries.”
Audience participation throughout the day was high with hundreds of questions asked and debated by the speakers via the conference’s mobile platform.
When closing the day-long event, Group CEO of CTOS, Dennis Martin said, “We have had expert presenters from their respective fields sharing their findings and best practices to the benefit of all in attendance.
“The high level of interest and audience participation at CTOS Insight Conference 2018 indicates that the issues being discussed today are of great salience to the current landscape and gives us confidence to create similar platforms in the future and cultivate discussion on how to further develop the credit ecosystem.”