[SINGAPORE] The bank is increasing its use of artificial intelligence (AI), with DBS earning S$750 million through the use of the technology, and estimates its economic value could exceed S$1 billion this year.
Since the bank began focusing on AI, it has created over 350 use cases and produced 1,500 models, and Rajeev Hassamal, head of generative AI at DBS, is the future of work at Superai Singapore, a two-day meeting held at the Sands Expo and Convention Center. (See the correction notes)
However, conference participants at the event discussed the challenges in balancing AI innovation and responsible use in developing AI models.
“It's very difficult to find that sweet spot,” Hasamar said.
During the panel discussion on AI and finance integration, he highlighted the importance of understanding how technology works and equipping employees regardless of role.
“We need to make sure people understand how to use this technology,” said Hassamal, who introduced DBS-GPT, DBS-GPT, an internally generated AI chatbot.
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Speaking on another panel, Sambit Sahu, vice-president of Applied Research at Capital One, noted that the AI and machine learning space has completely changed over the past five years.
Large-scale language models are moving towards taking a more agent approach from performing simple tasks, he noted. One use case of AI suggests that it mimics employee tasks, but does it more efficiently.
“(The bank) deals with a huge amount of data, text, images, audio and visuals,” he added.
Sigrid Rouam, chief AI officer at EFG Bank, noted that the generated AI can also tackle compliance-related tasks, such as checking funding sources from bank clients.
AI can also assist with non-advice-related tasks. This is a task that accounts for 70% of the time for relationship managers, she said. “All of this should be fully automated and streamlined.”
The Singapore Monetary Authority (MAS) warned that guardrails need to be enforced in the race to implement AI in the financial sector.
Kenneth Gay, MAS's Chief Fintech Officer, said central banks take regulations very seriously, given that respect for regulations is a competitive advantage for Singapore.
Project Mindforge, a 2023 MAS initiative, examined the risks and opportunities of bank generation AI.
Gay said financial institutions are in the construction and deployment of generative AI applications, making them more clear from the government about the specific features that should be included.
He added that MAS will be releasing a playbook this year offering institutions from parts of the financial sector, including banks and insurance, regarding key risk considerations across key use cases for AI.
Modification Notes: This article has been revised to correctly reflect the role of Rajeev Hassamal.
