AI adoption key for finance sector growth in PHL

WITH RAPID DEVELOPMENT and innovation happening over the past few years, the adoption of generative artificial intelligence (AI) is set to open more growth opportunities in businesses and industries. Industry leaders have quickly come to recognize the potential of AI in many applications, which is why it’s become a race to properly utilize the technology.

The finance sector is one such field that’s ripe for the major growth that AI can unlock. In a recent presentation, Jackie Wang, Google country director for the Philippines and Thailand, shared three ways for banks, lenders, and other financial institutions to get in on the action and jump-start growth opportunities using the power of AI:

• Properly chart your organization’s roadmap for AI adoption: A clear plan has to be put in place in order to maintain a competitive advantage and maximize the establishment of AI in your company. Google has developed an assessment framework to measure how far along organizations are in adopting AI-powered marketing solutions and how successfully the plan is being implemented.

• Stand out and stay ahead with AI-powered marketing: The first part will lead to the adoption of AI-powered tools in efforts to generate leads. Google’s Demand Gen tool helps businesses optimize creative content to be as relevant as possible to customers all along the consumer journey. Meanwhile, lapsed customers can be re-engaged with Google’s App Campaigns for engagement, which uses generative AI to design highly effective ad formats and assets to bring them back. Local banks have already managed to use Google’s AI tools to earn leads.

For example, Security Bank Corp. recorded 83% more leads at a reduced cost per lead of 54% using AI-generated ads. Meanwhile, Union Bank of the Philippines, Inc. used Google’s AI-powered Performance Max tool to increase credit card conversions, hitting a 90% approval rate and netting a 77.6% return on their ad spend.

• Train people how to best use AI: Of course, AI still needs human intellect and insight to create the best results. The technology can boost their efficiency and productivity, which in turn leads to better performance for the organization.

In the bigger picture, AI also facilitates innovation by identifying new opportunities and accelerating product development. By skilling and training employees to get essential AI skills, such as those offered in Google AI Essentials online course, businesses can nurture, attract, and retain top talent and stay competitive in the ever-evolving digital landscape.

“In today’s rapidly evolving financial landscape, AI adoption isn’t merely a competitive advantage, it’s a necessity,” said Ms. Wang. “By embracing AI tools and innovation, local financial institutions can be well-positioned to win customers and achieve long-term growth.”