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How AI is turbocharging finance
Financial institutions are already using it for everything – from making credit assessments to detecting fraud.
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Several companies showcased some of their AI capabilities at this year’s Singapore Fintech Festival.
PHOTO: AFP
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Some of the most transformational applications of artificial intelligence (AI) are in the financial sector, and they are being used, among other things, to broaden financial inclusion, enhance financial planning and detect fraud to a degree that banks could never do without AI.
Take credit assessment, for instance. The former managing director of the Monetary Authority of Singapore, Mr Ravi Menon, points to a revolution in this critical area of banking, led by Chinese banks.
