Join Finextra at our inaugural event in London at the end of November to redefine the role of AI in financial services and explore the impact of generative AI.
Editorial
This content was selected, created and edited by the Finextra editorial team based on its relevance and interest to our community.
NextGen: AI will take place on November 26, 2024, almost exactly two years to the day after the launch of ChatGPT in November 2022. The rise of ChatGPT as a natural language for mass consumption marked the beginning of GenAI’s era of democratization, and the financial services industry does not. remain untouched by the impact of generative AI.
While many in the industry remain optimistic about the future of GenAI, the many use cases could change the minds of those who are still against it. From its ability to analyze customer behavior, discovering their preferences, to the power to unlock important insights, leading to more personalized user experiences and improved customer service.
The rise of generative AI in financial services companies is one of the biggest discussions in AI today. Barely two weeks ago, on a sign at Sibos, Dorian Selz, CEO and co-founder of Squirro highlighted: “There have been many fundamental changes in IT, such as the Internet and the e-commerce revolution. It’s the biggest. Business leadership must be at the forefront of this revolution.
We are already seeing a transition from traditional chatbots to sophisticated chatbots that are highly skilled in semantics and capable of providing informed responses. AI is capable of not only generating immediate, accurate and natural responses, but it can also analyze a customer’s financial history for contextual information at a much faster rate than a human agent. Agents can further use this information to improve their service, not only to provide more contextual and personalized customer service, but also to better identify potential fraud.
Many big names in the industry have started to harness the potential of generative AI. MasterCard announced the deployment of a first in a suite of GenAI assistants last week, Morgan Stanley deployed Ask ResearchGPT to institutional securities staff in October and earlier this year, Global S&P announced that it would train 35,000 employees in generative AI.
Generative AI is no longer on the fringes of financial services. This is a fundamental aspect for many who are at the forefront of innovation and who embrace the digital age in which we live. Join us at NextGen: AI on November 26 to discuss generative AI use cases, where we’re headed next, and how we need to address challenges and concerns in order to deploy safely.