Adopting Generative AI: Transforming Financial Service Efficiency And Productivity 2023 - Malaysia | OpenGov Asia | 6 November 2023 | TBA, Malaysia

The Malaysian government’s priority is to transform the nation into a high-income digital economy leader. Their strategy centres around harnessing technology to boost productivity, foster inclusivity, and stimulate innovation. This approach entails ensuring that the advantages of digital progress reach all segments of society, enhancing competitiveness for established enterprises, and cultivating a conducive ecosystem that nurtures pioneering ventures.

Recognising the rapid advancements in artificial intelligence worldwide, the Malaysian financial services industry is proactively transitioning to generative AI to remain competitive. By embracing this transformative technology, the country aims to drive innovation, increase productivity, and improve various sectors of the economy.

According to IBM, despite the increasing adoption of AI, only 35% of companies have currently integrated it into their operations, while an additional 42% are actively exploring its potential. However, the financial services industry is experiencing a significant upsurge in the utilisation of Generative AI, a specialised branch of artificial intelligence focused on generating new data or content based on patterns extracted from existing data.

The financial services industry acknowledges Generative AI’s potential in tasks like fraud detection, risk assessment, personalised customer experiences, and market analysis. With its transformative impact, including hyper-personalised content creation and streamlined processes, embracing this innovation today promises future growth, increased productivity, and limitless possibilities for the industry.

However, the financial services industry encounters challenges, similar to other sectors, in transitioning Generative AI projects from pilot stages to successful production, with only a portion achieving the desired outcomes.

To effectively adopt Generative AI, the financial services industry must have the capability to both understand the decision-making process of AI models and effectively communicate it to regulators, customers, and internal stakeholders.

Transparent and interpretable AI systems play a crucial role in building trust as they allow users to understand how the AI arrives at its decisions, enabling them to validate the results and have confidence in the technology’s reliability. These systems also facilitate regulatory compliance by providing auditable and accountable processes, ensuring that AI applications adhere to the necessary rules and standards.

This session will allow delegates to:

• Boosting employee productivity with ai and automation
• Streamlining incident management by aggregation and consolidation of multiple tools to correlate resource status across silos
• Augmenting security teams to help detect and eliminate threats and reduce risk
• Navigate generative ai adoption across organisations for fraud detection and risk assessment
• Learn methods to improve generative ai in fine-tuning large language models (llm)
• Leverage the potential of generative ai to enhance financial market analysis for accurate forecasting
• Develop techniques for personalised customer experiences to communicate and solve problems
• Understand steps to establish governance practices to protect data privacy

Who Should Attend?

• Chief Information Officers
• Chief Innovation Officers
• Chief Transformational Officers
• Chief Digital Officer
• Chief Data and Analytics Officers
• Heads of Information Technology
• Heads of Infrastructure
• Heads of Data and Artificial Intelligence
• Heads of Information Management Division
• Heads of Information Technology Strategy & Governance
• Heads of Information Technology & Digital
• Heads of Knowledge Management & Information Technology

2023 Speakers

Catherine Lian
Managing Director and Technology Leader, Malaysia, IBM

Kitman Cheung
Chief Technology Officer Data & AI, Asia Pacific, IBM

Mohit Sagar
CEO & Editor-in-Chief, OpenGov Asia