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Dawn of Revolutionary Technology: Generative Artificial Intelligence in the Financial Sector

Summary

A recent study conducted by UK Finance and global consulting firm Oliver Wyman has revealed that nearly three-quarters of financial firms have actively tested generative artificial intelligence (AI), signaling the emergence of this transformative technology in the sector. Out of […]

Dawn of Revolutionary Technology: Generative Artificial Intelligence in the Financial Sector

A recent study conducted by UK Finance and global consulting firm Oliver Wyman has revealed that nearly three-quarters of financial firms have actively tested generative artificial intelligence (AI), signaling the emergence of this transformative technology in the sector. Out of the 23 companies surveyed, which included international banks, mid-sized banks, and non-banking financial institutions, 70% had already entered the testing phase for generative AI. Moreover, the research also highlighted that 95% of these firms have incorporated AI risks within their risk management frameworks, with 60% taking proactive measures to prepare for the risks associated with generative AI.

Additionally, a staggering 80% of financial firms believe that collaborating with regulatory bodies can greatly benefit their efforts in defining best practices and establishing internationally aligned regulatory systems.

“Generative AI opens up new possibilities for financial services, with clear opportunities for firms to enhance productivity, drive growth, and improve customer experiences,” stated Jana Macintosh, Director for Payments, Innovation, and Resilience at UK Finance. “As demonstrated by this report, many companies are already testing this technology to safely explore these exciting opportunities. What firms now desire is a long-term and flexible regulatory approach that can keep pace with technological advancements, ensuring that the financial sector is shielded from any potential risks while effectively harnessing its significant competitive advantages.”

Frequently Asked Questions

Q: What is generative artificial intelligence?

A: Generative artificial intelligence refers to a form of AI technology that is designed to generate new content or responses, rather than being solely based on pre-existing data or patterns.

Q: What are the main benefits expected from generative AI in the financial sector?

A: The main anticipated benefits of generative AI in the financial sector include process automation, sales enhancement, and improved customer support functions. Surveyed firms cited better productivity (74%), operational efficiency (70%), and enhanced customer experience (61%) as the primary expected advantages.

Q: Are financial firms aware of the risks associated with generative AI?

A: Yes, financial firms are well-aware of the risks posed by this new technology. In fact, 60% of the firms surveyed have already begun adapting their existing risk management frameworks to incorporate generative AI.

Sijan Townsend, a partner at Oliver Wyman, also commented on the matter, stating: “The financial services sector is undergoing technological change, and AI has the power to amplify capabilities when used correctly. Adoption of this technology should be balanced with regulation, both in the UK and globally.”

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