What sector leads AI adoption in PH?

Banks and financial firms are leading the adoption of AI in the country.

Photo from: Microsoft

AI becoming crucial in businesses 

Quoting Microsoft Philippines, ABS-CBN reported that the banking and financial sector is leading the adoption of artificial intelligence in the Philippines

Generally, interest is high among companies in the country, but banks and firms have been most keen on adopting the technology, Microsoft Philippines CEO Peter Maquera said.

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, he said.

Maquera noted that AI is becoming an important factor for a modern business. This has been helping companies boost profits through predictive analysis and personalizing customer experiences.

He cited a study commissioned by Microsoft with IDC that showed organizations observing an average 3.5x return for every US Dollar they spend on AI within 14 months. This could even go as high as 8x.

As we delve deeper into AI, the potential for growth is quite literally boundless, Maquera noted.

He urged organizations and individuals to invest in learning and using AI as it “is the skill of the future.”

Microsoft has its own initiative when it comes to encouraging companies to take advantage of AI. Earlier, it launched its drive to get businesses on board with its Copilot suite of generative AI-powered services.

This is integrated with Microsoft’s apps such as Word, PowerPoint, Excel, Teams, and in its Edge web browser.

Mary Snapp, Microsoft VP for strategic initiatives, has also said the company plans to train Filipinos in AI and cybersecurity fluency amid emerging risks.

What do you think about this?

Via: ABS-CBN