Thinking Fast and Slow: the GenAI Conundrum for Financial Services
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The financial services sector has not been shy to put money into GenAI, since a
white paper by the World Economic Forum and Accenture revealed that spending is projected to reach US$97 billion by 2027. While the industry remains cautious due to strict regulatory framework and compliance requirements, the momentum is unmistakable as it is now evident that AI can play a fundamental role in navigating more complex use cases.
McKinsey's 2025 State of AI report indicated that 21% of financial services institutions have adopted the transformative technology in risk, legal and compliance functions, in comparison to the industry average of 11%. The general optimism reported towards GenAI, combined with recent developments of DeepSeek, served as the perfect timing and conversation starter for the Amazon Web Services (AWS) for Financial Services Executive Forum and Luncheon.
Behind closed doors on March 20, 2025, industry heavyweights and policy regulators came together to discuss the hottest industry topics. With the theme being 'Leave Your Legacy • Redefine Your Future', the full-day event explored the transformative potential of technology through a series of keynote speeches, panel discussions and interactive demos. GenAI, data innovation and analytics, security and resilience, as well as customer experience enhancement were all on the agenda, shining a light on best practices and guidelines.
Addressing the Past: Charting a Roadmap for AI Breakthroughs
Robert Wang, Managing Director of AWS Hong Kong and Taiwan, opened the forum by tracing the evolution and adoption of GenAI in financial services, calling attention to distinct milestones that brought the technology to where it is today. 2023 no doubt marked the start of GenAI's explosive growth, but even until recently, businesses had mainly made use of applications centred around improving productivity and cost, wary of risking intellectual property and consumer trust.
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This progression mirrors the industry's relationship with cloud technology, which was also met with initial hesitation a decade ago due to security and scalability reasons. It wasn't until after years of cautious experimentation that businesses embraced and integrated cloud infrastructure into operations. Having experienced the benefits of connectivity, Wang is positive businesses will be quicker on the uptake of AI, and that 2025 will be 'the year of reaction'. By choosing to focus on practical applications and use cases rather than far-fetched theoretical possibilities, Wang's remarks set the tone for the day filled with immersive insights and networking opportunities.
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