Banking on AI for a smarter future
The Straits Times|November 07, 2024
It must be viewed not only as a tool for efficiency, but also as an enabler of deeper client relationships, greater financial inclusion, and enhanced trust. By Ashmita Acharya
- Ashmita Acharya
Banking on AI for a smarter future

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.

この蚘事は The Straits Times の November 07, 2024 版に掲茉されおいたす。

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この蚘事は The Straits Times の November 07, 2024 版に掲茉されおいたす。

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