Generative Artificial Intelligence (AI) in Financial Services – Thematic Intelligence (Executive Briefing)
All the vital news, analysis, and commentary curated by our industry experts.
Explore trends and insights from the following data in our ‘Generative Artificial Intelligence (AI) in Financial Services’ report:
- Of the five advanced AI technologies receiving the most attention today, generative AI is the fastest growing.
- Generative AI is likely to pose a threat to every business across every sector in the coming years.
- Explore the use cases of generative AI in wealth management with our research, programming, and chatbots among others.
How is the ‘Generative Artificial Intelligence (AI) in Financial Services’ report different from other reports in the market?
- Understand the hottest topic in financial services at present.
- Learn about the impact it is already having and how that will evolve over time.
- Discover the key players leading the way in generative AI within financial services.
We recommend this valuable source of information to anyone involved in:
- Banking/Financial/Insurance Enterprises
- Technology Leaders and Startups
- Strategy, Marketing, and Business Development
- Market Intelligence and Portfolio Managers
- Professional Services – Investment Companies, PE/VC firms
- M&A and Investment Consultants
- Management Consultants and Consulting Firms
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Generative Artificial Intelligence (AI) in Financial Services Thematic Overview
Generative AI is a type of foundational AI technology that uses machine learning algorithms to create content, including text, images, audio, video, speech, design, and software code. It is the fastest growing of the five advanced AI technologies receiving the most attention in recent times. Generative AI will upend and transform businesses across sectors, making a lasting impact. Use cases range from customer support chatbots, diagnostics in health insurance, managing and analyzing data (add banking payment examples).
Generative Artificial Intelligence (AI)
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The generative artificial intelligence in financial services thematic intelligence report provides an overview of this emerging technology and its wider impacts on financial services. The report also offers insights into the key players leading the way in generative AI within financial services.
|Value Chain||· Hardware
· Data Management
· Foundation AI
· Advanced AI Capabilities
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Full AI – Value Chain Analysis
The AI value chain consists of hardware, data management, foundation AI, advanced AI capabilities, and delivery. Generative AI (or creation) falls within the advanced AI capabilities category. Other subsegments under the advanced AI capabilities value chain are human-AI interaction, decision-making, motion, and sentience.
Full AI Value Chain Analysis
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Generative AI in Financial Services - Banking and Payments
Gen AI is being experimented with by many leading incumbent banks, new entrants, and technology vendors to integrate the technology successfully. Gen AI driven advisors offer human-like service and support across most areas of day-to-day interaction, with human support left only for most high-value, high-risk, sales and service interactions. Gen AI delivers reliable and insightful money management tips and advice through bots, supports various middle office processes, and drives meaningful reductions in fraud and cyber attacks.
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Generative AI in Financial Services - Insurance
As AI continues to develop it will have a transformative impact on all areas of the insurance value chain. Insurance companies are transitioning to the technology and are already upgrading chatbots. Industry insiders believe that underwriting & risk profile will benefit the most positively. Gen AI in the insurance sector can help automate the claims process, improve customer service, and improve efficiency among others. More advanced possibilities include analyzing data to understand claims patterns.
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Generative AI in Financial Services - Wealth Management
Generative AI will be able to not only interact with customers but react to real-time information. The use cases of generative AI in wealth management include research, programming, and chatbots among others. For example, Gen AI is able to generate personalized financial plans for even moderately complex financial scenarios. It can guide prospects, react to market events and dynamically adjust asset allocations, submitting to clients/advisors, for final approval as well as fulfill compliance requirements.
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Table of Contents
Generative AI overview
Impact on financial services
Frequently asked questions
What is generative AI?
Generative AI is a type of foundational AI technology that uses machine learning algorithms to create content, including text, images, audio, video, speech, design, and software code.
What are the components of the AI value chain?
The AI value chain consists of hardware, data management, foundation AI, advanced AI capabilities, and delivery.
What are the potential applications of GenAI across the banking sector?
The potential applications of GenAI across the banking sector include customer service, programming, operations, and risk assessment. Under customer service, chatbots, service support, advice, FAQs, and sentiment maps are included.
What are the use cases of generative AI in wealth management?
The use cases of Generative AI in wealth management include research, programming, and chatbots among others.
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