Artificial intelligence is reshaping finance, with PWC predict efficiency gains in the banking sector, FINOS introduce an AI governance framework, and Development experts bringing AI-driven trading to Discord.
These advancements highlight the influence of AI on financial services, from strengthening security and streamlining operations to improving user access and solving governance challenges.
PwC: GenAI will reshape the banking sector
Generative AI is poised to transform the banking industry, providing opportunities for efficiency, security and customer satisfaction, a study suggests. report from PwC.
The report highlights how generative AI can streamline processes, improve cybersecurity and provide personalized banking services.
Loan processing, fraud detection and risk management could be affected, the report said. Using With advanced AI models, banks can reduce loan approval times and make more accurate decisions.
“GenAI is a game changer for the banking industry,” the report said. “This will go a long way in making the overall financial services process safer, more efficient and more user-friendly.”
However, the report also warns of potential risks associated with the adoption of generative AI, such as data privacy concerns and the need for security measures. To mitigate these risks, PwC recommended implementing data governance, improving AI system security, and adhering to established frameworks such as the AI Risk Management Framework of the National Institute of Standards and Technology (NIST).
The report suggests that banks developing a personalized generative AI strategy will be best placed to leverage its benefits while managing the associated risks. As technology continues to evolve, integration with other emerging technologies such as blockchain and the Internet of Things (IoT) could further expand the capabilities of generative AI in banking.
FINOS Unveils AI Governance Framework for Financial Services
THE Open Source Fintech Foundation (FINOS) published a draft AI Governance Framework designed to guide financial institutions in the safe and compliant deployment of AI technologies, according to an October 1 report. press release.
The framework, developed by FINOS Special Interest Group on AI Readinessdescribes 15 risks and 15 controls explicitly tailored to AI systems using large language models in financial services. It aims to address the challenges of implementing AI in the regulated financial sector.
“It’s exciting to see how FINOS members have come together in a relatively short period of time to work on these important foundational guidelines for deploying AI in the complex and regulated world of financial services,” said the executive director of FINOS. Gabriele Columbro said in the press release.
This announcement is part of a broader AI initiative by FINOS, which aims to accelerate AI readiness in the financial sector.
Devexperts adds Discord to AI Assistant
Devexperts has integrated its AI assistant, Devexawith Discord, expanding its multi-channel capabilities, according to a Tuesday (October 8) press release.
Already in charge Telegram, WhatsApp And FacebookDevexa’s new integration aims to streamline exchanges for users directly within the Discord platform.
Traders using Discord can “access all the benefits of Devexa, including its knowledge base and in-depth financial analysis capabilities, as well as its virtual assistance and support.” Jon Lighthead of the OTC platform at Devexperts, said in the press release.
Traders can obtain financial data, perform technical analysis and place orders without switching between applications, the release said.
The integration provides brokers a direct line to traders, allowing them to transmit trading signals, updates and messages to their communities without leaving Discord. By consolidating communication, brokers can keep users engaged and informed in real time, according to the release.
The move highlights the company’s efforts to simplify and centralize trading processes on widely used communications platforms, making financial tools more accessible. on the move.
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