In today's world, artificial intelligence (AI) is transforming industries at an unprecedented pace and scale. Financial services stand at the crossroads of this revolution.
While its applications are evident in areas such as customer service and risk management, the real value lies in how it can help banks rethink their approach to serving clients in a highly connected, data-rich future.
FROM EFFICIENCY TO EMPOWERMENT: THE ROLE OF AI IN BANKING
AI's most immediate impact is often seen in automation and operational efficiency. It streamlines repetitive tasks, reduces human error and drives cost savings, so our teams can focus on more meaningful interactions.
At HSBC, for instance, AI helps us reduce friction in everyday banking tasks.
Our Dynamic Risk Assessment Model-developed in partnership with Google-is already transforming how we detect financial crime. We can identify money laundering activities faster and more effectively than with traditional methods with machine learning algorithms that process large volumes of data.
This enhances our ability to safeguard customer transactions, particularly in Singapore, with its status as an international wealth hub, where the risk of sophisticated fraud is ever-present.
But this is only one side of the equation. AI's true potential extends beyond efficiency to empowerment, such as in empowering both customers with more personalized financial guidance and financial institutions with insights to make better decisions.
In Singapore's dynamic financial ecosystem, where digital adoption is among the highest globally, the challenge is not just whether AI can streamline banking processes, but also how it can improve customer engagement.
For example, AI-driven tools can go beyond offering personalized recommendations and evolve into trusted financial companions that help individuals make more informed decisions about saving, investing, or managing debt.
This story is from the November 07, 2024 edition of The Straits Times.
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This story is from the November 07, 2024 edition of The Straits Times.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
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