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The Asian Banking & Finance and Insurance Asia Summit highlighted the critical need for Thailand's financial sector to embrace AI technology. Experts emphasized that while AI can enhance productivity and operational efficiency, it does not guarantee a positive return on investment without clean data and effective risk management. The discussions also pointed out the importance of industry collaboration to navigate the challenges posed by digital transformation.
Key insights included the potential for AI to save the banking sector approximately $1.4 billion annually through improved customer service and operational streamlining. However, the industry faces challenges such as rising customer service costs and declining customer experience scores. The summit also addressed the urgency for financial institutions to adopt digital strategies and enhance their leadership capabilities to meet evolving consumer expectations.
• AI can lead to significant productivity gains in financial services.
• Digital fraud losses in Thailand reached over $2.1 billion in 2023.
AI is utilized to enhance operational efficiencies and customer service in financial institutions.
Machine learning models are deployed to combat digital fraud, significantly reducing fraudulent activities.
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