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How the Most Powerful Financial Institutions in the APAC Region Are Applying Artificial Intelligence

AI could produce economic value – created from the introduction of new product services and categories, cost savings arising from better products, lower overall prices, and improvements in lifestyles – between $1.8 – $3 trillion a year by 2030 in Asia.

AI will have a disproportionally high impact on the industries of financial services, healthcare, manufacturing, retail, and transportation, which combine to contribute around two-thirds of Asia’s GDP currently. – Artificial intelligence and Asia, UBS

While the two largest economies in the world are dominating global research and development in the artificial intelligence (AI) field, Credit Suisse expects China to emerge the winner.

AI is going to redefine all aspects of banking – from the way we interact with our customers digitally, to the way we help them make faster and better financial decisions. The impact cannot be ignored. The time to act on AI is now! It is integral to digital banking, or what we call ‘the new digital.’ We have already enjoyed tremendous success with AI in the past two years – working with FinTechs to commercialize AI solutions for transaction monitoring and chatbots – and I believe there is a massive competitive advantage to be gained from being a first mover in this space. AI is going to break the Internet and be bigger than the mobile revolution. We want to be at the forefront of this new age of banking. – Pranav Seth, SVP, Digital & Innovation (E-business, Business Transformation, and FinTech & Innovation Group), The Open Vault@OCBC

Financial institutions around the world seem to be most quick in bringing AI into the front-office, with such deployments as credit scoring, insurance, and client-facing chatbots. A MEDICI study has found that virtual assistants/chatbots are the most ubiquitously explored across regions. Among other use cases of AI in Asian banking sector are process automation, fraud prevention, c ...

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