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Exclusive! Adopting Generative AI: Transforming Financial Service Efficiency and Productivity

The Malaysian government’s top priority is to position the nation as a frontrunner in the digital economy with a robust GDP. Their strategy revolves around leveraging technology to boost productivity, promote inclusivity, and foster innovation. This comprehensive approach entails guaranteeing that digital advancements benefit all segments of society, enhancing corporate competitiveness, and establishing an ecosystem conducive to nurturing innovative enterprises.

Artificial intelligence (AI) is undeniably advancing at a rapid pace on a global scale and embracing this transformative technology holds the potential for Malaysia to spearhead innovation, enhance productivity, and bolster various sectors. In this context, the Malaysian financial services sector is taking a proactive approach to adopting generative AI to maintain its competitive edge.

As reported, despite the growing adoption of AI across various industries, only 35% of companies have successfully integrated it into their organisational systems. In contrast, the financial services sector, where Generative AI primarily focuses on generating new data or content by leveraging patterns derived from existing data, has seen significant improvements as a result.

The financial services sector recognises the transformative potential of Generative AI, such as personalised content creation and enhanced operational efficiency, as a means to foster innovation, boost productivity, and seize growth opportunities. Nevertheless, like other industries, the financial sector confronts challenges in transitioning Generative AI projects from pilot phases to successful production, with only a fraction achieving the anticipated outcomes.

For the financial sector to successfully implement Generative AI, the industry must comprehensively grasp the decision-making mechanisms of AI models and proficiently convey this understanding to regulatory bodies, customers, and internal stakeholders. This transparent communication is essential to guarantee that Generative AI applications align with pertinent regulations and standards and can be understood by all stakeholders.

Furthermore, transparent and interpretable AI systems hold a significant role in establishing trust, as they empower users to comprehend the decision-making process of AI, enabling them to validate the outcomes and have confidence in the technology’s reliability.

Moreover, these systems facilitate regulatory compliance by providing auditable and accountable processes, ensuring that AI applications comply with required rules and standards.

The OpenGov Breakfast Insight on 7 November 2023 at the Sheraton Imperial Kuala Lumpur Hotel provided a platform for in-depth discussions on the implementation of Generative AI and its potential to drive innovation and enhance efficiency within the financial industry. Distinguished fintech leaders gathered to exchange their insights and experiences, shedding light on how Generative AI can catalyse growth and operational effectiveness in the financial sector.

Opening Remarks

Mohit Sagar∶ Adopting an AI-based mindset is the key to achieving organisational success

Mohit Sagar, CEO and Editor-in-Chief of OpenGov Asia acknowledges that Generative AI has the potential to improve productivity and performance in financial services. Not limited to automation and efficiency anymore, AI extends its reach into enhancing decision-making, optimising customer experiences and addressing the intricacies surrounding investment and wealth.

“By combining the capabilities of generative AI, we can unlock new possibilities in financial services that were previously unavailable,” says Mohit. “There are numerous examples of the tremendous economic and productivity benefits that can be achieved through leveraging AI.”

Reports indicate that in Malaysia, a significant portion of working hours, roughly 50%, is dedicated to repetitive tasks that exhibit high potential for automation. The implementation of AI technology catalyses the automation of these mundane activities, consequently liberating valuable time that can be redirected toward engaging in more purposeful and value-driven tasks. This transition not only enhances efficiency but also cultivates an environment where individuals can contribute more substantively to their work.

Mohit revealed the prospective generation of approximately six million fresh employment opportunities within Malaysia by 2030, facilitated by the rapid integration of AI-driven automation. He underscored that this transformative trend is set to redefine the landscape of work, giving rise to evolving skill requirements and stressing the significance of continuous learning across virtually all segments of the labour force.

Mohit contends that, in the face of escalating global competition, organisations must continually enhance their productivity and efficiency. He maintains that Generative AI can unleash previously untapped levels of output through its capabilities in automation, optimisation, and data-driven decision-making.

