Code to Capital – Generative AI Meets Financial Services

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Published: September 06, 2023 Report Code: GDDT-IR-S2061-ST

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Generative AI in Financial Services Report Overview

The upsurge in Generative AI (GenAI) centric news, transactions, and company filings within financial services indicates a sector-wide recognition of the technology’s transformative potential. GenAI amplifies personalization, optimizes operations, and enhances security, resulting in a holistic transformation of the financial services market. This has resulted in the refining of each retail banking value chain component. In the front office, Generative AI facilitates customer interactions across various touchpoints and enables more personalized and efficient user experiences through online platforms, mobile apps, and chatbots. Gen AI also aids the retail banking value chain either by crafting tailored financial products or by advising according to evolving customer requirements. These factors are expected to drive the deployment of Gen AI in the financial sector in the upcoming years.

The Generative AI in Financial Services research report highlights the vast array of opportunities presented by Generative AI. From fine-tuning trading techniques and bolstering risk mitigation to crafting personalized client interactions and streamlining administrative chores, the report showcases how Generative AI is set to transform the financial tapestry.

Key Use Cases ·       Accelerating Digital Transformation

·       Managing Regulatory Risks

·       Optimizing Customer Experience

·       Preventing Cyber Threats

·       Tackling Business Margins
Leading Players ·       ForwardLane

·       Portrait Analytics

·       Alkymi

·       Public Holdings

·       Tiger Brokers

·       Zurich Insurance Group

·       Datarails
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Generative AI Use Cases in Financial Services

Generative AI can be instrumental in devising solutions for key sector challenges faced by the financial services sector such as accelerating digital transformation, managing regulatory risks, optimizing the customer experience, preventing cyber threats, and tackling business margins.

Digital transformation and technology disruption: This includes automated admin, cloud CRM, content generation, and data analytics.

Regulatory compliance and risk management: This includes compliance management, fraud detection, risk assessment, and tax management.

Financial Services Sector Strategic Challenges

Financial Services Sector Strategic Challenges

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Generative AI in Financial Services - Competitive Landscape

The players applying Gen AI in the financial services market are ForwardLane, Portrait Analytics, Alkymi, Public Holdings, Tiger Brokers, Zurich Insurance Group, Datarails, among others.

Financial Services Market Analysis, by Players

Financial Services Market Analysis, by Players

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Scope

This report provides:

  • Innovation Insights: innovation examples by generative AI use cases in the financial services sector to present key trends.

Key Highlights

Innovations: presents real-world innovation examples related to the generative AI use cases in the financial services sector. It casts light on how financial services players are utilizing generative AI technology across key sector-specific application areas.

Reasons to Buy

  • No surprise that technology has been a driving force in business transformation for years, but the term ‘emerging technologies’ has suddenly become the key catalyst to drive the next wave of innovation across sectors.

  • The sense of urgency weighs differently across different sectors, where the direct customer-facing sectors are at the forefront compared to other capital-intensive sectors. Companies in one sector can take cues from successful innovations in other sectors to either draw analogies with existing products, services, and processes or transfer strategic approaches for a revolutionary transformation.

  • Against this backdrop, enterprises need to understand which emerging technologies are impacting their sector and how various companies are implementing them to meet various challenges.

  • The innovation landscape report on financial services innovations in generative AI, published by GlobalData as part of an ongoing series, covers some real-world examples to advance the development and implementation of the technology by some of the key enterprises in the financial services sector.

Alkymi
ANZ
Auditoria.ai
AXA
BNP Paribas
Bud Financial
Chime
Choco
Citigroup
Clearwater Analytics
Coalition
Commonwealth Bank
Corvus
COVU
Cowbell
Datarails
Deutsche Bank
Finblox
Flagright
Flyfin
FMG Suite
ForwardLane
Goldman Sachs
Google
Hamilton Lane
Hearsay
HSBC
Interface.ai
Intuit
JPMorgan Chase
Kasisto
Lemonade
LTX
Lucinity
Marqeta
Mastercard
Microsoft
Mizuho
Moody’s
Morgan Stanley
NeuralMetrics
Nvidia
One Zero
OpenAI
Oscilar
Paladin Group
Paytm
Pilot
Portrait Analytics
Provinzial
Prudential Financial
Public Holdings
Ramp
Roots Automation
Salesforce
Sapiens
Savvy Wealth
Simplifai
Sixfold
Sprout
Streetbeat
Stripe
SymphonyAI
Tata Capital
Taxfyle
Thriday
TIFIN
Tiger Brokers
Trovota
Trustt
Unique
Versus
Virtuzone
Wells Fargo
Westpac
Zurich Insurance

Table of Contents

1. Sector exposure map in genAI

2. Impact on the retail banking value chain

3. Thought leadership

4. Key use cases

5. Mapping use cases against sector challenges

6. Real-world innovations by use case

7. Outlook

Frequently asked questions

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