MICROSOFT Philippines predicted that the banking financial services sector will continue to lead the way as far as deploying artificial intelligence in the country is concerned.

According to Peter Maquera, CEO of Microsoft Philippines, they noted a high interest in AI from different industries in the country.

But leading the way are banks and finance firms which had taken the most keen interest in 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.

He added that AI is becoming a necessity for modern business, and has been boosting profits through predictive analytics and personalizing customer experiences. 

Maquera said a study was commissioned by Microsoft with IDC and it revealed that organizations see an average 3.5x return for every US Dollar they spend on AI within 14 months.

The gains could go even as high as 8x. 

“As we delve deeper into AI, the potential for growth is quite literally boundless,” he added.