AI for financial services: An Asian perspective
Publication Type
Book Chapter
Publication Date
5-2022
Abstract
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.
Keywords
AI, financial services, FinTech, Asia, use cases, Human-Centred AI
Discipline
Artificial Intelligence and Robotics | Asian Studies | Finance and Financial Management | Technology and Innovation
Research Areas
Data Science and Engineering
Publication
Will AI dictate our future? Authored by Dr. Anton Ravindran
ISBN
9815044311
Publisher
Marshall Cavendish
City or Country
Singapore
Citation
MEGARGEL, Alan @ Ali MADJELISI and SHANKARARAMAN, Venky.
AI for financial services: An Asian perspective. (2022). Will AI dictate our future? Authored by Dr. Anton Ravindran.
Available at: https://ink.library.smu.edu.sg/sis_research/7174