Bankers and insurers representing some of the biggest local and global financial institutions based in Singapore concur that although generative AI and machine learning (ML)-enabled workflow automation have promise, a majority of the institutions are struggling with non-technical challenges in adoption, namely, the lack of skill sets and the unknowns of governance, risk, and compliance (GRC) around generative AI.
This IDC Event Proceedings report summarises and provides insights from an exclusive executive roundtable hosted by Kofax and IDC in Singapore on June 6, 2023. The luncheon session was led by Chris Huff, Chief Growth Offcer from Kofax, and Cyrus Daruwala, Managing Director, IDC Financial Insights. The discussion centred on the widespread use and impact of intelligent automation and artificial intelligence (AI) on the financial services sector, and highlighted the key challenges and the way forward for financial services institutions as they navigate through the brave new world of generative AI.
