Kuala Lumpur (11 July 2024): 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.

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.

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.