EXECUTIVE INSIGHT
IMPLEMENTING GENERATIVE AI IN FINTECH
Gen AI use cases need to be considered in three tranches : to run . For a fintech firm , having a digital strategy that tackles this is not just essential but table stakes in this market .
A successful digital strategy requires clarity of vision , a strong culture , and a team to see it through . Fintechs also need to ensure that the core elements of the digital strategy are aligned with their unique value proposition , and it is focused on “ digital simplification ”.
Also , bringing in a degree of harmonisation can provide a base to automate at scale , and leverage AI / Gen AI use cases to further amplify the benefits . The key to success is having a methodology to identify , test , and scale use cases while ensuring that the right people , technology , and governance enablers are in place and linked to the overarching digital strategy .
Additionally , any digital strategy cannot be complete without setting the right culture – securing the best ways of working goes beyond adjusting the organisation to make it look agile .
It requires shifting the way they think about resource allocation , products , the development life cycle of technology , as well as reviews and process management .
1 . Deploying off-the-shelf tools in everyday tasks
2 . Reshaping critical functions , e . g ., automating customer support
3 . Re-imagining products , e . g ., hyper-personalised wealth management
Q . THIS YEAR WE ’ LL SEE AI REGULATIONS COME INTO FORCE . WHAT DO YOU EXPECT TO SEE , AND WHERE CAN REGULATORS DRAW THE RIGHT LINE ?
» Regulators around the globe have been busy finalising specific AI laws , amending them with Gen AI provisions , and updating data privacy , liability , and copyright laws for the new technology .
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