Emma RadmoreUK Finance and Accenture have published a report on how financial services firms are using generative AI. The report finds that the sector is investing more in AI, and that generative AI is driving the most value in:
- customer engagement and personalised marketing
- knowledge management and information retrieval
- software development and data management
- intelligent workflow and email processing
- fraud and financial crime
- legal, contractual and compliance text analysis and
- desktop and meeting productivity
Firms want to make the most of AI but are aware of the risks, and as a result there is an emphasis on having human oversight on training the model, interpretation and sensitive decision-making. It is critical to understand use cases. The paper looks in detail at case studies involving customer complaints, a KYC assistant tool and the software development lifecycle and comments that, currently, most use cases are focused on low-risk processes and tasks and use AI in a way that is now quite well understood.
As evidenced also by the UK regulators’ recent survey, firms are particularly concerned about reliability of outputs, data privacy and security and reliance on third parties. The report also looks at current methods for mitigating these risks.