Philippine banks and financial institutions are still taking cautious steps toward artificial intelligence, but the gap with more advanced markets can narrow quickly, according to global banking giant Citi. The statement, reported by Philstar Biz , suggests that local firms are moving from experimentation to practical use cases.
Citi noted that while the Philippines may be behind in AI adoption, the pace of catch-up can be rapid as institutions focus on real-world applications. This could help enhance efficiency, customer service, and risk management in the banking sector.
The banking industry in the Philippines has been gradually digitizing, and AI presents an opportunity to leapfrog traditional processes. With the right investments and regulatory support, local banks could accelerate their AI deployment, potentially matching regional leaders sooner than expected.