Finance firms have little option but to invest in new and exciting Generative AI capabilities , or risk being left behind by their closest competitors
GEN AI : BRINGING ENDLESS POSSIBILITIES TO THE FINTECH SECTOR
Finance firms have little option but to invest in new and exciting Generative AI capabilities , or risk being left behind by their closest competitors
WRITTEN BY : TOM CHAPMAN
It ’ s pretty much impossible at the moment to discuss fintech without referencing Generative AI . Last year saw the worlds of money and technology coming together in a host of new ways , and those innovation levels are only set to increase throughout 2024 as companies clamour to increase productivity levels and get a leg-up on their competitors .
There has long been awareness of the potential of Gen AI , but its influence across the fintech space and technology , in general , has grown at a pace that few could have foreseen .
“ We have been close to Gen AI developments in recent years , so we weren ’ t surprised by its capabilities ,” says Richard Berkley , Head of Data , Analytics and AI in Financial Services at PA Consulting .
However , referencing the astonishingly popular launch of ChatGPT , he adds : “ What has surprised me is the speed and scale of market activity it generated – with 100 million active users within two months and every board member and executive wanting to know what it means for their business .”
Claudio Truzzi , Director of the Research and Innovation Activities Support Office at the Université Libre de Bruxelles in Belgium , calls the rapid rise of Gen AI in fintech “ remarkable ”.
He continues : “ At first , AI in finance was mostly used for number crunching – analysing data , building models . But Gen AI can do so much more , changing how we think about , deliver and run financial services .
“ Unlike specialised AI , which typically follows predefined rules and models , Gen AI ’ s unique strength lies in its ability to create and innovate .”
Possibilities endless thanks to Gen AI Almost all organisations operating in the financial services sector , from established large banks to fintech scaleups , are prioritising how to become more agile , scalable and future-ready .
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