Banks, financial firms lead in adoption of AI in Philippines: Microsoft PH
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Banks, financial firms lead in adoption of AI in Philippines: Microsoft PH
Arthur Fuentes,
ABS-CBN News
Published Apr 10, 2024 08:00 AM PHT
|
Updated May 29, 2024 02:20 PM PHT
The headquarters of Microsoft Philippines in Makati City. Art Fuentes, ABS-CBN News
The headquarters of Microsoft Philippines in Makati City. Art Fuentes, ABS-CBN NewsMANILA - The banking and financial services sector is leading the way in deploying artificial intelligence in the country, according to the head of Microsoft Philippines.
MANILA - The banking and financial services sector is leading the way in deploying artificial intelligence in the country, according to the head of Microsoft Philippines.
Peter Maquera, CEO of Microsoft Philippines, said there is high interest in AI from different industries in the country but so far, banks and finance firms have been the most keen on adopting the new technology.
Peter Maquera, CEO of Microsoft Philippines, said there is high interest in AI from different industries in the country but so far, banks and finance firms have been the most keen on adopting the new technology.
“Among the earliest adopters in both Asia and the country are institutions such as Security Bank and ATR Asset Management Group (ATRAM). With them, we’re working to develop intelligent solutions that bring groundbreaking capabilities first to their employees and eventually to their customers,” Maquera said in a statement.
“Among the earliest adopters in both Asia and the country are institutions such as Security Bank and ATR Asset Management Group (ATRAM). With them, we’re working to develop intelligent solutions that bring groundbreaking capabilities first to their employees and eventually to their customers,” Maquera said in a statement.
He added that AI is becoming crucial to modern business, boosting profits through predictive analytics and personalizing customer experiences. A study commissioned by Microsoft with IDC showed that organizations see an average 3.5x return for every US Dollar they spend on AI within 14 months, Maquera said. The gains could go even as high as 8x.
He added that AI is becoming crucial to modern business, boosting profits through predictive analytics and personalizing customer experiences. A study commissioned by Microsoft with IDC showed that organizations see an average 3.5x return for every US Dollar they spend on AI within 14 months, Maquera said. The gains could go even as high as 8x.
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“As we delve deeper into AI, the potential for growth is quite literally boundless,” he added.
“As we delve deeper into AI, the potential for growth is quite literally boundless,” he added.
Microsoft earlier launched its drive to get businesses on board with its Copilot suite of generative AI-powered services. Copilot is integrated with the software giant's popular apps such as Word, PowerPoint, Excel, Teams, and in its Edge web browser.
Microsoft earlier launched its drive to get businesses on board with its Copilot suite of generative AI-powered services. Copilot is integrated with the software giant's popular apps such as Word, PowerPoint, Excel, Teams, and in its Edge web browser.
Maquera said organizations and individuals need to invest in learning and using AI as it “is the skill of the future.”
Maquera said organizations and individuals need to invest in learning and using AI as it “is the skill of the future.”
Mary Snapp, Microsoft VP for strategic initiatives, earlier said Microsoft is looking to train Filipinos in AI and cybersecurity fluency amid emerging risks. Microsoft is part of the recent high-level US trade mission in the Philippines.
Mary Snapp, Microsoft VP for strategic initiatives, earlier said Microsoft is looking to train Filipinos in AI and cybersecurity fluency amid emerging risks. Microsoft is part of the recent high-level US trade mission in the Philippines.
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