Event Details
AI is revolutionizing industries by ushering in a new era of automation, efficiency, and innovation. It's no longer just a conceptโAI's practical applications are compelling entire sectors to adapt and companies that fail to follow suit will be quickly left behind. AmChamSG AI in Action series aims to help companies across a range of industries navigate these changes and incorporate actionable AI solutions to stay ahead of the competition and strengthen resilience.
In our next edition, we will zero in on the banking and finance sector as it sits at the forefront of AI transformation. AI is unlocking unprecedented growth opportunities and enhancing cybersecurity, fraud detection, regulatory compliance, and more. Banks are increasingly integrating AI and machine learning algorithms to analyze legal documents for fraud and inconsistencies, monitor banking and credit card transaction patterns, and flag anomalies while reducing false positives. According to a study conducted by Oracle, users of AI surveyed within financial systems reported an average improvement of 33% in productivity. The McKinsey Global Institute (MGI) estimates that generative AI (gen AI) could add between $200 billion and $340 billion in value annually to the global banking sector.
However, these technological advancements also bring challenges. Gen AI can generate false or illogical information, infringe on intellectual property, and operate with limited transparency due to its complexity. It also raises concerns about biased data leading to biased outputs, increased sophistication of cyber and fraud threat actors, and data security.
Join AmChamSG as our panel of experts explore the opportunities and challenges of AI in banking and finance and share actionable best practices in leveraging AI.
Please note the following details:
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* For any enquiries please contact the AmCham Programming and Events Team at pe@amcham.com.sg.
