Singapore – Banks are increasing the use of artificial intelligence (AI), and DBS has made $750 million through the use of technology, but estimates its economic value could exceed $1 billion in 2025.
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 flow of work at Superai Singapore, the last two-day meeting at the Sadss Expo and Convention Center.
Event participants discussed the challenges of balancing innovation and responsible use of AI when 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,” added Hassamal, who introduced DBS-GPT, an internally-generated AI chatbot. This helps employees with content generation and writing tasks, all within a secure environment.
Speaking on another panel, Sambit Sahu, vice-president of Capital One's Applied Research, noted that the AI and machine learning spaces have completely changed over the past five years.
Large-scale language models go from performing simple tasks to taking a more agent approach, he said. One use case for AI is to mimic the tasks of employees, but to do so 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 AI generated for compliance-related tasks can work, 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 of a relationship manager, she pointed out. “All of this should be fully automated and streamlined.”
The Singapore Monetary Authority (MAS) warned that guardrails need to be in place in the competition 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, initiative by AutHoriIn 2023, Ty examined the risks and opportunities of bank generation AI.
Gay added that as financial institutions are in the stage of building and deploying generative AI applications, they are making more clear from the government about the specific features that should be included.
He plans to release a playbook in 2025 and provide institutions from various segments of the financial sector, including banking and insurance, making it clearer regarding key risk considerations across key use cases for AI. Business time
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