Global Finance’s Technology and Transaction Banking Editor Gilly Wright, moderated the distinguished panel, featuring Hussein Al-Abdulla, Head of Alternative Assets and Marketing, Commercial Bank Qatar (CBQ); Sachin Arora, Head of Strategy, Financial Services, Infosys; Olli Anteroinen, Head of SME Digital, Business Banking, Nordea; Payal Jain, Head of Application Engineering and Platforms, Citi; and Friedman Wang, Head of Digital Technology Division, CTBC.

Global Finance: Cutting through the hype, what role can AI play in the way financial services are delivered and consumed?

Sachin Arora: To understand the role and impact of AI, we need to start by looking at how customer experiences are formed.

People don’t wake up in the morning thinking about their bank. Instead, consumers take a more emotional view of money. Also, since bad news travels much faster than good news, one manifestation of good customer experience for banks is really about the downside protection for the brand and what it means to customers.I think of ‘customer experience’ at the intersection of products, processes and people. A firm may have a great product, but the process for how customers interact with the product may be broken. Or, you might have a great process when a customer engages with the call center, but employees may not be well equipped to resolve the customer query.

If we consider AI in this context, one would be able to see the extraordinary potential of AI to enrich a bank’s products, automate its processes and amplify its people in serving the customer.

Global Finance: What are the next steps with visualization, another emerging area of AI?

Anteroinen: Our next step will be to enhance the customer experience by leveraging AI in new concepts within digital banking. Data visualization is one of the ways we can leverage AI on different, new concepts within the digital banking services that we provide.

For example, we can use visualization to guide SME customers on cashflow management, combining different datasets that we have within the bank and merging these with customers’ financial data to produce valuable insights for customers. That is on the horizon for us in 2025.

Global Finance: How is AI addressing customer needs and expectations?

Hussein Al-Abdulla: CBQ worked for many years to use AI to develop our systems and processes to improve the customer experience. Some of this has been driven by Qatar’s demographics: over 55% of our country’s population is under the age of 26, so they want to access their banking services via mobile apps rather than branch visits.

We identified the need for this customer experience around eight years ago, and today approximately 95% of our customers use the bank’s mobile app.

COVID-19 accelerated the development of our mobile app, since customers had to use it for their day-to-day activities. For example, CBQ developed an application for domestic maids to open accounts through mobile.

This initiative shows the bank’s focus on meeting our customers’ needs, and I believe we will see increasing development of mobile banking in areas we haven’t explored yet.

Global Finance: Is Generative AI really the answer? AI can be expensive, so how does the cost impact return on investment?

Payal Jain: The good news is AI is increasingly becoming more affordable. Generative AI isn’t always going to be the answer, and we will see other parts of AI make strides in the years to come.

For now, as GenAI has become more accessible and it has reduced the barrier to entry, allowing it to be applied more widely. Initially used to simplify routine tasks, it’s now possible to use it in more complex end-to-end workflows.

At Citi, we consider the ROI of GenAI in terms of the value it brings to us. This is the value of productivity gains across the bank and various stakeholder groups, including engineering, sales, marketing and operations.

Global Finance: As AI is used to innovate more widely, how can we ensure it is also used responsibly? Can you discuss hallucinations in Gen AI?

Arora: : At Infosys, we work with more than 1,000 clients, and some have reported experiencing AI hallucinations. We recommend our clients to not consider hallucinations as a bug; rather think about it as a feature of the large language models. Let me explain.

The quality of output from large language models depends on the databases they are trained on. If the underlying databases have inherent biases to certain dimensions of the business, the model will naturally respond with a certain archetype. The approach to train these models also plays a big role in the degree of accuracy achieved.

We need to ensure consistency, repeatability, predictability, fairness, and avoidance of biases. There are techniques and technologies available to deal with hallucination, so it’s important to switch our mindset and look these as features of the AI process.

Jain: I agree that hallucinations will happen, and they must be expected when building platforms or solutions to run in production in an enterprise. Being rooted in good data is important.

Global Finance: What type of training guardrails does Citi have to deal with fragmented data?

Jain: Data fragmentation is a big issue, and we have been at the forefront when it comes to building guardrails. To incorporate GenAI, we need to take a defensive approach each time we think about deploying a model or releasing a new use case into production. With every application that gets built, we need to make sure the data being used is of a certain classification. We don’t want to expose our most sensitive or restricted data.

We also know that data has been a hard problem to solve for a long time. It’s a priority for us to create better quality data so we can unlock the value in terms of more insights and to access richer metadata that will help us in our AI journey.

