Generative artificial intelligence will be a key focus in 2024 for Asia's banking sector, according to a report by Mambu.
In 2024, generative artificial intelligence (AI) is expected to be a key focus for the banking sector in APAC, according to Mambu’s «Partner Predictions Report». This new technology is expected to boost productivity and enhance problem-solving capabilities.
«2023 brought immense change and disruption to financial services in the Asia Pacific region, with evolving regulatory frameworks, innovations in cross-border payments, and ongoing digital transformation efforts of both new and established players all having an impact,» said Colin Kum, Mambu market sales director for APAC.
«As we move into 2024, Asia Pacific – and in particular Southeast Asia – will continue to experience rapid growth and transformation, with the turbo-charged impact of generative AI in banking to play a significant role.»
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The report also noted that one-quarter of banking executives want to replace their legacy IT infrastructure. Around 35 percent of them cite migrating data and processes to the cloud as essential. Other areas that are expected to be trending due to new technologies include digital transformation and banking, payments, mortgages, embedded finance, big tech and emerging tech as well as regulation.
The report was based on 30 experts from various sectors across big tech and financial services.
Launched in 2011, Mambu is a software-as-a-service cloud banking platform. It supports more than 260 customers in over 65 countries including Commonwealth Bank of Australia, Raiffeisen Bank, ABN AMRO and more.
