This is the most comprehensive analysis of Generative AI in Financial services that I’ve read to date, and I uncovered the article compliments of Ron Shevlin re-sharing a post from Matt Harris at Bain Capital Ventures.
I highly encourage you to read the full post at the link below, but here are a couple of my favorite snippets:
- “Generative AI can be used to address the very issues that traditional AI struggles with, specifically having an answer for all questions, responding to never-before-seen problems and exercising judgment. In other words, generative AI provides an interface to simplify complexity.
- the Gartner hype cycle is a useful way to look at the advance of new technologies, including generative AI in financial services. The skeptics say it’s all hype. The believers say it’s changing the industry forever. Both are true. More than anything, we know it’s a time to be humble: In most cases when you hear about a generative AI use case in financial services or fintech, it’s just too early to tell. We recognize that most of the home-building has to happen below ground before we see the frame rise above ground.
- Before generative AI came onto the scene, some of the biggest trends in fintech were embedded finance and open banking. These haven’t gone away and, in fact, generative AI further accelerates these trends.”