How GenAI is transforming financial services
In the seventh episode of our Generative AI Unplugged series, we dive into the transformative impact of artificial intelligence (AI) on the financial services industry with our senior Partners—Pratik Shah from Financial Services Consulting and Kumar Abhishek from Technology Consulting Partner at EY India. Together, they explore the strategic framework that can help businesses implement GenAI in financial services, discuss key building blocks, and shed light on the applications and scenarios where such solutions are making a significant impact. They also discuss various risks associated with implementing various GenAI models across these businesses.
In conversation with:
Pratik Shah
EY India Partner and Financial Services Consulting Leader
Kumar Abhishek
EY India Technology Consulting Partner
Key takeaways
- Financial services firms should prioritize their GenAI objectives, establish operating models accordingly, and focus on sustainable tech and data architecture.
- They should choose between pre-trained models or in-house LLMs, balancing speed-to-market and data privacy considerations for GenAI success.
- GenAI can help financial services transform customer service, underwriting, marketing, and more, aiming for improved experience, innovation, cost reduction, and revenue growth.
GenAI strategy requires prioritizing use cases based on metrics, establishing a solid operating model, and ensuring sustainable tech architecture.
Key risks in GenAI involve model biases, data quality, and evolving regulations; organizations must proactively manage and prepare for challenges.
For your convenience, a full-text transcript of this podcast is also available. Read the transcript
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Podcast
Duration 11m 45s