Generative AI proves invaluable in the financial sector by serving a dual purpose. First, it enhances and fortifies an organisation’s internal operations, allowing for improved efficiency, streamlined processes, and effective resource allocation. Simultaneously, it plays a pivotal role in conducting market analysis, enabling financial institutions to gain deep insights into market trends, customer behaviour, and emerging opportunities.

“But, to successfully integrate Generative AI, financial organisations must have a clear and strategic focus,” Mohit cautions. “Adopting a secure, unbiased AI-based mindset is key to achieving this clarity.”

Large Language Models (LLMs) are a formidable application of Generative AI. These expansive language models possess a remarkable capability to comprehend, generate, and manipulate text across multiple languages.

They can adeptly undertake an array of natural language tasks, including but not limited to text translation, question-answering, creative text generation, and a myriad of other linguistic functions. The versatility of LLMs has wide-reaching implications for numerous industries, revolutionising the way language-related tasks and applications are approached and executed.

Mohit underscores the paramount significance of upholding cybersecurity within the financial sector. In a technologically advancing landscape, the risks associated with cybersecurity are escalating in tandem with the sophistication of malicious actors.

“When we talk about digital transformation and the use of AI technologies such as Generative AI, it is important to remember that security is one of the main pillars supporting this development,” Mohit says. “Without strong cybersecurity, the benefits of these technologies can easily be threatened.”

Menaces like cyberattacks, data breaches and the theft of financial information perpetually loom on the horizon, necessitating unwavering vigilance and robust security measures to safeguard the integrity and trustworthiness of financial systems.

Financial organisations need to prioritise cybersecurity as an integral part of their digital transformation. This includes investing in advanced security systems, training employees in security awareness, and preparedness to deal with cyber threats that may arise.

As the financial landscape evolves, the adoption of AI technologies is not merely an option but an imperative. The prospective creation of millions of new jobs, alongside the countless opportunities for innovation and progress, highlights the positive impact AI can have on the future of work.

“At our disposal, we possess the profound potential of Generative AI to revolutionise the financial services sector,” Mohit concludes. “Through the responsible adoption of Generative AI and the fortification of security measures, financial institutions can lead the way in shaping an innovative, inclusive, and equitable future for all.”

Welcome Address

Catherine Lian∶ Generative AI is not only a productivity tool but also a catalyst for innovation

Catherine Lian, the Managing Director and Technology Leader of IBM Malaysia, acknowledges Generative AI’s role in propelling the financial sector forward. She is convinced that Generative AI holds immense potential to revolutionise the operations of the financial industry.

IBM understands the key role technology plays in helping financial organisations achieve their productivity and innovation goals. With Generative AI, IBM is committed to providing innovative solutions that can help financial organisations leverage this technology to optimise their processes.

IBM appreciates the challenges and opportunities faced by the financial industry in adopting Generative AI. They are committed to working with financial organisations to overcome these barriers and gain the full benefits of Generative AI technology.

IBM views Generative AI as more than just a productivity-enhancing tool; it is perceived as a catalyst for innovation capable of enabling financial institutions to adapt and thrive in the Industry 4.0 era, she remarks. The involvement of companies like IBM adds to the growing excitement surrounding the evolution of Generative AI in the sector.

Catherine underscored the significance of data quality and security as top priorities for banks in Malaysia. In today’s data-driven financial landscape, ensuring the integrity and confidentiality of financial data stands as a paramount concern. Data quality not only impacts the reliability of decision-making processes but also plays a vital role in maintaining customer trust.

The scarcity of data scientists confronting banks in Malaysia presents a serious issue that requires immediate attention. Catherine firmly believes that addressing this shortage is essential, and she highlights the invaluable role that collaborative initiatives and accelerator programmes can play in helping banks fully realise the potential of AI.

Yet another obstacle lies in the buildup of technical debt over the years, a result of mergers, acquisitions, and the persistence of legacy systems within the banking sector. Addressing these challenges is imperative for banks, necessitating a strategic focus on making judicious technology investments to retain their competitive edge.

