The use of Artificial Intelligence (AI) in the finance market has seen considerable growth in recent years, with the sector projected to expand to US$1,591.03 billion by 2030. A study revealed that AI adoption in Southeast Asia could add an estimated US$1 trillion to the region’s Gross Domestic Product (GDP) by 2030. AI is credited with enhancing customer experience, operational efficiencies, and reducing total cost of ownership. AI has revolutionised the fight against fraudulent activities by bolstering anti-money laundering protocols and enhancing electronic Know-Your-Customer (eKYC) processes. An example of AI’s impact is in Singapore’s DBS, where the bank employs AI to reduce false positives and prioritise alerts.
