
GenAI’s Role in the New Wave of Banking and Financial Services
Arficial intelligence is not new – it has been a topic of research since the 1950s and has been deployed in financial services since the 1980s. But conventional AI (so called, “Predicve AI”), while powerful, is expensive and complex to deploy. As a result, it has been used in a limited number of areas in the financial services sector, such as real-time trading or estimation of loan default risk. In 2022, a new generation of AI came to public view in the form of ChatGPT. Unlike the earlier predictive AI, these “Generative AI” systems can be used directly to solve problems, without training or the need for data scientists. Generative AI can be thought of as a general tool that can be applied in a huge number of ways and…