A new initiative is under way to help financial institutions promote the responsible adoption of artificial intelligence (AI) and data analytics. Veritas, as the initiative is called, will allow institutions to evaluate their AI-and data analytics-driven solutions against the principles of fairness, ethics, accountability and transparency. These principles were devised by the Monetary Authority of Singapore (MAS) and the financial industry last year. Veritas aims to provide financial institutions with a verifiable way to incorporate the principles into their AI and data analytics solutions. It will comprise open source tools that can be applied to different business lines, such as retail banking and corporate finance, and in different markets.
Singapore has unveiled an ambitious plan to drive the adoption of artificial intelligence (AI) across the city-state and position it as a global platform on which to develop and testbed AI applications. With the launch of a national AI strategy, the government is aiming to leverage the technology to create economic value, enhance citizen lives, and arm its workforce with the necessary skillsets. Stressing the integral role of AI in Singapore's smart nation efforts, the government said its national AI strategy was necessary to identify and allocate resources to key focus areas on a national level. It also detailed how government agencies, organisations, and researchers could collaborate to ensure a positive impact from AI, as well as direct attention to areas where change needed to be managed or potential new risks needed to be addressed as AI becomes more pervasive. The key goal here is to pave the way for Singapore, by 2030, to be a leader in developing and deploying "scalable, impactful AI solutions" in key verticals, according to the Smart Nation Digital Government Office (SNDGO), which developed the national AI strategy.
Self-driving taxis, robots in preschool that function as teaching assistants, AI tools that analyse chest x-rays and diagnose skin cancer, a personal shopping assistant that helps you navigate both your digital and in-store shopping experience with ease – artificial Intelligence is no longer the stuff of science fiction books. AI applications in network analytics, video analytics, speech and facial recognition will be Singapore's next big phase in its Smart Nation journey. Speaking last month at the Smart City Expo World Congress opening ceremony in Spain, Minister for Foreign Affairs Vivian Balakrishnan announced that Singapore has invested more than $500 million to advance the field of AI research and enterprise. The island-state aims to be a trailblazer in driving AI as a technology for transformation. In fact, the Smart Nation Digital Government Office (SNDGO) has been established with the ambitious goal of deploying scalable, impactful AI solutions that will transform Singapore's economy and societies.
While blockchain and quantum computing continue to inch up the emerging technologies hype cycle, artificial intelligence (AI) is revolutionising the financial services industry by stealth. Fuelled by the three'V's of big data – velocity, volume and variety – AI tools are being deployed across the bank, from the customer front end to deep in the back office. AI is an umbrella term that covers robotic process automation, or the simple automation of processes such as data entry; natural language processing (NLP), most commonly used in chatbots; and machine learning, as is used in robo-advisory services and credit scoring. To date, much of the focus has been on customer benefits, such as improved experience and more personalised products; however, Cathy Bessant, Bank of America's chief operations and technology officer, believes that the more exciting application areas are in risk management and financial forecasting. "AI gives us the ability to take vast amounts of data and produce forecasts and risk assessments based on changing variables to understand their impact. The opportunity for fast, world-class risk management is huge," she says.
Join now to receive first access to our EXCLUSIVE reports and updates. The Monetary Authority of Singapore (MAS) has announced that it is working with key industry stakeholders to develop a guide to promote the responsible and ethical use of artificial intelligence (AI) and data analytics by financial institutions. The guide will set out key principles and best practices for the use of AI and data analytics, helping financial institutions to strengthen internal governance and reduce risks of data misuse. The guide is targeted for completion by the end of the year. It will cover all segments of the financial sector including FinTech firms.