SkorLife assists businesses to cut costs by up to 50% via Gen-AI and is ready to support adoption on a national scale

SkorLife from Indonesia has announced they have assisted its clients and customers achieving lower costs while significantly improving the user experience through the power of Generative AI.

The nation's emerging market with a growing middle class has an issue with consumers struggling in properly building their credit scores. As such, access to loans and other financial tools is quite limited which can lead to a slower pace in moving up the socioeconomic ladder.

This issue is due to a lack of a clear and accessible system for understanding credit data as well as a friendly way for the mass public to access their data and make informed decisions to improve their credit standing. As a result, nine out of ten loan applications in Indonesia are rejected.

This is where SkorLife comes in by providing unprecedented access and control over their credit information through its platform. Since its launch in 2022, the app has garnered over 1.5 million downloads, making it the first of its kind in Indonesia. This holistic approach to credit management addresses long-standing challenges related to financial transparency and accessibility.

In a recent episode of AC Ventures' podcast "Indonesia Digital Deconstructed," Ongki Kurniawan, CEO and Co-Founder of Skor Technologies, discussed the company’s flagship product and its role in empowering Indonesians with control over their credit data.

Much of this empowerment stems from the firm’s innovative use of AI and GenAI. Ongki’s extensive experience at global financial and tech companies such as Citi Group, BCG, XL Axiata, Grab, and Stripe has equipped him with the expertise needed to address Indonesia’s unique credit challenges.

“One of the core challenges is that the pace of technology has not been matched by the pace of regulatory frameworks in Indonesia, creating a variety of barriers that we need to navigate,” Ongki said, emphasizing the need for technology and regulation to evolve together to fully empower local consumers.

A report titled “Harnessing the Power of (Gen)AI in Indonesian Financial Services,” published by AC Ventures, Boston Consulting Group (BCG) and its tech unit BCG X, and the Indonesian Chamber of Commerce and Industry (Kadin Indonesia), explores the role of GenAI in the country’s financial services sector. SkorLife features prominently as a case study, showcasing how its pioneering use of GenAI is setting new industry standards.

According to the report, 61% of financial institutions in Indonesia believe they have the infrastructure to adopt GenAI, and nearly half are already using it to enhance customer service. SkorLife is a standout example, having successfully scaled beyond pilot programs to implement hyper-personalized customer interactions—critical in today’s competitive market.

Back to SkorLife, the company's unique utilization of Gen-AI has been especially transformative in cutting operational costs, particularly in customer service, which accounts for 40% of the company’s expenses. The AI-powered conversational interface offers users personalized financial guidance based on their transaction history and spending patterns, optimizing resources for further innovations.

Ongki also highlighted the broader impact of SkorLife’s service: “This goes beyond understanding one’s credit score; it’s about equipping individuals with the knowledge to make informed financial decisions, helping create a more financially literate society.”

Looking ahead, SkorLife is focused on expanding its reach by adopting open banking initiatives in Indonesia. This system will enable seamless data exchange between banks, financial institutions, and third parties, creating a more integrated and user-friendly financial ecosystem. Non-financial companies like Shopee, Tokopedia, and Bukalapak could soon offer tailored financial services within their platforms, allowing consumers to apply for loans directly through apps like Lazada while shopping.

SkorLife remains dedicated to improving the financial well-being of millions in Indonesia by continuing to work with regulators and financial institutions. In a market rich with opportunity yet fraught with challenges such as fraud and regulatory delays, SkorLife continues to innovate. As Ongki puts it, “Our journey is about constant improvement and adaptation, ensuring every Indonesian has the tools to secure a better financial future.”

For more information about SkorLife, click here.