Singapore goes AI: training, incentives and regulation

“Earlier this year, both the United Overseas Bank (UOB) and the OCBC Bank in Singapore announced their intent to invest in training sessions in AI for their staff.

In a recent note entitled “Is AI the next revolution in retail banking?”, UBS strategist Philip Finch revealed that the new technology could lead to a 3.4% revenue uplift and cost savings of 3.9% over the next three years. The figure was based on an UBS Evidence Lab survey of 86 banks.

Improving P&L statements with AI

Another business potential of AI comes in credit assessment. UOB is now able to run credit processing and credit decisioning by using a data-enriched AI-powered credit decisioning tool.

Preventing fraud

According to early tests conducted by the bank, the technology developed by ThetaRay could help OCBC reduce the number of transactions reviewed by anti-money laundering compliance analysts by 35%, while the accuracy rate of identifying suspicious transactions could be increased by more than four times.”

51% of Americans prefer to shop online, leading to an average e-commerce growth rate of 23% per annum.

A notable social media presence also influences up to 56% of in-store purchases.

80% of the businesses to implement chatbot automation to some extent by 2020.

Out of 5,000 respondents, 38% rated their perception of bots as positive, 51% were neutral, while only 11% had a negative opinion.

According to Forbes, 40% of millennials already use voice commands to make purchases. The numbers are bound to rise this year as well and are expected to reach beyond 50% in 2020.