Generative AI in Financial Services: Pathways to Value and Industry Collaboration

This report explores how generative AI is transforming the financial services sector, drawing insights from a roundtable at the Singapore FinTech Festival. It highlights AI’s potential to enhance customer service, automate operations, and improve risk management, with many institutions already using large language models to deliver more efficient and personalized experiences.

Despite the momentum, key challenges remain. These include data quality issues, regulatory fragmentation, and the need for enterprise-wide AI strategies. The report emphasizes the importance of early engagement with regulators, scalable data infrastructure, and collaboration with third-party AI assurance providers to ensure responsible deployment.

Singapore's proactive regulatory approach is showcased as a global model, combining clear guidelines, use-case pilots, and open-source testing tools. The report concludes with a call for stronger industry collaboration to unlock AI’s full value while maintaining fairness, transparency, and customer trust in a rapidly evolving financial landscape.