During a panel discussion at Harness’ { unscripted } 2025 event, key industry leaders came together to address how AI and automation have impacted the financial services landscape. Additionally, the benefits are weighed against the risk as the panelists explored support measures such as guardrails to continue delivering reliable results.
How is AI currently impacting financial service providers? Dill Bath, AI Technical Lead at Allianz says:“ So that’ s investment research, really deep-diving into that and getting decisions quicker. There’ s so much financial data out there, and we’ ve been using traditional machine learning for a long time, but Gen AI is just another tool that can help us get to those buy-sell signals quicker.”
Generative AI is quickly catching up with fintechs globally. The technology is constantly evolving, and has so far been used for automating mundane tasks to aiding in the fight against financial crime.
“ Gen AI is a tool that can help us get to those buy-sell signals quicker”
Dill Bath, AI Technical Lead, Allianz Global Investors
Dill continues:“ The other areas are really around operations – automating manual tasks. We have a lot of thirdparty and client requests in shared mailboxes, and it’ s a very manual process in operations, so we’ re really optimising that.”
Companies such as Bloomberg use generative AI for enhanced data analysis, while Starling Bank and Klarna use generative AI to assist with customer enquiries. Lloyds Banking Group has also adopted AI, in particular harnessing the technology to assist in frontline operations and customer enquiries.
Tony Phillips, Engineering Lead for DevOps Services Engineering Platform at Lloyds, adds:“ In terms of what we’ re doing from an AI perspective at Lloyds, now that we’ ve got that foundation of the internal developer portal( IDP), that’ s how we consider it, people can now onboard and they can now start to consume this. How do we start to expedite it?”
Reports predict that generative AI could expand by US $ 5.56bn between 2024 and 2029, growing at a CAGR of 36.9 %.
How does efficiency translate into productivity using AI? A 2024 report from McKinsey suggested that banks could improve capacity on tech teams by automating processes.
Bettina Topali, Senior Software Engineering Manager at Hargreaves Lansdown, says:“ What our clients need are slick experiences and modern services. They don’ t want to be on the
fintechmagazine. com 131