Moreover, Catherine brought attention to the fact that telecom companies and financial institutions specialising in exclusive digital services are progressively encroaching upon the traditional banking domain. This trend underscores the evolving landscape of financial services, where non-traditional players are leveraging their technological prowess to offer banking-like services, potentially challenging established banking institutions. As these newcomers blur the lines between telecommunications and financial services, traditional banks must adapt swiftly to survive in this evolving ecosystem.

‘These new players, unencumbered by technical debt, can innovate quickly and provide better customer experiences,” Catherine explains. “This disruption is pushing traditional banks to accelerate the adoption of new technologies, including AI, to remain competitive.”

The ongoing transfer of wealth from older to younger generations is exerting a substantial influence on the priorities of the banking industry. As Generation X and Millennials prepare to inherit substantial funds and assets, it is becoming increasingly imperative for banks to adjust their service offerings to align with the preferences of these tech-savvy generations.

This demographic transition underscores the necessity for banks to embrace digital transformation and craft banking experiences that resonate with the expectations and digital lifestyles of these inheritors who, for the most part, are considered digital natives.

As customers grow increasingly at ease with digital interfaces, it is incumbent upon banks to expedite their digitisation efforts and ensure the accessibility of their financial services through mobile platforms. To implement Generative AI successfully, Catherine suggests the following crucial steps:

  1. High Quality Data: Ensure accurate, organised and secure data. This is the basis for effective AI.
  2. Collaboration: Collaborate with experienced technology partners to guide the journey and optimise implementation.
  3. Focus on the Benefits: Prioritise the potential benefits that AI can provide, such as better customer experiences and operational efficiencies.
  4. Customisation: Tailor AI solutions to the unique challenges and opportunities in the Malaysian banking sector.
  5. Regulatory Compliance: Continuously monitor regulatory changes to ensure data privacy and security remain a top priority.

“By following these steps, banks in Malaysia can more effectively leverage Generative AI to overcome challenges and provide better services to customers,” Catherine concludes. “This will help them remain competitive in the ever-changing banking environment and enable the growth of the financial sector as a whole.”

Technology Insight

John Duigenan∶ Collaboration of financial institutions and tech accelerates the adoption of Generative AI

John Duigenan, the Global Leader for the Financial Services Industry and General Manager & Distinguished Engineer at IBM, acknowledges that the adoption of Generative AI within the financial sector marks a breakthrough, offering banks and financial institutions substantial prospects to enhance operational efficiency, elevate customer service quality, and provide customers with more personalised experiences.

Generative AI has great potential to support the financial sector in identifying security threats, detecting suspicious activity, and analysing transaction data more closely. With its ability to create content and analyse patterns, Generative AI can also be used to prepare financial reports and risk analysis more quickly and accurately.

Furthermore, Generative AI has the potential to assist banks in better understanding customer preferences and delivering tailored recommendations that align more closely with their specific profiles and requirements, thereby fortifying the relationship between banks and customers while bolstering customer retention.

According to John, with the adoption of Generative AI, the financial sector can utilise its data more efficiently, reduce operational costs and make smarter decisions. However, challenges such as data protection and regulatory compliance must remain a priority in implementing this technology.

John further stresses the significance of fostering collaboration among banks, financial institutions, and technology providers to realise the full potential of Generative AI. With the unified support of diverse stakeholders, the Malaysian financial sector can unlock the substantial benefits of this technology.

IBM itself has taken proactive steps to support the Malaysian financial industry in adopting Generative AI. They have provided solutions and services specifically designed to meet the needs of the financial sector, including the integration of Generative AI.

The organisation is also active in educating and providing training to workers in the financial sector to understand and optimise Generative AI technology. By increasing understanding and skills in managing Generative AI, banks and financial institutions in Malaysia can more effectively integrate this technology into their operations.

In addition, IBM is committed to maintaining customer data security and privacy as a top priority. They keep up to date with regulatory developments and ensure that Generative AI implementations comply with applicable security and privacy standards.

