BSP using AI to sort out banking complaints in the Philippines

Adrian M. Reodique

Bangko Sentral ng Pilipinas office
Bangko Sentral ng Pilipinas. Credit: Adrian M. Reodique 

The Bangko Sentral ng Pilipinas (BSP) will leverage chatbots or artificial intelligence on its planned new system that would help sort out banking complaints from the public.

This is part of central bank's efforts to enhance its IT-related processes and regulations, which will also address rising cybercrimes in the banking sector.

"Our main point right now [is] to come up with a more efficient way and more effective way to get data from reporting institutions. That is why we are talking about API (Application Programming Interface) systems," said BSP Governor Nestor A. Espenilla Jr. in a report by the Philippine News Agency last Thursday (27 July 2017). 

Espenilla said they received technical assistance from a partner he did not name to identify the experts who will help develop the system.

Meanwhile, BSP Deputy Governor Chuchi Fonancier said they will also improve the central bank's digital innovation rules to put more emphasis on incident reporting. Fonancier added that BSP is considering mandating banks to report even minor attacks within 48 hours.

BSP's new digital innovation rules are expected to be announced in October or November this year.