As the impact of the COVID19 pandemic continues to transpire globally, enterprises in the financial and banking sector have been developing and adopting ways to transform its services, aimed at delivering a safe, stable, and smart consumer experience.
'The New Physics of Financial Services' – as dubbed by the World Economic Forum and Deloitte – underscores the critical role of Artificial intelligence (AI) in the financial services ecosystem, paving way to new chains of technological innovation. Through AI, traditional strategies and approach are continuously transformed, in pursuit of a leaner, agile, and more efficient financial institutions.
McKinsey and Company, on their "AI-bank of the future: Can banks meet the AI challenge?" report, highlights the significance of banking institutions to becoming "AI-first" to be able to boost value creation and produce efficient and accurate decision-making processes. In an overall perspective, to be "AI-first" would entail implementation of intelligent, personalized, omnichannel, and beyond-banking services.
While the introduction of 24/7 Automated Teller Machine (ATMs), online banking, and mobile banking only seemed like yesterday, times have rapidly changed. Where we are today can be defined as where the integration of AI in key financial and banking practices is vital in meeting the demands of a digitally transforming society.
As part of the AI+ FORUM SERIES: EVOLVE TO COMPETE, the European Chamber of Commerce of the Philippines (ECCP) and Fairs and More, Inc. (FMI) features the segment AI+ Financial Services | Future of FinTech. Through this virtual forum, key international stakeholders from the private and public sector will come together to explore and discuss key topics such as the integration of machine learning, big data analysis, and AI, among others, in the financial services sector.