News
Generative AI writing the future of finance
You can also read the full video transcript here:
The AI generation, the newcomer on the market, has several interesting applications in banking and finance. Artificial Intelligence (AI) has revolutionized industries across the world, and the financial sector is no exception.
From algorithmic trading, fraud detection, risk management to investment advice, the use of AI is well established and successful.
What’s different about the AI revolution today?
Today’s AI excitement is actually a linguistic revolution that democratizes high technology for ordinary people. Boon-Hiong Chan
This means that text-based data management capabilities through large language models will allow imprecise natural language requests to be translated into precise instructions for machines to execute.
This creates a sophisticated natural language layer as a human-computer interface that puts high-tech AI capabilities within the reach of ordinary people to create extraordinary results.
How is Gen AI being used in financial services?
Gen AI use cases in industry include helping to summarize documents, multiple documents, which are multilingual, and making inferences based on the chain of reasoning.
Like an agent chat when natural language is combined with statistical and other AI engines, it allows users and customers to access complex seas of data intuitively.
This resolves the historical question of “I don’t know what I don’t know”. Now, AI can look for data patterns for you.
Other use cases include probabilistic scenario analysis such as settlement failure, unstructured text volume analysis such as in customer service and emails, and investment analysis. The innovation here is that users will direct AI to achieve business objectives using their natural language.
What will the future be like?
Adopting AI would first increase productivity and expand human knowledge. It’s not necessarily about removing people, but about how you can achieve significant impact within normal working hours.
AI can also improve the economic inclusion of mature workers, for example, to be redeployed to train and govern models, to be tomorrow’s virtual expert assistant to democratize knowledge for the benefit of new professionals.
An AI-enabled future is an empowered tomorrow, where the pace of change is faster and more targeted.