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Financial institutions must leverage data science and artificial intelligence technologies to strengthen defenses against emerging cyber security threats, often amplified by AI itself.
“The trend is clear—I expect that the influence of AI, especially in our sector, is set to grow,” Legara said in a forum focused on the realm of human-like AI, its advantages and potential risks. “Our verification systems need to be upgraded. Through AI, we can enhance fraud detection accuracy by as much as 85 percent. The shift is inevitable. It’s coming, and we have to be ready,” she added.To complement its technological advancements, financial institutions, like RCBC must invest in employee training and awareness to solidify their cyber-security framework.
For instance, RCBC responsibly employs AI models to analyze customer data and transaction histories, identifying tailored product offerings that foster stronger customer relationships and drive revenue growth. Additionally, these models assess various financial metrics, including credit history and income levels, to accurately gauge applicant creditworthiness.
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