Collaboration among various stakeholders, including banks, regulators and technology providers, plays a crucial role in ensuring the effective and compliant use of Generative AI in the financial sector. This unified approach fosters a collective understanding of the regulatory landscape and security standards, facilitating the responsible integration of Generative AI into financial operations while mitigating potential risks.

IBM encourages a shared commitment to data protection and regulatory compliance, ultimately enhancing the industry’s ability to harness the full potential of Generative AI for the benefit of all parties involved.

On its part, IBM, as a technology and services industry leader, stands ready to provide ongoing support to the Malaysian financial sector as it embarks on its Generative AI adoption journey. Beyond offering cutting-edge technological solutions, IBM is dedicated to delivering the essential training and support required for banks and financial institutions to seamlessly and effectively incorporate Generative AI into their operations, fostering innovation and enhanced customer experiences.

“With support from companies like IBM, the Malaysian financial sector can be more confident in adopting Generative AI and take steps towards a brighter future in terms of innovation, efficiency and customer service,” John concludes.

Power Talk

Ahmad Fairuz Ali, Head of Data Analytics COE (DAC), Bank Islam Malaysia Berhad, emphasises the successful integration of generative AI and digital transformation into their operations through several major initiatives.

One notable project is the implementation of a chatbot powered by generative AI. This chatbot tagged as “BIMBA,” is designed to enhance customer engagement and support. BIMBA uses generative AI to understand and respond to customer queries with human-like interactions, providing efficient and personalised assistance 24/7. This initiative has significantly improved customer service by reducing response times and increasing overall satisfaction.

Another project involves the use of generative AI for risk assessment and fraud detection. By analysing vast datasets, generative AI models helped identify and mitigate potential risks more effectively. This not only enhances the security measures but also contributes to the overall stability of the financial services.

“In terms of structuring our overall vision, we’ve adopted a customer-centric approach. Our vision is to leverage generative AI and digital transformation to create a seamless and personalised banking experience for our customers,” Ahmad explains.

Ahmad Fairuz Ali∶ Generative AI helps customise investment portfolios and savings strategies

They ensure that these initiatives align with the core values of trust, transparency, and efficiency. Additionally, he underscores the importance of collaboration and ongoing learning to ensure their teams remain well-informed about the latest AI developments and digital trends.

“At Bank Islam Malaysia Berhad, our vision is to lead the way in providing innovative and customer-focused financial services, and generative AI plays a pivotal role in achieving this vision,” reveals Ahmad.

In his role as the Head of Data Analytics COE at Bank Islam Malaysia Berhad, leveraging generative AI is a critical part of their strategy to drive efficiency and productivity. Generative AI has been instrumental in enhancing financial market analysis and optimising resources.

“One way we use generative AI is by automating the process of financial market analysis. We have developed AI models that can generate predictive analytics and forecasts for financial markets,” shares Ahmad. “These models analyse vast amounts of market data, historical trends, and external factors, allowing us to make more informed investment decisions. This not only saves time but also improves the accuracy of our market analyses.”

Ahmad highlighted that Generative AI has also found application in resource optimisation, notably in generating rationalised schedules for branch operations by employing AI algorithms that consider diverse variables, including customer traffic, staffing levels, and transaction volumes.

By automating this process, they can ensure that their branches are adequately staffed during peak times while managing resource allocation during slower periods. This resource optimisation has led to cost savings and improved overall efficiency.

Further, generative AI has been applied in the development of personalised financial products. By analysing customer data and financial behaviours, they can generate tailored product recommendations. “For instance, generative AI helps us suggest customised investment portfolios or savings plans for our customers. This personalisation not only enhances customer satisfaction but also drives revenue growth.”.

“Generative AI plays a pivotal role in their efforts to streamline financial market analysis and optimise resource allocation,” Ahmad concludes. “It empowers us to make data-driven decisions, improve operational efficiency, and deliver personalised financial services to our customers, ultimately contributing to the growth and success of Bank Islam Malaysia Berhad.”

