AI for financial services: An Asian perspective

• Main Authors: MEGARGEL, Alan @ Ali MADJELISI, SHANKARARAMAN, Venky
• Format: text
• Language: English
• Published: Institutional Knowledge at Singapore Management University 2022
• Subjects: AI; financial services; FinTech; Asia; use cases; Human-Centred AI; Artificial Intelligence and Robotics; Asian Studies; Finance and Financial Management; Technology and Innovation
• Online Access: https://ink.library.smu.edu.sg/sis_research/7174
• Institution: Singapore Management University

Artificial intelligence technologies have provided opportunities for delivering innovative financial services to the customers. Additionally, they can help to streamline and optimize business processes ranging from credit decisions to quantitative trading and financial risk management. However, the adoption and drive of such innovation is dependent on market maturity in terms of customer acceptance, innovation culture in organizations, development of appropriate regulations, and the presence of robust financial services technology infrastructure. In this chapter, we examine this from an Asian perspective, the current state of maturity of AI in the financial services industry and outline a possible plan of action by which banks and other financial services in the region may reinvent themselves by leveraging AI technologies. The chapter emphasizes the need for human centred AI systems that take into consideration four elements namely ethics, bias, transparency, and consequence.