Join Finextra at our inaugural London event at the end of November to explore the transformative role of AI in financial services and the impact of generative AI.
NextGen: AI is scheduled for 26 November 2024, marking nearly two years since the launch of ChatGPT. The emergence of ChatGPT as a mainstream natural language tool initiated a new era in the democratization of generative AI, significantly impacting the financial services sector.
While many players in the industry are optimistic about the potential of generative AI, the diverse use cases are likely to resonate with those who may still be skeptical. From analyzing customer behavior to uncovering preferences, generative AI is enhancing user experiences and improving customer service through valuable insights.
The discussion around the rise of generative AI in financial services is one of the most significant conversations today. At a recent panel at Sibos, Dorian Selz, CEO and co-founder of Squirro, stated, “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 seeing a transition from traditional chatbots to advanced models capable of providing knowledgeable responses. AI can generate immediate, accurate, and natural-sounding answers while analyzing a customer’s financial history much faster than a human agent. This enables agents to not only offer more personalized customer service but also to better identify potential fraud.
Notable industry leaders are beginning to harness the power of generative AI. Recently, Mastercard announced the launch of a suite of GenAI assistants, while Morgan Stanley introduced AskResearchGPT to its institutional securities staff. Earlier this year, S&P Global committed to training 35,000 employees in generative AI.
Generative AI is now a core component of innovation within the financial services industry as organizations adapt to the digital landscape. Join us at NextGen: AI on 26 November to discuss the practical applications of generative AI, future directions, and strategies for addressing challenges and concerns to ensure safe deployment.