Q We are just seeing the tip of the iceberg for using artificial intelligence (AI) in financial services. How much more can AI be utilized in the future, and what are some guard rails and precautions that will need to be taken into account?
BEN TAN: There is great potential for AI to do more than just automate tasks to improve efficiency. In the future, it could be used to predict customer trends and risks in life and health insurance, as well as support financial representatives in delivering hyper-personalized financial advice to customers. Although the use of AI brings about many benefits, the technology itself and guidelines on its use are still evolving. We must continue to guard against biases in algorithms, protect sensitive financial data, and develop robust governance frameworks to protect customer interests. By balancing innovation with these precautions, financial services can leverage AI responsibly and effectively.
SHAYAN HAZIR: Asset tokenization, AI and quantum will undoubtedly unlock powerful capabilities for banks in areas including risk mitigation, fraud detection and algorithmic trading. But we need a "step back" moment.
The focus shouldn't be only on making current products and services more efficient, but on whether they meet customer needs. We should leverage new technologies to customize products to individual needs, rather than the other way round. It's already happening in other industries where customers choose their "playlist" - why should banking be different?
When it comes to establishing AI guard rails, it's important that industry players and regulators within the financial ecosystem work together, such as in the case where the Monetary Authority of Singapore (MAS) recently partnered banks - HSBC included - and tech companies to enhance quantum security.
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.
Already a subscriber ? Sign In
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.
Already a subscriber? Sign In
Touring exhibition of graffiti artist Banksy to open in Singapore in December
The guerilla-style political art of anonymous graffiti artist Banksy, which has popped up on streets in cities worldwide, will finally grace vandalism-tough Singapore this December—albeit indoors.
Bag brand Aupen's founder is former national swimmer Nicholas Tan
The Singapore-founded bag brand Aupen has been seen on the arms of pop superstars Taylor Swift, Lady Gaga, and Beyonce, but the team behind the trendy label has largely kept a low profile—until now.
Music from Bridgerton in upcoming concert
Fans of the Netflix historical romance series Bridgerton (2020 to present) are in for a treat as songs from the hit show will be performed in Singapore.
Travel news Travel discounts at Trafalgar Tours' showcase
From Nov 6 to 10, Trafalgar Tours, a brand under travel company The Travel Corporation (TTC), is holding its first travel fair at the level one atrium of shopping centre Plaza Singapura.
Musical Six retells stories of Henry VIII's wives in pop-concert style
Divorced, beheaded, died, divorced, beheaded, survived - this is how most people remember the six wives of 16th-century King of England Henry VIII.
Nafa's hopes of building a print archive
The acquisition of a collection from Typesettingsg, Singapore's only letterpress heritage studio, has increased its holdings by about 10 times
Brotherly bonds cut deeper than blades
Psychological thriller Pierce offers a bracing portrait of how young men seek out and cling to male role models
Thousands of girls sold and forced into sex trade in India
West Bengal a key trafficking hub, with more than 50,000 girls missing
Dua Lipa gets Singapore crowd 'levitating'
The words \"training season's over\" flashed on the screen as British-Albanian singer Dua Lipa took the Singapore Indoor Stadium stage on Nov 5 to kick off her Radical Optimism Tour.
4 movies, 2 islands
Singapore film-makers look to Taiwan for funding, hands-on support, cultural kinship