New rules to navigate financial world powered by AI and automation

AS Industry 4.0 technologies become a growing reality in today's business landscape, it is vital for companies to address the urgent need to adopt and integrate such smart technologies.

Artificial Intelligence (AI), in particular, is shaping up to be a dominant force for transformation in the financial services sector. A study by Microsoft Asia and IDC Asia-Pacific revealed that half (52 per cent) of financial services organisations in the Asia-Pacific have already started their AI journeys.

IDC said that spending on AI in the region grew almost 54 per cent in 2019, compared to 2018, with the banking industry leading at 10.7 per cent of total spending; it is where AI is mainly used in fraud analysis and investigation, as well as automated customer service agents.