Generative AI

The government will adopt a dual-track approach that considers risk.

Separately, the IBF has given out skills badges to 3,000 professionals.

It has formed a sandbox program to allow FIs to explore the use of gen AI.

Banks are encouraged to make full use of the sandbox.

About 43% of them have already used AI for shopping.

CSO assistant is expected to benefit its over 500 CSO staff in Singapore.

Despite hype, gen AI spending is low in 2023, at around $400,000 at its highest.

AI's role in personalising banking services and streamlining processes highlighted.

Financial sectors see major benefits from centralised AI strategies, though future shifts are anticipated.