Global Finance: What’s the role of the regulators as part of the AI journey, and how are they shaping the way GenAI is being used?

Wang: In Taiwan, the regulator issued the first AI governance guidelines in June 2024 that will come into effect by the end of this year.

The regulator asked all the banks to design an AI process that prioritises customers, with a guideline that says banks must offer customers the right to accept a service and to provide an alternative solution.

Banks are looking at it from a risk-based approach, classifying AI applications from low to high risk, and using several factors to define the metrics so we have a clear guide. We are working to define a financial AI standard to create a framework to regulate all players.

Global Finance: : Is collaboration and creating ecosystems the best way to push AI forward?

Al-Abdulla: Yes, collaboration is important because there are a lot of players in the market that bring different capabilities.

One of the things I’m happy about in Qatar is that our regulators, especially the Central Bank, have provided a technology framework that allows banks to collaborate and work with FinTech companies.

For example, we recently worked with one of the investment houses to develop a tool that allows many of our customers to make buy and sell orders through a mobile app.

Global Finance: How do you think about the ‘end game’ when it comes to AI? What are you hoping to achieve?

Anteroinen: Our end game is to make our customers happier and bring leverage to the business in terms of personalization, segmentation, and automation. We want to create clear business value while also ensuring we are responsible and maintain our trust.

Wang: From CTBC’s perspective, we are trying to integrate the two kinds of AI, so that we can offer a relatively safer solution to our customers.

The GenAI and other technologies are advancing faster and faster, and we are trying to roll out virtual banking services by next year to serve as an end game for our bankers to provide affordable services to customers.

Al-Abdulla: I can see social media as a new banking system, for example with WeChat in China, where users can do everything in the app, using a simple platform, once all the requirements are met in terms of privacy and protection. We already see investment houses offering advisory services through social media, which is a comfort zone for a lot of people. I think this is going to happen sooner rather than later.

Global Finance: In what ways can AI potentially be used to reimagine experiences as well as to rearchitect businesses?

Arora: At its very basic, AI & for that matter most new technologies bring forward a set of tools that allow businesses to be more effective and relevant to their customers.

In 2004, when Google first listed as a search engine business it was worth US$27 billion. Not many could have predicted that it would democratize the internet in the way it did and be worth nearly US$2 trillion 20 years later! What does this mean in terms of the potential for Open AI or other such AI trail blazers? Could it become the first US$10 trillion company?

“For me, the real end game is to look at the art of possible and see how we can reimagine the customer experience.”

Sachin Arora, Infosys

But it can’t be done without re-architecting the operating model. AI engineers need to ensure that this tool, which can accelerate business outcomes and customer intimacy, is developed in a safe and compliant way.

At the same time, it requires us all to refresh our mindset as technology shifts and we hit inflection points. Use cases will evolve and applications will evolve, so we all need to ask ourselves – as individuals and professionals – how do we reinvent our roles, as entrepreneurs, employees, and stewards of our organizations?

Global Finance: Thank you all. It’s clear the financial industry is continuing to explore responsibly the possibilities of AI and engaging in thoughtful discussions about its future.

1   (left to right) Societe Generale’s Andrew Menzies, Global Head of DCM, Thierry d’Argent, CEO of the London Branch, and Natalie Lemarcis, Managing Director and Head of Origination and Advisory – Europe Energy Group accepting the World’s Best Bank for Sustainable Finance Award for 2024 from Joseph Giarraputo, Global Finance’s Founder and Editorial Director.

 2   CIBC’s team collecting the global awards for Best Bank for Sustainable Bonds and Best Bank for Green Bonds for 2024 from Global Finance’s Joseph Giarraputo.

 3   Hyung Il Kim, Deputy CEO of Industrial Bank of Korea accepting the Best Bank for ESG-Related Loans globally for 2024.

 4   Monika Mezei, ESG Senior Advisor for OTP Bank addressing the audience in acceptance of the 2024 Best Bank for Sustainability Transparency globally. 

 5   Bank Pekao’s Jerzy Kwiecinski, Deputy CEO (left) and Dieter Lobnig, Managing Director and Head of Investment Banking (right) accepting the Best Bank for Green Bonds, Best Bank for Transition/Sustainability Linked Bonds and Best Bank for Sustainable Finance in Central and Eastern Europe for 2024 from Global Finance’s Joseph Giarraputo (middle). 

6   Izlem Erdem, Deputy CEO and Sustainability Leader for Isbank accepting the Best Bank for Sustaining Communities in Central and Eastern Europe.

