February 28, 2024

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Financial Institutions and AI: Power of Large Language Models

A Platform For Collaboration

OpenGov Asia is delighted to extend a special invitation to you for an exclusive OpenGov Breakfast Insight focused on the adoption of AI to ensure security, efficiency, and IT sustainability for organisations, with a specific emphasis on future-proofing financial institutions in the digital landscape.

Meet Our Distinguished Speakers

Enguerran Dallet
Executive Director, Data Science
OCBC Bank

David Sharratt
Global Head Data Product Monetisation
Standard Chartered Bank

Dilipkumar B. Khandelwal
Chief Technology Officer, SG/SEA
Hewlett Packard Enterprise

John Ng
Director & General Manager of Sales
Hewlett Packard Enterprise

Mohit Sagar
CEO & Editor-in-Chief
OpenGov Asia

Explore How AI's Potential Helps Improve Efficiency, Protection, and Sustainable IT

Singapore is renowned as a global hub for technological excellence and innovation, featuring a top-tier ICT infrastructure, a resilient framework for intellectual property protection, a highly skilled talent pool, and a culture deeply embedded in innovation. Its Digital Government initiative has cleared the path for groundbreaking advancements, fostering a vibrant environment that fuels both established industries and burgeoning technologies. 

The adoption of technological advancements and innovation in Singapore has accelerated growth across various sectors, with the financial services industry (FSI) standing out as one of the primary beneficiaries.  

Recognising the significance of cutting-edge technology in an ever-changing digital terrain, the Monetary Authority of Singapore joins hands with banks and tech firms to forge an inventive Artificial Intelligence (AI) risk framework. Currently, they are exploring the multifaceted potential this technology offers to the financial services industry (FSI). 

HPE notes a transformative phase in the Financial Services Industry (FSI), driven by ongoing market fluctuations that require organisations to function with heightened intelligence, efficiency, and security. Trends like exponential data growth, increasing cyber threats, and the prevalence of remote workforces mandate advanced technology to enable rapid decision-making and adaptability. 

In this dynamic landscape, the use of AI is paramount. Financial institutions are deploying AI to distil crucial insights from vast and varied datasets, enabling the development of highly sophisticated financial products, services, and tools. Sectors like banking, trading, and insurance are modernising their operational frameworks with AI, utilising real-time insights to achieve superior outcomes, increased profits, and a competitive edge. 

Additionally, the financial services industry derives substantial benefits from large language models (LLMs) – a specific type of artificial intelligence (AI) algorithm. Applications of LLMs utilise sophisticated natural language processing (NLP) and machine learning (ML) methods to analyse extensive financial data, extract valuable insights, and facilitate well-informed decision-making. These applications are advantageous in diverse areas such as risk assessment, fraud detection, customer support, compliance, and investment strategies. 

By automating recurring tasks and providing accurate and timely information, LLM applications improve operational efficiency, decrease the chances of human errors, and streamline decision-making processes. This technological advancement empowers financial institutions to stay competitive, adjust to dynamic market conditions, and offer personalised and efficient services to their clients. 

While these advanced technologies have the potential to significantly boost competitive advantages, they also bring forth a range of challenges. One notable example is how the integration of AI into the financial services sector poses a complex problem in ensuring the security and privacy of data. Given that the financial services industry deals with highly sensitive financial information, the use of AI, including LLMs, raises concerns about the safeguarding and confidentiality of this data.  

Navigating the delicate balance between harnessing the innovation and efficiency offered by AI and the crucial need to bolster defences against evolving threats remains a persistent challenge. This necessitates continuous investment in security infrastructure, the implementation of rigorous data protection protocols, and strict adherence to regulatory standards, particularly in light of AI’s inherent challenge in the realm of data privacy within the dynamic landscape of the financial services industry. 

Large Language Models (LLMs): Elevating Customer Engagement and Loyalty 

AI-driven recommendation systems in FSI analyse customer data for personalised engagement, risk detection, and enhanced loyalty. By utilising Large Language Models (LLMs) for faster and more accurate suggestions, these systems efficiently allocate resources and employ personalised messaging. 

AI and Machine Learning (ML) for Cyber Resilience 

Incorporating AI and ML functionalities into data protection and recovery solutions has the potential to strengthen an organisation’s cyber resilience. This enhancement can increase the capacity to identify and address cyber threats, all the while ensuring the availability of data.

AI for Sustainable IT 

Fostering sustainable IT is crucial in the FSI sector to mitigate environmental risks, enhance operational resilience, and align with growing expectations, thereby ensuring long-term economic stability and regulatory compliance. AI holds a vital role in helping organisations achieve sustainable IT through several means, including enhancing efficiency, reducing energy consumption, and optimising resource utilisation. 

OpenGov Asia is delighted to extend a special invitation to you for an exclusive OpenGov Breakfast Insight focused on the adoption of AI to ensure security, efficiency, and IT sustainability for organisations, with a specific emphasis on future-proofing financial institutions in the digital landscape. These concise, to-the-point, and strategic-level discussions uniquely integrate cutting-edge insights from expert speakers and encourage interactive participant discussions. 

