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Boston Consulting Group (BCG) released a paper titled “A Generative AI Roadmap for Financial Institutions” which details how generative AI can be integrated into existing processes. The ability of generative AI models “to digest (understand) and generate (converse) in plain language makes AI capabilities more universally accessible, extending the reach of AI assets to nontechnical users throughout organizations.” The paper discusses the differences around each classification of AI including predictive, generative, deep learning, and machine learning. The authors detail the multitude of possibilities for AI usage in financial services including risk and compliance, marketing, product development, and operational process, among others. According to the paper, “Many people may initially associate GenAI in banking and insurance with customer service chatbots, but the technology’s versatility extends far beyond these applications to encompass tasks such as automated financial analysis and AI-assisted code development.” The paper also details the impact AI will have on productivity, noting that areas such as repetitive tasks, knowledge synthesis, data-driven decision-making, and certain creative tasks can be streamlined using new technologies.

Click here to read the BCG report on generative AI.