Dominic Yew, CISO & Head of Information Security and Digital Risk Management, OCBC Bank (Malaysia) Berhad shared their initiatives that have been structured around a comprehensive vision to enhance their cybersecurity and overall operational efficiency.

“One key project has been the integration of generative AI into our cybersecurity framework. We’ve developed AI models that can generate predictive threat intelligence, allowing us to proactively identify potential security risks,” Dominic elaborates.

Dominic Yew∶ Generative AI enhances customer interactions and efficiency and offers 24×7 support

These models analyse a myriad of data sources, including network traffic, logs, and external threat intelligence feeds. By automating threat detection and analysis, they have significantly reduced the response time to emerging cyber threats.

Likewise, they have implemented generative AI in their fraud detection and prevention efforts. By analysing transaction data, user behaviours, and historical fraud patterns, they can generate models that identify potentially fraudulent activities in real-time. This has been instrumental in reducing fraud losses and enhancing customers’ trust in their digital services.

“We’ve integrated generative AI to enhance customer experiences. One notable project involves the development of a chatbot powered by generative AI,” Dominic explains. “This chatbot provides personalised customer support, responds to inquiries, and offers product recommendations.”

By using generative AI to understand customer intent and generate human-like responses, they have improved the efficiency of their customer interactions and provided 24/7 support.

To structure their overall vision, they have aligned these initiatives with the broader digital transformation strategy. Their goal is to leverage generative AI not only for enhancing security but also for optimising operational processes and delivering superior customer experiences.

“We’re fostering a culture of innovation and continuous improvement, encouraging our teams to explore new AI-driven solutions,” Dominic concludes. “Regular collaboration between our cybersecurity, IT, and customer service departments ensures that generative AI is seamlessly integrated into our operations.”

John Duigenan, the Global Leader for the Financial Services Industry and General Manager & Distinguished Engineer at IBM, suggests that the financial services sector is poised for a profound transformation propelled by the integration of artificial intelligence (AI) and machine learning (ML). This transition brings forth both challenges and opportunities that are actively shaping the industry’s trajectory.

The challenges encompass the imperative to uphold data privacy and security, effectively navigate intricate regulatory compliance, tackle concerns related to bias and fairness in AI decision-making, and establish and maintain customer confidence in AI-driven decisions, particularly within the realm of sensitive financial affairs.

Nonetheless, amid these hurdles, a multitude of opportunities come to the forefront. AI and ML have the potential to elevate customer experiences through the provision of highly personalised services and immediate support, consequently culminating in heightened customer satisfaction.

John Duigenan∶ AI personalises customer experience and offers real-time support, increasing satisfaction

These technologies empower financial institutions with advanced capabilities for risk assessment and fraud detection, empowering them to more adeptly handle and alleviate risks. Furthermore, the automation of routine tasks through AI can substantially diminish operational expenses, thereby augmenting operational efficiency and cost-saving measures.

Additionally, AI’s data analysis capabilities can provide valuable insights into customer behaviour and market trends, enabling informed and data-driven decision-making in the financial services sector.

The financial services industry finds itself at a pivotal juncture, and how it surmounts these challenges and seizes these opportunities will intricately mould its future trajectory and ultimately determine the course of the financial services sector.

“The financial services industry is at a decisive point as it embraces AI and ML,” John says. “While grappling with challenges related to data privacy, regulatory compliance, ethical AI, and customer trust, it also enjoys numerous opportunities, including enhanced customer experiences, improved risk management, cost reduction, and data-driven insights.”

The adoption of AI is rapidly evolving especially in financial services driven by several prominent global trends and developments. Firstly, there is a growing emphasis on enhancing customer experiences. Financial institutions are leveraging AI to provide personalised services, real-time customer support, and streamlined interactions, ultimately improving customer satisfaction and loyalty.

