09 Nov Gen AI in Financial Services
Published by Abby Hammerstein
From productivity to innovation, the financial services sector has gone beyond dipping its toe into the world of Generative AI. In a competitive, highly regulated environment, what do we see as the immediate value, and what should we consider for the future?
Engineers will be more productive but need to learn new skills
The adoption of paired programming tools like Copilot is increasingly creating engineering efficiencies. With this, the need for strong prompt engineering skills is high; mitigating the risk of hallucinations is important. The need to build prompt engineering skills in your team to take advantage of these tools at scale is a must!
Complex concepts will be adopted quickly, beware the hidden cost
Listening to Lisa Wade on 15 Minutes with the Boss https://www.afr.com/podcast/15-minutes-with-the-boss Lisa speaks to leveraging tools like Formula Bot and their value in assisting juniors understand investment banking formulas and complex concepts quickly. Concurrently, questioning the future of graduate programs, considering the foundations of learning look different in the Gen AI world. Gen AI will accelerate learning outcomes, but could it damage true understanding?
Leaders will be more efficient, spending time where it matters
In all industries, particularly banking, leaders fall victim to the dreaded email sea, a never-ending email inbox where important information is easily missed and time is wasted on prioritisation. Leaning on Gen AI to identify important missed emails is a simple, effective way to ensure decision-makers spend more time on what is vital to the success of their portfolios.
Customer experience will improve, with pertinent insight
Chatbots have been commonplace for some time; we are now seeing banks use internal LLMs to support tailored services across digital channels for existing customers, assisting staff in responding to complex customer queries in call centres and supporting bankers in bringing intelligent market insights to institutional customers. Going forward, it will be more about true insight for customers.
Regulation and compliance, there will be more to come!
Already highly governed, the industry is talking to the Australian Government about existing obligations purporting to cover AI usage and negotiating carve-outs of future obligations. With data privacy and protection paramount, some control is guaranteed. Today, the view is obligations will be adjusted depending on the nature of usage.
What is for sure, Gen AI is here; the Australian banking sector will embrace it cautiously but with enthusiasm, leveraging Gen AI’s transformative capabilities while safeguarding the trust and confidence of customers and stakeholders.