Bangko Sentral ng Pilipinas to boost financial services by using AI and API

The Bangko Sentral ng Pilipinas (BSP) recently won two awards in the Central Banking Fintech and Regtech Global awards. According to a recent press release, the central bank was recognised in the Artificial Intelligence Initiative category as well as the Data Management Initiative category. The BSP won in the Artificial Intelligence Initiative category for its development of a prototype Chatbot in order to provide the public with a more accessible and efficient means to engage the central bank on financial consumer concerns. Leveraging on AI and natural language processing (NLP), the Chatbot will be able to adequately and efficiently handle consumer concerns coursed through channels including SMS and social media. Moreover, the Chatbot is envisioned to equip the central bank with more insight into customer experiences, banking practices and conduct.