Global Finance will present the first awards for artificial intelligence in the field of finance, with the current artificial intelligence revolution in financing.
Traditional artificial intelligence, including machine learning and statistical modeling, is not the new thing for financial institutions. Artificial intelligence has always been useful in analyzing data, forecasting trend, automation, risk management, and promoting customer service. However, at the same time, traditional artificial intelligence paved the way for a more revolutionary tool: AI (Genai).
Genai transforms and accelerates the integration of artificial intelligence and its impact within the financing sector, which leads to a rapid adoption and impact. Because of this profound shift, Global Finance has chosen recognition of financial institutions that go beyond merely automated tasks to really increase human capabilities, allowing personal movement, managing pre -emptive risks and new value proposals within a fast -developed digital scene.
Openai’s version of Chatgpt in November 2022 was the beginning of public awareness and collective use of Amnesty International. But the banks largely followed a risk -based approach and states, with the aim of ensuring that the benefits of Gen AI do not offer responsible, safe and moral publication that maintains general confidence and financial stability.
At DBS in Singapore, any Amnesty International initiative begins with three questions: 1) “Can we use it?”: Ensuring legal and organizational compliance; 2) “Do we have to use it?”: Evaluating the moral effects through the bank’s pure framework for data ethics; And 3) “How should we use it?”: Giving priority for fairness, transparency, ability to explain and hold accountability.
“We believe that by achieving a balance between innovation with a strong ethical compass, we can harness the strength of artificial intelligence to enhance our services and benefit our customers and employees,” says Nimish Panchmatia, DBS, chief data employee and shift in DBS. Although DBS is excited to explore the Genai’s transformational capabilities, “we understand that responsible innovation is very important. Our approach is guided by our basic values and the framework for the use of strong responsible data.”
Another challenge for banks, according to Andy Schmidt, Vice President and Global Industry Pioneer in CGI, a multinational information and commercial consulting company, and it chooses a state of use that exceeds what is already done through automation of automated operations and simple automation. Although this may seem negative, which means that there is no innovation, Schmidt notes that FinTecs uses current knowledge as training land to simplify procedures. This approach creates space for real innovation.
The industry is also struggling to calculate the investment return of accelerating the current projects, making the field of innovation more difficult. Schmidt recently asked a first -class American bank about the return on investment in the work of artificial intelligence. Their response: “We don’t know. We know it is better. We know it’s more smooth. But we cannot really calculate the return on investment.” Schmidt believes that if the large banks are struggling with the return on investment, then obtaining financing for “IT-Just-Seed-Better” projects, especially those experimental, will be a challenge.
However, artificial intelligence is ready to revolutionize banks, and to transform them from the entities treated into intelligent, integrated and adaptive partners.
methodology
Global Finance Ai in Finance Awards are chosen winners based on the posts provided by financial institutions. Participants are judged on the influence, adoption and creativity that artificial intelligence brings to both systems and services. The winners of the entries provided by banks are chosen and evaluated by a global committee of judges in CGI, a leader in the field of information technology and multinational commercial consulting. CGI is a trusted artificial intelligence expert that combines the capabilities of data science and machine learning to generate new visions, experiences and models of artificial intelligence. Global Finance is responsible for the financial selection of all winners.
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