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The rise of GenAI in transforming financial services
Generative AI’s (GenAI) ability to process and analyze large datasets, generate predictive insights, and automate complex tasks is catalyzing financial institutions (FIs) to offer more personalized services, manage risks effectively, and adapt quickly to changing market conditions.
A recent EY survey of FIs in Malaysia highlights that the majority or 85% of senior management opined that GenAI will be the industry norm within a year, with 74% in the exploration stage of experimenting with GenAI applications. One-third of FIs have successfully deployed GenAI for internal processes, and a quarter (25%) of FIs are already advancing the use of GenAI for their client acquisition and onboarding actions.
Adopting Generative AI goes beyond technological progress; it's turning into a key strategy for companies looking to stay ahead in their sectors.
Shankar Kanabiran
Malaysia Deputy Consulting Leader and Partner, Ernst & Young Consulting Sdn. Bhd