KUALA LUMPUR, Malaysia, July 11, 2024 /PRNewswire/ — The Malaysian banking industry is at the forefront of a revolutionary transformation as it embraces the power of generative artificial intelligence (GenAI) in redefining banking operations, risk management, customer experiences and capacity building. According to Accenture’s Banking in AI 2024 report[1], banks are likely to benefit more from GenAI than any other industry. Effective adoption and scaling of GenAI could lead to a 30% increase in employee productivity and potentially boost revenue by up to 6% in three years. As Malaysian banks embrace GenAI’s advanced capabilities in data analysis, predictive modelling, natural language processing and more, banks can further unlock new avenues for innovation, efficiency, and customer satisfaction to stay competitive and drive unprecedented innovation across the financial sector.
YB Tuan Gobind Singh Deo, Minister of Digital; AICB Chairman Tan Sri Azman Hashim; ABM Chairman Dato’ Khairussaleh Ramli; and BNM Assistant Governor Aznan Abdul Aziz, with the AICB Council, AICB CEO Edward Ling and ABM Executive Director Dr Amina Kayani, at the 3rd Malaysian Banking Conference 2024.
The third edition of the Malaysian Banking Conference (MBC) themed "Banking in the Era of GenAI — Reshaping Banking, Innovating for the New Economy & Accelerating Sustainability", organised by AICB and ABM at Shangri-La Hotel, Kuala Lumpur on 10–11 July 2024, sought to facilitate deeper conversations on the transformative potential of GenAI in shaping the future of banking.
The Conference convened visionaries, founders, thought leaders, industry and technology experts, and AI enthusiasts to explore the key trends, issues and opportunities in reshaping banking operations with GenAI, changing business models and people strategies, the importance of innovation in the new economy, and how fast-changing technologies can facilitate the acceleration of sustainability and transition finance while revolutionising banking practices.
YB Tuan Gobind Singh Deo, Minister of Digital, Malaysia, who delivered the special ministerial address, said, "Digital infrastructure is the backbone of the digital economy. As the AI boom increases global demand for computing power, especially in data-rich sectors like banking and financial services, the need for next-generation data centres grows. Malaysia is well-positioned to meet this need and emerge as ASEAN’s premier data centre hub, with its availability of power, connections to undersea cable networks, and strategic geographical location for investors."
In his welcome address, AICB Chairman Tan Sri Azman Hashim said, "As the banking industry moves rapidly into a GenAI-driven future, continued investment in talent development is pivotal to building a highly qualified workforce equipped with future-fit skills to promote a culture of innovation and navigate the challenges and opportunities to remain competitive and stay ahead. Capacity building is critical in this rapidly changing environment, and AICB remains committed to building future-proof skills and fostering a culture of continuous learning and professionalism to ensure the workforce is prepared for the future of banking."
[1]Accenture. (2024). Banking on AI. https://www.accenture.com/content/dam/accenture/final/industry/banking/document/Accenture-Banking-Top-10-Trends-2024.pdf
ABM Chairman, Dato’ Khairussaleh Ramli, said, "The dynamic discussions and informative presentations provided delegates with valuable insights on how financial institutions can embrace and scale GenAI responsibly, harnessing the power of GenAI to create value for institutions, enhance customer experience, improve productivity and elevate operational efficiency. GenAI should therefore form part of financial institutions’ core business strategy, and not be treated as a separate technology or digital initiative."
The distinguished line-up of international and local speakers at the Conference included AI and technology experts, and, banking leaders from established banking and financial institutions, including Accenture Singapore, AEON Bank, AmBank, Asia School of Business, Bank Negara Malaysia, Boston Consulting Group, CIMB, Ecosystm, Equinix, EY, F5, GoGet, Google, Hong Leong Bank, HSBC, Huacomm Malaysia, International Finance Corporation, Kyndryl, LedgerBrains AI Consortium, Maybank, Pantas Software, PwC, RHB Banking Group, SAP, Securities Commission Malaysia, Silverlake Axis, SME Bank, Standard Chartered Saadiq Malaysia, TalentCorp Malaysia, Twimbit, and Wizpresso, among others. The dynamic discussions and informative presentations provided delegates with valuable insights on harnessing the power of GenAI to drive innovation and enhance customer experience, and how financial institutions can embrace and scale GenAI responsibly, taking it from experimentation towards delivering meaningful digital transformation of banking processes and supporting the acceleration towards a just transition.
On the sidelines of MBC 2024, a masterclass and a media roundtable were held to facilitate deeper conversations on the trends, risks and opportunities in harnessing the power of GenAI in banking and the importance of future-proofing Malaysian banking practitioners in this digital era.
MBC 2024 drew over 600 delegates from local and international financial institutions.
To foster a highly adaptable workforce that excels and remains relevant in a constantly evolving landscape, AICB is also leading the development of the Future Skills Framework (FSF) for the Malaysian financial sector with the Islamic Banking and Finance Institute Malaysia (IBFIM) and The Malaysian Insurance Institute (MII), which will be launched on 22 July 2024. The FSF, an industry-led framework, is an integral component of Bank Negara Malaysia’s Financial Sector Blueprint 2022-2026. Premised on the imperative to propel skills mastery and constant learning across the financial sector talent ecosystem, the FSF signifies a concerted initiative to foster a more future-ready workforce, raise the bar on professional excellence and advance the growth of the financial industry in Malaysia.
Find out more about the upcoming events organised by AICB at www.aicb.org.my/events/upcoming.
About the Asian Institute of Chartered Bankers
The Asian Institute of Chartered Bankers (AICB) is the sole professional body for Malaysia’s banking industry governed by a council of representatives from Bank Negara Malaysia (BNM), The Association of Banks in Malaysia (ABM), and the Malaysian Investment Banking Association (MIBA). With over 35,000 members, AICB aims to strengthen the banking workforce with the highest standards of professional conduct, knowledge, and competence through our banking qualifications.
AICB is the only institute in Southeast Asia that is authorised by the Chartered Banker Institute, UK, to award the Chartered Banker status. The Institute continues to support the growth of its members through innovative learning and by advocating professionalism, advancing thought leadership, and facilitating networking opportunities.
For more information on AICB, please visit www.aicb.org.my
About The Association of Banks in Malaysia
The Association of Banks in Malaysia (ABM) has 25 members comprising the commercial banks that currently operate in Malaysia. The main objective of ABM is to promote the establishment of a sound banking system in Malaysia in cooperation and consultation with the regulators. Guided by ABM’s mission statement, "Forging public understanding for a responsible and responsive banking industry", ABM takes on the role of an important intermediary between banking customers and its member banks. ABM aims to facilitate and create a conducive yet competitive banking environment while promoting orderliness and ethical banking practices.
For more information, visit www.abm.org.my.
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