While leading financial institutions are rapidly integrating GenAI into operations to enhance efficiency, challenges in model reliability, data integrity, and compliance hinder implementation and scalability.

The global outage led by the CrowdStrike-Microsoft faulty software update underscores the emerging gaps in resilience, interdependence of systems, vendor concentration, and single points of failure in networks

Digital transactions nearing 90% at leading banks reveal core technology deficiencies, prompting over 50% in Asia Pacific to adopt microservices for enhanced agility and scalability

The Indian central bank’s disciplinary action and consequent threat to Paytm Payments Bank’s licence is a lesson for the industry that growth and innovation cannot be at the cost of compliance

Banks in Asia Pacific invested an estimated $63 billion towards technology in 2022. The annual spending on technology is expected to increase by 7.5% in 2023 to $68 billion.

Banks have been investing in AI over the last few years, focusing on specific use cases. They must now scale AI across their business processes and incorporate emerging advancements in GenAI.

Banks increasingly focus on modernising technology architecture and ‘hollow’ their core systems to address the challenges of legacy systems and meet the evolving business needs, agility, scale, for future growth.

According to a TABInsights survey on technology investment, FI in APAC prioritise data management, advanced analytics and digital banking capabilities

Even as regulators become more stringent, the financial industry continues to grapple with cyber attacks and fraud, according to experts who shared their strategies in a TABInsights survey

Investors’ risk appetite and fondness for fintechs have cooled, leading to a 42% drop in global funding and 57% drop in APAC funding in the first half of this year

Banks have implemented chatbots for operational efficiency and improved customer access, but new AI capabilities expose key gaps in contextual and cognitive capabilities of current bots

While some banks have increased the use of AI in personalising services, marketing and risk management, legacy systems struggle to leverage and scale it effectively, and financial institutions must rethink technology frameworks to move towards AI-driven organisations