The framework, called Veritas, will enable financial institutions to evaluate their AIDA-driven solutions against the principles of fairness, ethics, accountability and transparency (FEAT) that MAS co-created with the financial industry to strengthen internal governance around the application of AI and the management and use of data. Proper governance around the use of AIDA is critical to fostering trust and confidence in AIDA-driven decisions and financial services.
Rakshit Kapoor, HSBC’s Group Chief Data Officer, said: “We’re excited to be part of this project. HSBC aspires to be a data-driven and a customer-centric organisation. Through the Veritas partnership with MAS and other constituents, we would like to further develop and embed practical implementation of AI principles into our global data strategy, in particular around good data governance and accountability.”
Customer marketing is an area with significant potential for AI adoption. As marketing processes become increasingly digitalised and automated, there is increasing scope to use AI tools to analyse customer data and match products or services to customers. Hence, it is important that such AI solutions recommend the right product to the right customer at the right time.
For HSBC, AI and data analytics are part of our Singapore strategy to focus on Investing in Digital Capabilities and Building the ‘Bank of the Future’ for our customers. Since January this year, we have seen self-directed investments into equities, unit trusts and forex continue to trend upwards. Since the launch of our mobile banking app in June 2019, the number of customer logins to the app has been more than double the number of logins to our online banking platform. We have also streamlined processes and platforms to improve operational efficiency and customer experience by implementing thirty remote servicing processes as well as digital wealth solutions. To ensure that our employees keep pace with our digital transformation, we have also implemented a Professional Conversion Programme (PCP) industry initiative that looks to up-skill individuals for banking jobs undergoing transformation.