"Envisioning the Future of Financial Services in the Era of AI"

 

 

The discussion delves into the advancements and future impacts of AI in financial services, featuring insights from Trust Bank, GXS Bank and Hong Leong Bank. 

Key highlights

Challenges of AI Adoption:

  • Technical challenges: talent shortages, costs, data security, and governance.
  • Business and cultural challenges: managing expectations and setting priorities in a hype-driven environment.

Value and Feasibility of AI:
  • Emphasis on using a "value prism" to prioritise AI use cases based on value and feasibility.
  • Significance of balancing technical feasibility with business and governance feasibility.

Current and Future Use Cases:
  • Fraud detection and hyper-personalisation in banking hold promise for improving security and customer engagement.
  • Benefits of AI in improving operational efficiency and customer satisfaction.

Governance and Accountability:
  • Importance of board-level governance and risk management in AI implementation.
  • Ensuring fairness, ethics, accountability, and transparency in AI applications.
  • Need for transparency and responsibility, especially when models are immature.

Advice for Starting AI Implementation:
  • Businesses should align AI projects with desired business outcomes.
  • Importance of scaling up pilot projects while establishing strong governance frameworks.

Commercialisation and Productivity:
  • Focus on revenue generation and improving productivity.
  • Challenges in achieving significant payback from AI investments

Conclusion:
The discussion highlighted the transformative potential of AI in the financial services industry, while acknowledging the challenges that organisations must navigate to fully harness its power. Experts from Trust Bank, GXS Bank, and Hong Leong Bank emphasised the need for a balanced approach, weighing technical feasibility against business value and governance concerns.

 

Speakers:

  • Dwaipayan Sadhu, Chief Executive Officer, Trust Bank
  • Dr. Geraldine Wong, Chief Data Officer, GXS Bank
  • Kevin Lam, Group Managing Director & Chief Executive Officer, Hong Leong Bank

 

Moderator:

  • Dan Jones, Head of Digital Asia Pacific, Oliver Wyman

Join the GFTN Network