GenerativeAI
AI in the World
GenAI in Finance
Finance is often the canary in the coalmine as to whether a new form of tech will take. The early returns suggest that finance is serious about GenAI.
Consultants from McKinsey predict that banks using generative artificial intelligence tools could increase their earnings by up to $340 billion annually, resulting in a 9% to 15% rise in operating profits. The technology has the potential to automate 70% of business tasks, with sales, marketing, software engineering, and call center roles being the most affected. Wall Street has already embraced AI to improve efficiency and reduce costs, with Goldman Sachs and Citigroup among the institutions experimenting with AI applications.
This article discusses the use of generative artificial intelligence in finance and is available on the OECD iLibrary website. It provides insights into the potential applications and impact of AI in the financial sector.
AI presents a growing risk to financial markets, according to a warning from a US regulator. The article discusses the potential dangers and implications of AI in the financial sector.
Generative AI to boost banks, retail with 75% productivity gains in customer ops, marketing, sales, and R&D, driving industry-specific AI offerings.
The emergence of generative AI could yield the largest transformation the financial services market has seen in decades.
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North American banks are leading the global AI transformation in banking. J.P. Morgan Chase, Capital One, and Wells Fargo excel in AI research, patents, and investments. This trend highlights the importance of AI in banking's future competitiveness, as top banks harness AI for trading, payments, fraud detection, and more. Smaller players may struggle without a centralized AI strategy. Consolidation is expected in the sector, and European banks also show strength in AI investments.
ChatGPT was able to score in the 80th percentile on Bridgewater's investment associate test, the firm's co-CIO Greg Jensen said.