Financial Services
Hong Kong (China)
SME/Startup
"The partnership between WeLab Bank and Alibaba Cloud has led to the accomplishment of significant milestones and we are excited to collaborate further to unlock new opportunities in digital banking."
Mr. Tat Lee
Chief Executive at WeLab Bank
About WeLab Bank
WeLab Bank is the first batch of licensed digital banks in Hong Kong. Currently, the bank serves over 650,000 customers, and its loan business scale ranks among the top set in Asia’s digital banking sector.
Challenge
WeLab Bank is committed to creating a digital-first banking experience that is simple, fast, and enjoyable, with customer experience always at its core. Thus, when it became clear that ID verification and its data extraction process could be challenging when used on some devices, WeLab Bank decided to partner with Alibaba Cloud for a smoother experience.
In addition, the partnership aimed to enhance the accuracy and efficiency of ID verification. This was achieved by working to minimize false acceptance and rejection rates, as well as reducing the need for manual approval efforts. During this process, it was also ensured that all the solutions complied with Hong Kong’s regulations and included thorough documentation to explain any AI methodologies used.
Lastly, the partnership worked to effectively manage remote developer access across different locations while still ensuring optimal network speed and performance for teams at the Hong Kong headquarters.
Why Alibaba Cloud
WeLab Bank chose Alibaba Cloud as its trusted cloud services provider due to the latter’s ability to accommodate the bank's requirements. This included accurately identifying fake IDs, improving the user experience and interface, enhancing cross-border network speed and performance, and meeting stringent compliance and security requirements.
Architecture
The partnership between WeLab Bank and Alibaba Cloud effectively addressed three critical dimensions of banking: customer experience, business operations, and cloud-based IT architecture design.
By leveraging advanced technology, WeLab Bank is modernizing operations, improving the digital banking experience, and simplifying onboarding while ensuring regulatory compliance.
Alibaba Cloud also facilitates the bank’s communication systems across regions, thereby boosting teamwork and efficiency. This IT strategy propels scalable growth and innovation in digital banking.
The customer experienceWeLab Bank combines the power of fintech with the power of people to open a new world of digital banking. This has been accomplished by leveraging Alibaba Cloud’s AI-driven eKYC solution, ZOLOZ Real ID, which speeds up customer onboarding while ensuring compliance.
The business operationWeLab Bank was able to utilize Alibaba Cloud's Wuying Workspace (Elastic Desktop Service) and Cloud Enterprise Network (CEN) to enhance its development center in Guangzhou, China. This partnership enabled seamless collaboration and efficient network management, facilitating the delivery of innovative cross-border financial products.
Cloud-based IT architecture designWeLab Bank has deployed a Landing Zone and a cloud-native development toolkit to provide a secure and private virtual cloud environment for WeLab Bank's core business systems on multi-cloud.
Through the above steps, WeLab Bank has significantly improved its digital capabilities, enhanced its customer experience, and expanded its geographical reach. The partnership with Alibaba Cloud has been instrumental in achieving these milestones and positioning WeLab Bank as a leader in digital banking and innovation.
Key Results
WeLab Bank has implemented an AI-powered identity verification process by using ZOLOZ eKYC to optimize its user experience and security, as well as ensuring it complies with regulation and compliance requirements.
Earlier this year, WeLab Bank extended this technology to mainland Chinese visitors (MCVs) opening accounts in Hong Kong. These customers can now verify their mainland identity cards and entry documents via mobile, completing the process in just 5 minutes. This helps accelerate the bank’s digital innovation and business growth while relying on a robust foundation.
Looking Forward
The partnership between WeLab Bank and Alibaba Cloud has led to the accomplishment of significant milestones. Thanks to this work, WeLab Bank sees great potential for further collaboration to unlock new opportunities in digital banking. For example, WeLab Bank is currently exploring how to leverage Alibaba Cloud’s technology to conduct more effective sales and marketing campaigns via big data analysis of user behavior. It is exciting to see the business growth experienced with Alibaba Cloud.
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Based on cloud management framework, Alibaba Cloud Landing Zone provides enterprises with cloud-based IT architecture design and governance solutions that cover account management, resource management, network planning, financial management, compliance auditing, and security protection. The service helps enterprises design and manage IT environments on the cloud for efficient collaboration, security compliance, and cost control.
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Snapshot
Alibaba Cloud's partnership empowered WeLab Bank to enhance its digital-first banking experience, enabling streamlined customer experiences and accelerated business growth.
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