What benefits and dangers can you foresee Gen AI bringing to financial services ?
FUTURE OF FINSERV
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What benefits and dangers can you foresee Gen AI bringing to financial services ?
Ash Botten While Gen AI and financial services might seem like strange bedfellows , there are a host of ways the technology can enhance operations , productivity , innovation and decision-making within the finance function .
Currently , a third ( 33 %) of finance time is still being spent on manual processes – time that could be better spent on strategic initiatives contributing to growth . From data entry and report generation to financial modelling , ChatGPT is increasingly accurate in its ability to perform some of the more manual responsibilities .
For example , the ability to analyse realtime financial data allows finance teams to better detect patterns and identify potential risks , which can be of great benefit in creating strategic risk models .
Gen AI models can also be used to automate many tasks that were previously done manually by human analysts .
Instead of sifting through spreadsheets and reports , AI models can take on the brunt of the workload – especially crucial in saving time for finance leaders who are now being tasked with the strategic delivery of growth .
However , leveraging Gen AI in finance isn ’ t without risk , even if you only use it to create a better customer experience or improve your team ’ s productivity . Data privacy
120 February 2024