“Data and tech demands
Banks shouldn’t underestimate the data and tech demands related to a gen AI system, which requires enormous amounts of both. Why? For one, the process of context embedding is crucial to ensure the accuracy and relevance of results. That process requires the input of appropriate data and addressing data quality issues. Moreover, the data on hand may be insufficient. Organizations may need to build or invest in labeled data sets to quantify, measure, and track the performance of gen AI applications based on task and use.
Data will serve as a competitive advantage in extracting value from gen AI. An organization looking to automate customer engagement using gen AI must have up-to-date, accurate data. Organizations with advanced data platforms will be the most effective at harnessing gen AI capabilities.”