 7   Bank of China’s team collecting the Best Bank for Sustainable Bonds, Best Bank for Sustainable Infrastructure Finance and Best Bank for Transition/Sustainability Linked Bonds in Asia-Pacific for 2024.

 8   Gustavo Brianza, Managing Director (left) and Caroline Haas, Head of Climate and ESG Capital Markets (right) of NatWest accepting the Best Bank for Sustainable Finance Award in United Kingdom from Joseph Giarraputo, Founder and Editorial Director (middle) of Global Finance.

 9   Emirates NBD Capital’s Carlo de Vos, Head of Corporate and Institutional Banking receiving the global awards for Best Investment Bank in Emerging Markets and Best Investment Bank for Client Facing Technology in 2024.

10   Alex Pallin, Head of Equity Sales in London for Bradesco BBI accepts the award for new category The Best Investment Bank for Infrastructure Finance in Latin America, as well as three other awards.

11   Chapel Hill Denham’s Lanre Buluro, Managing Director Capital Markets (left) and Richard Rothwell, Director (right) collecting the Best Equity Bank in Africa award for 2024.

12   Paul McDonald, CEO QNB UK, accepting the 2024 Best Investment Bank in Qatar award.

13   Abdullah AlHaddad, Chief Investment Banking Officer for KFH Capital receiving the 2024 Best Investment Bank in Kuwait award.

14   Al Ahly Pharos’ Ahmed Salem, Group CEO and MD (left) and Ahmed Heider, CEO and MD of Investment Banking (right) collecting the Best Investment Bank in Egypt for 2024.

15   Bassem Boustany, Deputy Managing Director and Head of Business at National Bank of Kuwait accepting the Best Bank for ESG-Related Loans award for 2024.

Global Finance held its 25th annual Best Investment Bank and the Sustainable Finance awards at Searcy’s in London on April 30th.

The awards ceremony brought together attendees from across the globe at the iconic Gherkin on St. Mary’s Axe in the heart of the City of London. Societe Generale was awarded the World’s Best Bank for Sustainable Finance and clickthrough for highlights from a fantastic evening celebrating the institutions pushing the agenda for sustainability financing and investment banking activity globally.

1.  National Commercial Bank Jamaica: (L to R) Karrian Hepburn-Malcolm, Head of Wealth; Audrey McIntosh, Head of Private Banking

2.  Banque Richelieu Monaco: Thomas Lhuillier, CEO

3. Bradesco Global Private Bank: (L to R) Alexandre Sylvestre, Senior Credit Manager; Joseph D. Giarraputo, Global Finance; Roberto Schwartz, Head of Bradesco New York

4.  Schoellerbank: Viktoria Polzl, Relationship Manager, European Corporates, Americas

5.  Banco Popular Dominicano: Marisol Muñoz, Head of Private Banking

6.  Bank Pekao: (L to R) Jaroslaw Fuchs, Director Private Banking; Katarzyna Tomaszewska, Managing Director; Michael Waleczak, COO Head of Strategy & Development

7. Agshin Mirzazadeh, Chief Officer Private Banking, Pasha Bank

8. Lee Soyong, Relationship Manager, Hana Bank; Joseph D. Giarraputo, Founder and Editorial Director, Global Finance; Woo Hyangju, Relationship Manager, Hana Bank

9. (L to R) Mary Ellen Reilly, Managing Director, Investmentment Manager and Trust and Chief Fiduciary Officer, Fifth Third Private Bank; Joseph D. Giarraputo, Founder and Editorial Director, Global Finance; Lori Frischer, Managing Director, Shared Services, Investment Advisers, and Institutional Services, Fifth Third Private Bank

10.  (L to R) Dulce Chicon, Vice President, Latin America & The Caribbean, Global Finance; Idowu Thompson, Head of Private Banking, First Bank Nigeria; Folake Ani-Mununey, Group Head Marketing, First Bank Nigeria

11. (L to R)  Rafael Algarra Jr., Vice President Private Banking, EastWest; Karrian Hepburn-Malcolm, Head of Wealth, National Commercial Bank Jamaica; Venkatesh Kommineni, President, 360One Wealth; Audrey McIntosh, Head of Private Banking, National Commercial Bank Jamaica; Richard Tamayo, Senior Vice President, Wealth Management, EastWest

12. JP Morgan Group: The team from JP Morgan Private Bank accepts their award for Best Private Bank in the World. Joseph D. Giarraputo, Founder and Editorial Director, Global Finance (C), Rosa Rita, Global Chief Marketing Officer and Head of Business Intelligence, JP Morgan Private Bank (L)