Generative AI for Financial Services
What is the impact and potential of generative AI in transforming the financial sector?
Banks and the broader financial services sector stand to reap substantial benefits and savings from the use of generative AI (GenAI), with McKinsey estimating this technology could deliver value equal to between US$200bn and US$340bn annually. GenAI advocates claim the technology could enhance customer satisfaction, improve decision making and the employee experience, as well as mitigate risk through bolstering fraud and risk monitoring. However, some leaders have urged caution, arguing that it could emerge as the next big systemic risk to the banking and financial services sectors.
Though there is significant hype around AI and most US financial leaders have some knowledge of its advantages and challenges, there is a lack of deep understanding of the practical applications and opportunities. How are US banks endeavouring to implement GenAI in a way that is ethical, empowers people and ensures stakeholders are kept on board? What steps are they taking to deploy GenAI in less regulated business areas, such as customer service, as well as in heavily regulated areas, such as credit risk scoring? How can they take into account the perspectives and expectations of different end users, ranging from employees to high-net-worth clients?
This networking event – hosted by the Financial Times in partnership with Infosys – will bring together experts from the US banking and finance sector to explore the impact and potential of GenAI in transforming the financial sector. Using real-world examples, the discussion will examine how the technology is being applied in both the front and the back office to improve efficiencies and deliver superior customer service. It will also provide an opportunity to evaluate how GenAI can become a reality in a way that makes sense for US financial services firms.
Key Discussion Points
Challenges and Opportunities
What are the challenges and opportunities associated with this emerging technology? How can US companies mitigate the risks of deployment?
Implementation
How are organisations in the US banking and financial services sector creating and implementing an effective AI strategy? How can implementation take place at scale to maximize the impact of investment?
Evaluating Success
How can the success of a project that involves AI be evaluated? What does success look like?
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