Secondly, risk management is undergoing a significant transformation. AI is being utilised for advanced risk assessment and fraud detection, enabling financial organisations to identify and mitigate risks more effectively. This contributes to a more secure and stable financial landscape.

Cost reduction is another noteworthy trend. The automation of routine tasks through AI is substantially reducing operational costs for financial institutions. This leads to cost savings and increased operational efficiency, which are vital in a highly competitive industry.

Lastly, data-driven decision-making is becoming the norm. AI’s ability to analyse vast datasets provides valuable insights into customer behaviour and market trends. These insights are harnessed to make more informed, data-driven decisions, helping financial organisations stay agile and responsive to market dynamics.

Regarding IBM’s involvement in these advancements, John elaborates that IBM has been a pioneer in AI innovation for several years. Their AI solutions, such as IBM Watson, provide a comprehensive suite of tools that can be customised to suit the precise requirements of financial institutions.

They help their clients navigate the complexities of AI adoption, from ensuring data privacy and security to addressing ethical concerns. Their expertise in regulatory compliance ensures that financial organisations can seamlessly integrate AI while remaining compliant with evolving standards.

“IBM is committed to empowering financial institutions to unlock the full potential of AI, creating a future where they can provide superior customer experiences, robust risk management, cost savings, and data-driven insights,” John concludes.

Catherine Lian∶ IBM empowers Malaysian financial institutions to overcome AI implementation challenges

Catherine Lian, Managing Director and Technology Leader, Malaysia, IBM believes that in Malaysia, the financial services industry faced various obstacles and challenges during the implementation of AI solutions.

Data privacy and security were significant concerns, as ensuring the protection of sensitive customer information is paramount. Moreover, regulatory compliance posed challenges, given the evolving nature of AI regulations and standards.

Effective strategies included investing in robust cybersecurity measures to address data security concerns and partnering with regulatory bodies to ensure compliance. Collaboration with AI solution providers and fostering a culture of continuous learning and adaptation proved successful in overcoming challenges.

“However, approaches that relied solely on AI without human oversight and those neglecting to prioritise ethical considerations were ineffective,” Catherine furthers. “Hence, building a holistic ecosystem that integrates AI, cybersecurity, and regulatory compliance was crucial for successful AI implementation in the financial services industry.”

IBM is well-prepared to aid the financial services industry in Malaysia as the industry confronts the challenges associated with implementing AI solutions. With an extensive array of services and a wealth of expertise, IBM provides a spectrum of solutions to assist these financial institutions, encompassing Regulatory Expertise, Tailored AI Solutions, Data Security, Ethical AI Practices, Training and Skill Enhancement, and a Collaborative Approach to Expedited Deployment, thereby enabling financial organisations to seamlessly incorporate AI into their operations and ensure a seamless transition.

By partnering with IBM, financial services industry players in Malaysia can effectively address the challenges they face when implementing AI solutions. IBM’s expertise ensures that financial institutions can embrace AI technologies while maintaining data privacy and security, adhering to regulations, and providing superior customer experiences.

Innovation Insight

Kitman Cheung, the Chief Technology Officer for Data & AI in the Asia Pacific region at IBM, explained that Watsonx represents the novel AI and data platform designed to empower enterprises in expanding and expediting the influence of AI throughout their operations by harnessing data from its various sources.

Kitman Cheung∶ Watsonx empowers enterprises to scale AI’s impact by leveraging data wherever it’s stored

He revealed valuable insights on the practical implementation of Watsonx within the Financial Services sector, comprising three integral components: Watsonx.ai, Watsonx.data, and Watsonx.governance.

According to Kitman, Watsonx.ai is an enterprise-ready next-generation studio for AI builders, bringing together traditional machine learning (ML) and new generative AI capabilities powered by foundation models.

“Foundation models are large-scale pre-trained models that can be adapted to various tasks and domains with minimal data and effort,” Kitman explains. “They enable you to generate high-quality content, such as text, images, audio, and video, that can enhance your customer experience, marketing campaigns, product design, and more.”

