Singapore to work with leading tech firms to boost AI adoption in healthcare sector
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Straits Times
22 minutes ago
- Straits Times
Banking and finance jobs will change but won't disappear as AI becomes the new normal: Accenture
Find out what's new on ST website and app. The challenge of AI is not as daunting as many may think. SINGAPORE – The rapidly evolving technology of generative artificial intelligence or Gen AI is unlikely to eliminate many banking jobs, but the nature of them will change. The forecast comes from Mr Michael Abbott, global banking lead at consulting firm Accenture, who noted: 'Banking is still going to be about relationships, trust and deposits. 'Gen AI will rewire how nearly every job in banking is run.' But he also noted that an organisation still needs product experts in credit cards, mortgages and car loans, for example. The challenge of AI is not as daunting as many may think, as Ms Emily Prince, group head of analytics at the London Stock Exchange Group (LSEG), noted. Ms Prince , who spoke to The Straits Times here in March, said a worker does not have to be an expert in AI to use the technology, but will need to be curious and have 'baseline mathematics, physics and engineering' knowledge, similar capabilities required of people in financial services now. This is because the technology is freely available and, once it is deployed in an organisation, harnessing it boils down to an individual's area of speciality, she added. Top stories Swipe. Select. Stay informed. Singapore SMRT to pay lower fine of $2.4m for EWL disruption; must invest at least $600k to boost reliability Singapore MRT service changes needed to modify 3 East-West Line stations on Changi Airport stretch: LTA Singapore S'pore could have nuclear energy 'within a few years', if it decides on it: UN nuclear watchdog chief Asia 'Nothing like this has happened before': At least 16 dead as Thai-Cambodian conflict enters second day Life 'Do you kill children?': Even before independence, S'pore has always loved its over-the-top campaigns Singapore Lung damage, poor brain development, addiction: What vaping does to the body Singapore Tipsy Collective sues former directors, HR head; alleges $14m lost from misconduct, poor decisions Singapore Kopi, care and conversation: How this 20-year-old helps improve the well-being of the elderly 'Do you understand that business area? Do you understand the problem to be solved?' She added that AI is being used in financial services to help workers perform operational tasks much more efficiently. One example is in the area of financial compliance and know-your-customer (KYC) checks. Fenergo, which provides financial compliance software, found that roughly 60 per cent of its customers in Singapore are abandoning their banking applications during the onboarding and KYC stage because of the onerous process. Mr Cengiz Kiamil, its regional managing director, said AI can make it easier to identify and verify the identity of clients and the ultimate beneficial owners of a legal entity. It also automates document management so customers do not have to repeatedly give the same information. Mr Kiamil added that Singapore is one of the most expensive countries in which to undertake KYC checks. Some of the largest banks here employ anywhere between 500 and 2,000 compliance staff and spend on average US$300 million (S$384.5 million) a year on onboarding and KYC operations. 'It is definitely a large area to reap the benefits of AI,' Mr Kiamil said. AI also has the potential to open up new revenue streams for financial institutions. Accenture's Mr Abbott noted that the best banks in the world are optimising the time saved from using AI and 'putting it back into productivity time'. They are holding conversations with their clients so that they can cross-sell or upsell to get more business from them, while driving 'increased growth in the topline' in the meantime, he said. Mr Abbott cited an insurance company that grew its business twofold after adopting Gen AI. The insurer could deal with only 20 per cent to 30 per cent of all its underwriting requests, but Gen AI did the necessary tasks, freeing underwriters to focus on value-added tasks. This is an example of driving revenue and productivity without reducing headcount, Mr Abbott noted. Mr Kiamil added that businesses can utilise AI to analyse the data of customers and better understand their preferences, and so tailor products and services to their needs. This creates opportunities to generate more revenue from each client. AI is evolving so quickly that if there is a problem that might be too difficult or expensive for the technology to resolve today, the odds are that it is going to catch up six to 12 months down the road, noted Mr Abbott. He envisions a time when AI will make experiences 'infinitely more personal and better'. 'Eventually, chatbots will (make it) feel like you are texting your banker,' he said. LSEG's Ms Prince noted that AI will be the new normal , akin to how the world made the shift from pen and paper to computer . 'We will all use it. It will become a norm.'
CNA
3 hours ago
- CNA
Spear AI raises first round of funding to apply AI to submarine data
SAN FRANCISCO :A startup founded by U.S. Navy veterans aiming to help the U.S. military use artificial intelligence to decipher data gathered by submarines has raised its first round of outside capital. Washington-based Spear AI specializes in working with what is known as passive acoustic data, which is gathered by listening devices underwater. Its long-term aim is to use AI to help submarine operators understand whether an object heard could be a rain squall, a whale, or a vessel that could be a threat, and to detect where it is and how fast it is moving. The challenge is that most existing AI tools are trained on data such as words or images that have been painstakingly labeled and organized over years or decades by companies such as Scale AI, which recently signed a $14.8-billion deal with Meta Platforms. Data from acoustic sensors is different. Spear AI co-founders Michael Hunter, a former U.S. Navy SEAL analyst, and John McGunnigle, a former nuclear submarine commander for the U.S. Navy, are building a hardware and software platform that aims to prepare that data for AI algorithms. The company sells sensors that can be attached to buoys or vessels and a software tool to help label and sort the data gathered by the sensors to make it ready to be put into AI systems. The U.S. Navy this month awarded Spear AI a $6-million contract for its data-labeling tool. Spear AI, founded in 2021, has been self-funded and has about 40 employees. Hunter, the CEO, said it raised $2.3 million from AI-focused venture firm Cortical Ventures and private equity firm Scare the Bear. The funding will be used to double the company's headcount to support its government contracts and commercial business prospects, such as monitoring underwater pipelines and cables. Hunter said Spear AI also aims to sell consulting services, a model similar to defense tech firm Palantir. "We wanted to build the product and actually get it out the door before the contract came in to get it," Hunter told Reuters. "The only way you can do that is with private capital."
CNA
5 hours ago
- CNA
Fertility Support SG launches workplace guide to better support women undergoing treatment
According to a national survey, 77% of Singaporeans said pursuing fertility treatments come at a cost to their careers. Over a third of workers kept silent about their IVF treatment — worried about stigma, discrimination, or how it might affect their careers. To better support those going through treatments, social advocacy group Fertility Support SG has launched a guidebook for employers. Some recommendations include offering leave during treatment, as well as providing financial and emotional support resources. Caitlin Ng reports.
