Artificial Intelligence (AI) Adoption: The Case of the Malaysian Financial Industry
Journal Title: Advance Knowledge for Executives - Year 2023, Vol 2, Issue 4
Abstract
Objective: Artificial Intelligence (AI) is regarded as a critical determinant of strategic planning and the creation of competitive advantage in modern business practices. This study aims to review the trend, opportunities and challenges of adopting AI in the Malaysian financial industry, as well as the potential impact of adopting AI in the financial sector. Methodology: The qualitative research employed narrative synthesis and content analysis to systematically describe a phenomenon, adapting to organised information. Results: AI application challenges have emerged in Malaysia's financial industry due to various disruptive opportunities in the Financial Technology (FinTech) arena. These challenges also bring forth threats and concerns for incumbent stakeholders in the industry. Given its indispensable role in managing and analysing vast, intricate datasets to uncover patterns and insights, AI is considered a critical factor in establishing a competitive edge in contemporary business practices and strategic planning. Implications: The study’s results offer valuable insights for policymakers and potential adopters, enabling them to devise effective strategies. The vital insights for policymakers and industry stakeholders are to address AI's challenges and confirm the importance and potential challenges of implementing AI technology in the financial industry in Malaysia.
Authors and Affiliations
Kok, S. L. & Siripipatthanakul, S.
Keywords
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- EP ID EP724175
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