This is a closed-door, invitation-only, interactive session with financial services industry leaders from Singapore. 

This session will allow delegates to:

  • ENSURE data protection by incorporating AI and Machine Learning (ML) 
  • ENHANCE productivity through the integration of AI 
  • PROMOTE sustainable IT through the implementation of AI 
  • LEVERAGE large language models (LLMs) to enhance customer experience and loyalty 
  • NAVIGATE the adoption of AI across organisations for fraud detection and risk assessment 
  • UTILISE AI algorithms for informed decisions and maximum profits 
  • EXPAND the use of AI to help organisations work smarter and faster 

Who Should Attend

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“Always timely, very nice topics, diverse audience and most importantly short and sweet!”

Citibank Singapore

“This is one of the best event I attended. Speakers, organisers, venue to logistics are perfect. Lots of info sharing”

MUFG Bank

“Good, every delegate is able
think of each question and
speak out their view”

Hong Leong Finance

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For speaking opportunities

opengov@opengovasia.com

PARTNER

Hewlett Packard Enterprise (NYSE: HPE) is the global edge-to-cloud company that helps organizations accelerate outcomes by unlocking value from all of their data, everywhere. Built on decades of reimagining the future and innovating to advance the way people live and work, HPE delivers unique, open and intelligent technology solutions as a service. With offerings spanning Cloud Services, Compute, High Performance Computing & AI, Intelligent Edge, Software, and Storage, HPE provides a consistent experience across all clouds and edges, helping customers develop new business models, engage in new ways, and increase operational performance. For more information, visit: www.hpe.com/

PARTNER

Qlik’s vision is a data-literate world, where everyone can use data and analytics to improve decision-making and solve their most challenging problems. A private company, Qlik offers real-time data integration and analytics solutions, powered by Qlik Cloud, to close the gaps between data, insights and action. By transforming data into Active Intelligence, businesses can drive better decisions, improve revenue and profitability, and optimize customer relationships. Qlik serves more than 38,000 active customers in over 100 countries.

PARTNER

CTC Global Singapore, a premier end-to-end IT solutions provider, is a fully owned subsidiary of ITOCHU Techno-Solutions Corporation (CTC) and ITOCHU Corporation.

Since 1972, CTC has established itself as one of the country’s top IT solutions providers. With 50 years of experience, headed by an experienced management team and staffed by over 200 qualified IT professionals, we support organizations with integrated IT solutions expertise in Autonomous IT, Cyber Security, Digital Transformation, Enterprise Cloud Infrastructure, Workplace Modernization and Professional Services.

Well-known for our strengths in system integration and consultation, CTC Global proves to be the preferred IT outsourcing destination for organizations all over Singapore today.

PARTNER

Planview has one mission: to build the future of connected work. Our solutions enable organizations to connect the business from ideas to impact, empowering companies to accelerate the achievement of what matters most. Planview’s full spectrum of Portfolio Management and Work Management solutions creates an organizational focus on the strategic outcomes that matter and empowers teams to deliver their best work, no matter how they work. The comprehensive Planview platform and enterprise success model enables customers to deliver innovative, competitive products, services, and customer experiences. Headquartered in Austin, Texas, with locations around the world, Planview has more than 1,300 employees supporting 4,500 customers and 2.6 million users worldwide. For more information, visit www.planview.com.

SUPPORTING ORGANISATION

SIRIM is a premier industrial research and technology organisation in Malaysia, wholly-owned by the Minister​ of Finance Incorporated. With over forty years of experience and expertise, SIRIM is mandated as the machinery for research and technology development, and the national champion of quality. SIRIM has always played a major role in the development of the country’s private sector. By tapping into our expertise and knowledge base, we focus on developing new technologies and improvements in the manufacturing, technology and services sectors. We nurture Small Medium Enterprises (SME) growth with solutions for technology penetration and upgrading, making it an ideal technology partner for SMEs.

PARTNER

HashiCorp provides infrastructure automation software for multi-cloud environments, enabling enterprises to unlock a common cloud operating model to provision, secure, connect, and run any application on any infrastructure. HashiCorp tools allow organizations to deliver applications faster by helping enterprises transition from manual processes and ITIL practices to self-service automation and DevOps practices. 

PARTNER

IBM is a leading global hybrid cloud and AI, and business services provider. We help clients in more than 175 countries capitalize on insights from their data, streamline business processes, reduce costs and gain the competitive edge in their industries. Nearly 3,000 government and corporate entities in critical infrastructure areas such as financial services, telecommunications and healthcare rely on IBM’s hybrid cloud platform and Red Hat OpenShift to affect their digital transformations quickly, efficiently and securely. IBM’s breakthrough innovations in AI, quantum computing, industry-specific cloud solutions and business services deliver open and flexible options to our clients. All of this is backed by IBM’s legendary commitment to trust, transparency, responsibility, inclusivity and service.