Pushing the boundaries of AI

THE power of artificial intelligence (AI) to drive transformation in finance, business and industry is unprecedented. In the finance sector in particular, its potential is vast. Over the past few years, banks have been investing heavily in technology to enhance efficiencies internally, and to deepen and broaden interactions with clients and investors.

We see this in deceptively simple banking apps that are increasingly intuitive, easy to navigate, and most of all, can surface insights about customer risk appetite and behaviour that were not possible just a decade ago. The ability to personalise to a great degree is a win-win proposition.

From the vast amounts of behavioural and usage data, apps can generate personal financial insights and suggest options in line with client profiles and needs, for instance. As for clients, interactions become less transactional and more in line with personal objectives, giving banks the potential to deepen customer loyalty, surely a valued asset in a very competitive landscape.

In this edition of The Future of Finance, our Roundtable panellists give us insight into how they are harnessing AI to broaden interactions not only with affluent clientele but also with the majority of customers who are underserved and need financial advice far more than the wealthy. As Praveen Raina, OCBC head of group operations and technology, wrote, AI makes it possible to offer bespoke advisory to all customer segments, “transforming what was once a premium offering into a universal standard”.

Elsewhere in this edition is insight into how AI is empowering the digital economy, where Singapore is at the forefront. Industrywide projects are pioneering programmable digital money and cross-border payment linkages.

Developments include the use of blockchain to enable the next generation of “always on” financial services, such as instant and secure payments to facilitate remittances by workers and enabling fast, cross-border transactions that are the lifeblood of businesses. With the concerted multi-party development efforts, AI’s promise is fast becoming a reality.