EXECUTIVE INSIGHT
However , the technology and its effects are evolving faster than ever , so regulatory uncertainty around Gen AI is likely to prevail for some time . Nevertheless , three frameworks are particularly noteworthy for financial institutions .
With appropriate guardrails in place to guide AI developers and users , companies should be able to deploy and quickly scale even rapidly changing technologies , with clear controls on the risks and with high regulatory compliance .
These guardrails should centre on a framework that ensures alignment of AI development and operation with the bank ’ s purpose and values while still delivering transformative business impact . We call this approach responsible AI .
As AI and Gen AI are evolving , questions will arise that the new AI regulations do not answer . However , executives who are now preparing for this eventuality by developing a holistic , responsible AI framework will have a critical advantage and will set up their AI transformations for success .
Q . HOW ARE YOU AND BCG LOOKING TO STAY AT THE FOREFRONT OF CONSULTATION WHEN IT COMES TO GEN AI ’ S ADOPTION IN FINANCIAL SERVICES ?
» BCG has invested heavily in building our own capabilities and deploying AI / Gen AI solutions at scale across our own organisation .
We see AI as both a strategic lever and a cutting-edge frontier . AI has the power to address high-level CEO agenda items while helping solve humanity ’ s most pressing challenges , including climate change , disease and energy shortages .
BCG assists executives in weaving AI and GenAI into the fabric of their organisations , enabling enterprise- grade transformations while inspiring their workforces to embrace significant change .
For CEOs in financial services , successfully integrating AI and generative AI presents a dual challenge . Consider Gen AI as the creative , imaginative right brain of an organisation and traditional AI as the logical , analytical left brain – Gen AI can craft marketing content , for example , while AI computes marketing ROI .
AI is also rapidly evolving and a competitive consulting landscape , and we have to ensure that our counsel helps clients stay on top of these developments . Above all , BCG champions unlocking AI ’ s potential purposefully and ethically . We see responsible AI not just as a safeguard but as a pivotal value creator .
By responsibly harnessing this technology , we can build a future where organisations perform more effectively , where human creativity thrives , and where the boundaries of business potential are redefined .
Q . IF YOU WERE TRAPPED ON A DESERT ISLAND WITH THREE OTHER PEOPLE , WHO WOULD THEY BE AND WHY ?!
» • Either Ray Dalio or Tony Robbins ( both bring out something special in people )
• Arijit Singh ( one of my favourite singers )
• Jane Anson ( I love wine , and she understands Bordeaux like no one else ).
20 August 2024