For subscribers

Recent strides in AI have potential to further disrupt finance industry, but limitations remain

OpenAI’s ChatGPT, an AI-powered natural language processing chatbot that allows users to engage with it through human-like conversations, is making it easier for users to seek out information and even financial advice – essentially cutting the major institutions out of the value chain.

While AI tools can help people begin their financial journey, users should also exercise caution as such technology has its blind spots.

PHOTO: REUTERS

Cheow Sue-Ann

SINGAPORE – Artificial intelligence (AI) will seem like new tech to many but it has long been a feature of the financial industry, helping firms in areas such as fraud detection, credit scoring, loan matching and insurance underwriting.

Although recent progress in the technology, particularly in generative AI, has the potential to further disrupt the sector, some limitations remain, experts say.