GENERATIVE AI
user profile ,” Lefebvre explains . “ So , when transactions are initiated that fall outside a customer ’ s typical user pattern , it can be flagged and escalated properly , preventing fraud and eliminating potential losses .”
Keeping up with competitors Finance firms seemingly have little option but to bet big on Generative AI , or , at the very least , carefully plan their future investments .
What looks even more certain is that hesitation must surely be avoided at all costs , notwithstanding legitimate concerns over implementation , security , compliance and more .
“ It ’ s vital to create well-functioning digital infrastructure – sustainable and safe AI depends on it ,” adds privacy expert Nicholson .
“ To ensure any models we train ourselves are accurate and fair , we also need to keep an eye on data quality . Not all data was created equally and , if the data is inaccurate , biased or outdated , this will impact the model it is training .”
However , asserting the importance of committing to Gen AI , Brian Halpin , SVP Internal Automation at SS & C Blue Prism , is unequivocal .
“ Businesses in today ’ s economic climate need to be able to keep up with their competitors , and they need to continue to become even more advanced than their adversaries in the capabilities that are out there ,” he concludes .
“ It ’ s not an option for companies to invest slowly in Generative AI capabilities . Given how accessible these tools are through open source and various lowcost commercial models , it is vital for companies to stay ahead of the curve , or risk falling too far behind .”
130 January 2024