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AIBP Banking Report

According to a World Economic Forum (WEF) report, global spending in artificial intelligence (AI) is expected to reach US$58 billion by 2021.1 In a separate WEF Narrative Paper, it is forecasted that 80% of worldwide data will reside in enterprises, including financial institutions, by 2025.2 Based on consolidated market capitalisation data, ASEAN banks are some of largest enterprises in the region with 4 out of 5 of the largest market capitalisation enterprises being banks.

While the BFSI industry has long been data-intensive and technology-dependent, new data-enabled AI technologies have the capacity to drive innovation faster and further than ever before. For continued success in the digital age, it is essential for enterprises to leverage on the ‘hidden treasure’ they already own in large quantities – data. The BFSI industry has realised the large amounts of data each customer generates and is fully reforming itself to extract as much hidden knowledge from this information as possible.

This report explores how financial institutions in ASEAN are innovating and implementing data analytics and AI technologies across three areas in this report: ameliorating the customer experience through real-time services, enhancing operations efficiency, and identity, security, and risk management. 

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AIBP Banking Report 2021

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