Member-only story
Artificial Intelligence Taking Center Stage in Shaping Asia’s Financial Industry
Several countries across the globe has already heavily invested on AI development. About 80% of enterprises are investing on AI and Asia is emerging as a strong region that immense its potential in huge doses.
As AI takes on a larger role in the Financial Industry, more businesses have started to realise its capability to integrate technology into their operations to create huge impacts in managing programs and automating trading systems. More payment system infrastructures are building front-facing machine learning services that address common consumer concerns. AI has improved efficiencies and reduced security threats thus having various benefits in preventing fraud detection and smart banking.
Several countries in key markets of Asia now see the potential the technology can offer but lack the critical infrastructure to capitalise on its benefits. But the Asian development hubs in AI is equally growing in accordance to the demand living up as a region of cutting edge technological advancements. Startups are continuing to flock to the region and investment commitments from governments are expected to grow heavily every year.
It’s a challenge to cope with the data demands needed to successfully implement AI technologies in the financial industry but ultimately, AI developments in the financial services will emerge from startups, and established companies in the region will have to keep up with the developments or risk losing their businesses to digital disruption.
AI will keep the financial services updated and it will invaluably contribute to the financial industry, it is not only going to revolutionize the industry but become the industry itself.
