In the rapidly evolving landscape of finance and technology, the use of generative Artificial Intelligence (AI) has emerged as a game-changer, reshaping the way financial institutions operate and deliver services. Recently, Mr. Enrique Florencio, Secretary General of ADFIAP talked about the preparedness of development financial institutions (DFIs) to embrace AI technologies during the Association Summit 11 of the Philippine Council of Associations and Association Executives (PCAAE) which took place on December 20, 2023, at the Philippine International Convention Center in Pasay City.

The discussion represents a significant stride in comprehending how AI can be utilized to improve the efficiency, effectiveness, and sustainability of financial institutions dedicated to promoting economic development. For Development Financial Institutions (DFIs), crucial players in financing projects that contribute to social and economic development, harnessing AI has the potential to result in more informed investment decisions, lower operational costs, and heightened financial inclusion.

ADFIAP has actively recognized the transformative potential of AI in the financial industry, initiating discussions among its member banks through the introduction of the ADFIAPNET Open Finance Initiative. This initiative underscores ADFIAP’s commitment to harnessing emerging technologies to address the dynamic needs of the economies they serve. Furthermore, in collaboration with the London Institute of Business and Technology, the ADFIAP Institute offers postgraduate courses in Data Sciences intending to produce AI practitioners within the DFI sector. ADFIAP plans to showcase proof of concepts demonstrating data collaboration among its members at the upcoming 47th Annual Meetings in Phnom Penh, Cambodia, on May 14-16, 2024.

The session on “Analytics and AI Readiness” proved to be a resounding success, leaving attendees with valuable insights and actionable strategies for harnessing the power of analytics and AI in their organizations.