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

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