AI reinventing Phl banking landscape

Generative AI (gen AI) has recently come to the forefront in reinventing banks’ business models today. Along with real-time payments, open finance framework and digital currencies, gen AI is now among the powerful initiatives that have been shaping the Philippine banking landscape.

- KEISHA TA-ASAN

Karen Kim, CEO of Human Managed, said there are opportunities in using gen AI in automating banks’ biggest services such as deposits, payments and clearance services.

“Because the banks already have so much volume and historical data on these transactions, gen AI is a perfect way for the data to be trained in different models and then actually automating those recommendations,” Kim said.

Banks could also digitize its customer engagement and personalize different reports by using gen AI to improve their services. By doing so, banks will have a higher customer retention.

Kim told The STAR that gen AI could support lenders in three aspects.