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.
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The 2023 survey identifies key AI trends being adopted by financial institutions around the world.
Financial institutions must assess and manage risks associated with generative AI while embracing its potential. Concerns about misuse, workforce disruption, financial implications, and sustainability persist. Governments are considering regulations, but until consensus is reached, firms must evaluate risks contextually. They should set up evaluation and mitigation strategies, and plan for responsible AI activation. Key questions include how AI aligns with corporate goals, resource requirements, and training needs. A phased approach is recommended, focusing on AI governance, oversight frameworks, and operationalization to realize generative AI benefits.
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A.I. has the potential to impact all bank functions, says Kevin Levitt.
More use cases means customers and employees can experience AI’s ability to automate tasks, prioritize work, and empower the user.
Financial institutions using AI must manage model risks through three steps: diligence at implementation, ongoing validation, and comprehensive model governance. This ensures accurate, unbiased, and safe outputs in financial products and services.
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Michael Abbott, Jess Murray and Keri Smith explore the latest generative AI opportunities in banking. Read more.