Generative AI is revolutionizing the financial services industry by offering personalized customer experiences, enhanced decision-making capabilities, and efficient automation of processes. By analyzing vast volumes of data, generative AI enables financial institutions to adapt to the changing conditions, and detect and prevent fraud, says GlobalData, a leading data, and analytics company.

Manish Dixit, Practice Head at GlobalData, comments: “Generative AI in financial services can be used to develop intelligent chatbots and virtual assistants that provide personalized customer support. These AI-powered assistants can answer customer queries and assist with basic transactions. Leveraging large language models, they analyze financial data to offer valuable insights, personalized recommendations aligned with customer financial goals and preferences, and insightful performance comparisons.”

Mukesh Singh, Senior Disruptive Tech Analyst at GlobalData, comments: “Generative AI can aid in identifying anomalies in financial data, which could be indicative of fraud, market manipulation, or unusual behavior. By learning the patterns from historical data, generative AI models can recognize deviations from the norm and flag potentially fraudulent or suspicious activities for further investigation. This can enhance the efficiency and accuracy of anomaly detection systems, reducing financial losses, improving security measures, and safeguarding customer assets”

According to GlobalData’s Disruptor Intelligence Center News database, Generative AI in financial services has gained significant traction due to its potential to transform the industry.

Cowbell delivers real-time conversational experience to policyholders and brokers

American cyber insurance solution provider Cowbell introduced MooGPT, a solution built leveraging generative AI and its proprietary data, in April 2023. It offers brokers and policyholders a real-time conversation experience throughout the policy. It assists policyholders and brokers to get on-demand guidance on risk assessment and provides information on the claims process.

Ramp launches GPT-4-powered tools for financial process automation

American fintech startup Ramp launched Ramp Intelligence, a suite of OpenAI’s GPT-4 powered tools that provide vendor price intelligence, expense reports and audits, and an accounting copilot to assist companies in improving their productivity, in May 2023. Ramp Intelligence leverages GPT-4 to uncover the value of unstructured financial data siloed in receipts, text messages, and documents by scanning them.

Symphony unveils generative AI-powered solution for financial crime detection

American technology company SymphonyAI launched Sensa Copilot, a solution that leverages generative AI for financial crime detection, in May 2023. It offers financial crime investigators an AI assistant that collects, assesses, and summarises financial and third-party information. According to the company, Sensa Copilot can expedite financial crime investigations by up to 70%.

Singh concludes: “The incorporation of generative AI into the financial services has the potential to significantly enhance the industry. However, while the possibilities are exciting, it is important to separate reality from hype. To effectively leverage generative AI, financial institutions must address challenges such as data privacy and ethics, ensure regulatory compliance, and develop robust risk management frameworks to drive innovation and deliver valuable solutions to customers.”