On the other hand, Watsonx.data is an open lakehouse storage solution optimised for AI projects, ensuring seamless data transfer and management. A lakehouse is a hybrid data architecture that combines the best of data lakes and data warehouses.

It allows organisations to store and access both structured and unstructured data in a unified way while supporting diverse analytics workloads. With Watsonx.data, organisations can easily ingest, catalogue, transform, and query data from any source and format, while ensuring security and compliance.

Watsonx.governance is a solution that enhances AI governance by promoting trust, minimising human intervention risks, and ensuring clear accountability and transparency in AI processes. It helps organisations monitor, explain, and audit their AI models throughout their lifecycle while adhering to ethical and regulatory standards.

Kitman points out that with Watsonx.governance, organisations can construct responsible and dependable AI applications, safeguarding their reputation and brand value. He expounded on this point by providing examples of how their clients leverage Watsonx to instigate innovation and foster growth in their respective industries.

“One of our clients is a leading bank in Malaysia that wanted to launch a virtual credit card that provides consumers with greater choice, security, and flexibility,” shares Kitman. “They used Watsonx.ai to train a foundation model that can generate personalised offers and recommendations for their customers based on their preferences and behaviour.”

They also used Watsonx.data to store and process their customer data in a secure and scalable way. They were able to launch their virtual credit card in record time and increase their customer satisfaction and loyalty.

Another client, a global insurance company, wanted to improve their claims processing efficiency and accuracy. They used Watsonx.ai to train a foundation model that can extract relevant information from claim documents, such as policy number, damage type, and amount claimed, among others using natural language processing.

They also used Watsonx.governance to monitor and explain their model’s performance and decisions, while ensuring compliance with industry regulations. They were able to reduce their claims processing time by 80% and improve their fraud detection rate by 50%.

“These are just some of the ways that Watsonx can help you transform your business with AI and data,” Kitman reiterates. “Whether you want to enhance your customer service, automate your processes, optimise your operations, or create new products and services, Watsonx can help you achieve your goals faster and easier.”

He invited participants to learn more about Watsonx and emphasised the value of technical collaboration in stimulating creativity, optimising resources, lowering costs, and addressing challenging technological challenges.

“It is the driving force behind many technical developments and has a significant impact on the future of numerous industries and sectors,” Kitman concludes.

Closing Remarks

During her closing remarks, Catherine emphasised the profound impact of generative AI on financial services. AI and generative AI, in particular, are set to redefine operations, automate processes, and deliver a more efficient and personalised customer experience. This transformation promises to revolutionise the industry, enhancing services, compliance, and security.

Catherine highlighted the need for responsible adoption of AI. As generative AI grows in influence, ethics, transparency, and data privacy are vital factors that should guide this technological revolution. She urged stakeholders to prioritise these considerations to ensure AI augments human capabilities, rather than replacing them.

She urged industry stakeholders to embark on the generative AI journey and underscored the significance of collaboration, innovation, and continuous learning as key drivers for staying competitive in an ever-evolving sector.

“We witnessed an active exchange of ideas and a commitment to advancing the future of financial services,” Catherine concludes. “With the financial landscape poised for transformation, this collaborative effort is a testament to the industry’s resolve to adapt and excel in a dynamic, AI-driven world.”

Mohit underscored the profound impact of generative AI, calling it a force that’s rewriting the rules of the financial sector. The adoption of AI, especially generative AI, promises to revolutionise operations, automate processes, enhance security, and deliver a more personalised and efficient customer experience.

However, Mohit emphasised that with this transformation comes the responsibility to prioritise ethical considerations, transparency, and data privacy. AI must be harnessed responsibly, ensuring it serves to empower and augment human capabilities rather than replace them.

Mohit further urged industry players to wholeheartedly embark on this transformative journey, stressing the need for ongoing innovation, collaborative efforts, and a commitment to learning. He reiterated that the future of financial services is an ongoing process, not a final destination, highlighting the dynamic and evolving nature of the industry.

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.

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