Finance sector buzzes with the potential of Generative AI to redefine its operations and enhance client encounters.
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In a recent discussion, Boon-Hiong Chan, the APAC Head of Market and Technology Advocacy, shed light on the transformative potential of Generative AI (Gen AI) beyond content creation. Chan, who represents a leading website, highlighted the specific applications and implications of Gen AI in various sectors, particularly in financial technology and market innovation.
Chan believes that Gen AI can play a pivotal role in enhancing financial inclusivity by providing technology-driven solutions that expand market access for underserved communities and Small and Medium Enterprises (SMEs). Furthermore, it can strengthen ethical and sustainable investment avenues, promoting equitable wealth distribution.
One of the key industry applications of Gen AI is its ability to detect and prevent sophisticated scams, such as AI-generated phishing, deepfake audio, and synthetic-identity fraud. This enhances security and trust in financial services. Gen AI also supports innovative funding models, facilitating impact-driven investments in social finance, including Islamic finance mechanisms like Zakat, Waqf, and Sadaqah management through digital platforms.
Moreover, Gen AI can nurture a supportive ecosystem for ethical and sustainable businesses by integrating fintech solutions and fostering partnerships between financial institutions, startups, and regulators. This collaboration drives long-term sustainable growth.
In healthcare, Gen AI can revolutionize drug discovery and development. By analyzing vast amounts of data, it can identify patterns and potential drug candidates that might be missed by human researchers. This could lead to faster and more effective treatments for diseases. Gen AI can also simulate complex real-world scenarios, such as weather patterns and traffic conditions, aiding in more efficient resource allocation.
However, Chan emphasized the importance of ethical considerations in the development and deployment of Gen AI. He stressed that while Gen AI can generate new information based on learning from existing datasets, it's crucial to ensure that this information is used responsibly and ethically.
Another potential application of Gen AI is in the development of personalized financial advice. By analysing individual financial histories and goals, Gen AI can provide tailored advice, potentially leading to increased financial inclusion.
In conclusion, Chan views Gen AI as a critical tool for broadening wealth circulation, maximizing wealth distribution with social finance, and strengthening the financial ecosystem. This perspective aligns with ongoing fintech innovation efforts in the APAC region that encourage real-world impact and collaboration through technology.
- The transformative potential of Generative AI (Gen AI) extends beyond content creation and into finance, as Chan believes it can enhance financial inclusivity by offering technology-driven solutions to underserved communities and Small and Medium Enterprises (SMEs) in the business sector.
- In addition to its applications in finance, Chan suggests that Gen AI can also promote ethical and sustainable investment avenues, supporting innovative funding models like social finance and Islamic finance mechanisms through digital platforms in the technology landscape.
