Thursday, 13 June 2024

The growing impact of artificial intelligence on financial institutions


The rise of artificial intelligence (AI) will be a source of disruption for financial institutions (FIs), with dramatic changes to howFIs function, new risks, and additional consolidation in the industry.It is essential that FIs ride this trend to remain competitive, given that fintechs are building digital platforms that gather data to support the implementation of AI.

The adoption of AI-based technologies and processes will increase the demand for data, with the value of FIs determined by how they acquire and manipulate data. There is a need for FIs to gather large amounts of data, as well as to ensure theappropriate storage and processing of data according to the rules of Big Data, to leverage AI. This requires the use of parallel computing or the implementation of advanced software within their own data centres. FIs may even utilise cloud providers, raising concerns of data privacy.

The use of AI in the operations of FIs will help in cost reduction and the more accurate assessment of credit default risk. This will help in the differentiation from competitors, as FIs deploy algorithms and the latest machine learning methodologies to processes data and data from alternative sources.The digitisation of end-to-end operations raises the threat of fraud and cyber risks, which necessitates the use of AI in customer-facing applications as well as the back end. AI can even be used to help Compliance functions, given the increasing complexity of regulations.

Discussion Agenda:
  • The impact of the disruption caused by artificial intelligence
  • The growing importance acquiring, storing and processing data
  • How financial institutions can leverage artificial intelligence and the benefits of AI


Speakers/Panellists: To be confirmed


Foo Boon Ping, Managing Editor, The Asian Banker

Foo Boon Ping manages The Asian Banker publication business and engages practitioners, customers, partners and the media on critical issues that impact the industry. He has more than 19 years of experience in the banking and financial services industry, specializing in strategic branding, marketing communications and consumer insight. Prior to The Asian Banker, he was at United Overseas Bank (UOB), covering Singapore and key markets in the region, such as China, Indonesia, Malaysia and Thailand.


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