RED HAT
While some are optimistic that 2024 proves to be the year of large-scale Gen AI adoption across banking and financial services , for Richard Harmon , Red Hat ’ s VP & Global Head of Financial Services , the hype is set to continue for some time yet .
We spoke to him , and colleague Monica Sasso , Red Hat ’ s Global Financial Services ( FSI ) Digital Transformation Lead , on the topic at 2024 ’ s MoneyLIVE Summit in London .
“ When it comes to Gen AI , there ’ s still constant innovation coming across ,” Harmon says . “ For banks today , it ’ s about understanding how and where they can best apply Gen AI while making sure they are collaborating with regulators to evolve the regulations in this space .
“ The scope for Gen AI ’ s use is so much broader than we ’ re seeing , so – as more innovations arise – it may be a bit of a waiting game for banks to see what the best use cases for Gen AI are in their organisations .”
Gen AI in banking : Regulatory hurdles Indeed , in Europe and the UK , banks that deploy Gen AI must comply with the recently passed EU-AI Act ( although they still have time to get their houses in order before it is implemented ), which will place how banks already utilise AI in the ‘ high risk ’ category .
64 June 2024