Precision drives finance. A single mistake can ripple through markets, draining millions or even billions in seconds.
In early 2025, Citibank made a massive mistake. What was supposed to be a simple $280 transfer somehow turned into an $81 trillion error, more than the combined GDP of the world’s largest economies. It took three employees 90 minutes to spot the mistake. By then, it could have caused severe damage. And this wasn’t the only close call. Last year, Citibank reported ten other “near-miss” errors, each involving more than $1 billion.
Macy’s, the well-known U.S. department store, faced a serious financial problem. One employee hid $151 million in expenses over a three-year period. This caused Macy’s to delay its earnings report and change its profit forecast. The mistake shook investors’ trust and had a significant impact on the business.
These kinds of mistakes aren’t rare. A survey by Gartner found that 59% of accountants report making financial errors every week. In a job where accuracy is everything, these mistakes can cause serious problems.
AI becomes a gatekeeper
Finance teams handle lots of transactions, approvals, and audits every day. It’s easy for mistakes to happen — like typing the wrong number, missing an approval, or losing track of an expense report. These are human errors, and that’s where AI can help.
Singapore is already moving forward with AI in the finance sector. In 2024, the Monetary Authority of Singapore (MAS) set aside S$100 million to improve AI systems. The goal is to strengthen financial checks and risk management. AI works like a second pair of eyes, always watching transactions, approvals, and economic processes to catch and stop mistakes early.
AI is already starting to change the finance world. A 2024 report showed that 89% of financial institutions in Singapore are either testing or already using generative AI, and 65% are actively incorporating it into their daily work.
AI tools in finance are constantly checking data. They can quickly spot mistakes, repeated transactions or possible fraud in seconds. These innovative systems learn from past errors, making them more accurate. At Summit, we use automated tools that check every transaction to ensure it follows company rules, government regulations, and past spending habits.
If something looks suspicious, the system sends an alert for someone to check immediately. AI also makes sure the right people approve each transaction. Innovative systems send approvals to the correct person, and digital records keep track of everything, so there’s complete transparency and accountability.
Tackling the workforce crunch
AI helps reduce financial risk and can save companies millions by preventing costly mistakes. But using AI isn’t always easy. A 2023 survey showed that 44% of financial institutions in Singapore struggle to find enough skilled people in AI and data analytics. The Monetary Authority of Singapore (MAS) started the AIDA Talent Development Programme to fix this. It helps finance workers learn new skills in AI and data. With this support, finance teams can focus more on planning and strategy instead of constantly fixing problems. It’s like fixing a small leak before it turns into a flood.
We’ve seen how this works ourselves. Our tools for managing workflows and spending help finance teams stay in control without making things complicated. Built by finance experts for finance teams, these tools help catch problems early, so no one has to face a surprise like an $81 trillion mistake.
Jo-ann Chung is the CEO of Summit. She has more than 20 years of experience in finance and over 17 years in B2B payments. Before Summit, she was the Chief Product Officer at WLTH, where she led the strategy and development of consumer lending and business payment solutions. Before that, she was the Head of Products at MYOB, managing the company’s product strategy and development for payments, loyalty, and business finance solutions.
Jo-ann is now the CEO of Summit, where she leads a team focused on helping customers have better control over their business expenses and reduce administrative tasks. Before Summit, she joined Spenmo in 2021 as Chief Product Officer. In 2023, she became the Acting CEO of Spenmo and has now stepped into the CEO role at Summit.
With her vast experience in consumer and business banking and a strong focus on putting customers first, Jo-Ann has helped grow revenue by millions. She has done this by developing new business opportunities, building customer loyalty, and forming strong partnerships.
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