Financial services industry set to be heavily impacted by the emergence of Generative AI

Gen AI is being experimented with by many leading incumbent banks, new entrants and technology vendors but concerns around data privacy and hallucinations drive caution. More human-like chat bots, and synthetic data for fraud and cyber resilience, are leading possible use cases. Chatbots, perhaps the most compelling near-term use case, remain completely untouched by even the pioneers in the field. Incumbents need clear policies to help identify those most promising, early Gen AI use cases, then rapidly deploy them across the enterprise.