Ngee Ann Polytechnic is launching the new Artificial Intelligence in Finance programme — the first of its kind — to keep up with the latest in fintech
June 20, 2018
The finance sector has a track record of being an early adopter of disruptive technologies, such as artificial intelligence (AI).
Take, for instance, OCBC Bank’s AI-powered home and renovation loan chatbot named Emma
It recognises terminology related to applying or refinancing a home loan, and replies to questions from customers. Since the beginning of last year, Emma has closed more than $70 million worth of home loan deals.
Similarly, United Overseas Bank (UOB) has created two robot-like “virtual employees”. The “robots,” named Amy and Eve, are not physical robots but virtual programmes that use Robotics Process Automation software to execute mundane data entry tasks.
With the help of AI, you could have your bank loan approved within minutes, or have a virtual assistant help you crunch numbers and data that point to the investment with the best potential to yield a higher return.
Technologies like AI may potentially make banking services better, but they will have a significant impact on current jobs across sectors such as compliance, risk management and insurance.
To equip professionals to meet challenges that AI will bring, Ngee Ann Polytechnic (NP) is launching a new programme, Artificial Intelligence in Finance (AIF) with London-based Centre for Finance, Technology and Entrepreneurship (CFTE).
The AIF programme comprises 18 modules that can be accessed online. This enables working professionals to complete the programme in their own time.
It aims to equip working professionals with the necessary skills to tap opportunities in financial sector. In particular, it will benefit finance professionals in capital markets, front-office, compliance, risk management and insurance, and corporate workers such as technologists, entrepreneurs, regulators, lawyers, fintech educators, business writers and students.
Mr Clarence Ti, NP’s principal, says: “AI is a technological driving force that no industry can ignore. Some studies estimate that about 50 per cent of today’s tasks will be assisted by AI in the next 20 years. With Singapore and London gaining recognition as leading fintech (financial technology) hubs of the world, it is timely for NP and CFTE to launch an industry-led programme that provides finance professionals and others a practical guide to AI.”
The AIF programme is the brainchild of more than 20 industry insiders and thought leaders from all over the world.
Its distinguished faculty includes co-founder and chief executive officer of ADDOAI, Dr Ayesha Khanna; chief strategy and innovation officer of Ping An Technology, Mr Jon-Tzen Ng; former global chief technology officer at UBS, Dr Stephan Murer; and chief technology officer and chief data scientist at Flowcast Inc, Dr Winnie Cheng.
Faculty member Dr Khanna, who is also the cofounder of an AI company, says many people think erroneously that AI teams only require data scientists and software engineers. She explains: “Domain expertise is critical to building customer-centric products and services. If talent in sectors such as financial services learns the basics of AI, it can collaborate with technical experts and be relevant in this new era of AI-driven services.”
The industry-led online course will be the first of its kind. Anchor sponsors OCBC Bank and UOB have signed up their staff for this online course as part of their training programme.
Participants can expect to benefit from practical insights based on real-world applications, learn the fundamentals of AI and hear views and experiences from global guest speakers. They can also get access to an online community of AI experts and learners. Enrolment for AIF is nearly 2,000 to date.
As the AIF programme is supported by SkillsFuture Singapore, Singaporeans get to enjoy a 70 per cent government subsidy. The programme is also in the process of obtaining accreditation with The Institute of Banking and Finance Singapore.
Visit www.aifinance.sg to register for the new AIF programme, which will commence on June 25 or watch this video. Those based outside Singapore can check out www.cfte.education/aifinance for more information.
This article was first published on June 20, 2018 in straitstimes.com.