Artificial intelligence (AI) usage is gaining traction within the financial services industry.
Nowadays, Financial Institutions are becoming aware of the power of new technologies. More and more are exploring ways in how artificial intelligence, and machine learning can leverage the customer experience, and enter new markets.
In a media briefing dubbed as "Analytics in Action 2019" held at the Makati Shangrila last July 16, 2019, SAS FSI elaborated on the importance of Analytics amidst the power of new pervasive technologies like AI in today's digital revolution.
The SAS Forum puts the spotlights on the power of Artificial Intelligence and showcased SAS capability to accelerate business’ digital transformations. In the panel were Kenneth Koh, Irene Xu, Jason Loh joined by Ryan Guadalquiver and Philip Manalaysay of SAS Philippines.
Miss Irene Xu, who has been with SAS for 4-1/2 years emphasized on curiosity and capability in her keynote ". Before joining SAS, she has seen how analytics has shaped business strategies and and how analytics can transform customer experience to be able to bring value to them. She brings her expertise spanning 40 years.
"Curiosity is what keep SAS curious about things----it answers what if, why and why not. Curiosity pushes us to challenge what we have already seen...Maybe there are questions we have not seen nor answered," said Xu.
"Capability is having the right skills to enable or empower the analytics if technology to make the most use of data."
By evaluating and deploying artificial intelligence with financial institutions, companies can increase their competitive edge and positively impact the bottom line.
This innovative technology can be applied to protect institutions and safeguard consumer assets against fraud, money laundering, inside trading and market abuse.
Advanced data analytics allows organizations to re-engineer traditional work processes, to lower operational risks, to drive down costs and improve workflow efficiencies. By adopting of these new technologies, institutions will be able to spot anomalies, learn from unusual transactions, and gain faster response time.
According to Mr. Guadalquiver, with 70% of the local population are unbanked, so leveraging technology in banking would be a good move.
"We are really big on adopting new things. This Data Analytics comes in different forms especially when it comes to financial services. One area would be in compliance because they would have to work with the regulators at that. And there is a big adoption there when it comes to risk compliance, anti-monry laundering...In fact, SAS has been helping big banks here with anti-money laundering," according to Guadalquiver.
He added that, "Customer Experience is another area where analytics can be applied with the digital transformation that is happening and the increase of digital users...Customer experience goes beyond offering the financial services in the traditional way. It is reaching out through mobile applications----through digital, where a lot of data are coming in. I think that is where we can help the financial services industry."
"Artificial Intelligence is a hot topic. It is not gonna go away pretty soon... There is emphasis on improved customer experience.", Mr. Manalaysay added.
The future of analytics and what it promises to deliver to accelerate business’ digital transformations is something we can all leverage on.