TITLE:
Key Trends Driving Adoption of Generative Artificial Intelligence in Malaysian Banking Sectors
AUTHORS:
Nazrul Irwan Mohd Nor
KEYWORDS:
Technology, Generative Artificial Intelligence, Artificial Intelligence, Banking, Financial Sector, Malaysia
JOURNAL NAME:
Technology and Investment,
Vol.15 No.1,
February
29,
2024
ABSTRACT: The financial sectors in Malaysia are being
influenced by worldwide occurrences, like regulatory changes, financial reforms,
technological disruptions and
advancements, demographics, sociopsychological factors, healthcare developments, global trade dynamics, and
geopolitical events. Consequently, banks
are making substantial investments and ramping up funding, particularly
in the field of Artificial Intelligence (AI), to mitigate the risk of
disruptions. With the pandemic experiences, AI has been broken down for better
management into Machine Learning (ML), Deep Learning (DL) and Generative AI. Tools and
companies are proliferating at an astonishing rate evolving in the Banking
ecosystem since 2021. In this research, the key trends currently driving
adoption of Generative AI in the Malaysian Banking Sectors are investigated using a
convenience survey method from 5 banks in Malaysia. The results show a variety of workforce transformations that will be critical to creating an agile and fit-for-future financial personnel.