Chinese banks jump on AI bandwagon to cut costs

This year, multiple Chinese banks have also been exploring the possibilities of employing AI tools to serve their customers. PHOTO: AFP
New: Gift this subscriber-only story to your friends and family

BEIJING - Banks in China are turning to artificial intelligence (AI) to save on labour costs and improve efficiency, but the transition faces both technical and regulatory hurdles, according to experts in the field.

The worldwide AI fervor driven by ChatGPT, the intelligent chatbot developed by Microsoft-backed OpenAI, has led industries across the spectrum to start integrating these smart helpers into their daily operations. Banking is no exception.

Already a subscriber? 

Read the full story and more at $9.90/month

Get exclusive reports and insights with more than 500 subscriber-only articles every month

Unlock these benefits

  • All subscriber-only content on ST app and straitstimes.com

  • Easy access any time via ST app on 1 mobile device

  • E-paper with 2-week archive so you won't miss out on content that matters to you

Join ST's Telegram channel and get the latest breaking news delivered to you.