AI – Exploring the impact of generative AI in financial services

Editorial

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NextGen: AI will take place on 26 November 2024, almost exactly two years to the day after ChatGPT was launched in November 2022. The rise of ChatGPT as a mass consumption natural language marked the beginning of the era of GenAI democratisation, and the financial services sector does not remain untouched by the impact of generative AI.

While many industry players remain bullish on the future of GenAI, the numerous use cases may change the minds of those that are still opposed. From its ability to analyse customer behaviour, discover preferences, to the power of unlocking important insights, leading to more personalised user experiences and improved customer service.

The rise of generative AI in financial services companies is one of the biggest AI conversations today. Just two weeks ago, on a panel at Sibos, Dorian Selz, CEO and co-founder of Squirro emphasised: “There have been many fundamental shifts in the IT space, such as the internet and the ecommerce revolution. This is the biggest one. Leadership in companies needs to be on top of this revolution.”

We are already witnessing a shift from traditional chatbots to sophisticated ones that are highly trained in semantics and can provide knowledgeable responses. AI is capable of not only generating immediate, precise, and natural-sounding answers, but additionally can analyse a customer’s financial history for contextual information at a much faster rate than a human agent can. Agents can additionally use this information to better their service, not just to delivery more contextual, personalised customer service, but to also better identify potential fraud.

Many key industry names have started to embrace the potential of generative AI. Mastercard announced the roll-out of a first in a suite of GenAI assistants just last week, Morgan Stanley rolled out AskResearchGPT to institutional securities staff in October, and earlier this year, S&P Global announced it was training 35,000 employees in generative AI.

Generative AI is no longer on the fringes of financial services. It’s a fundamental aspect for many that are forefronting innovation and embracing the digital era we’re living in. Join us at NextGen: AI on 26 November to discuss the use cases of generative AI, where we will go next, and how we need to address the challenges and concerns in order to safely deploy.

Learn more about NextGen: AI and register here.