Power Panel: The genAI arms race - the biggest thing to ever hit financial services?
Power Panel: The genAI arms race - the biggest thing to ever hit financial services?

ChatGPT is the biggest tech revelation in a decade. It reached 100 million users in two months and is the only app built from scratch ever to achieve that. Massive investment in the AI space will continue to drive innovation. Retail will lead the pack with ChatGPT but other industries will quickly follow
GenAI is in its infancy in banking and payments but there will be profound applications in personalisation; customer support; process optimisation and fraud defence. Which areas in financial services will not be right for GenAI?
As fraud continues to rise exponentially how should banks approach security challenges around GenAI?
It won’t be smooth sailing: regulators have introduced tighter regulations around how customer data is used and banks will have to comply
How banks can create an assurance framework for GenAI to avoid unintended consequences and harness it responsibly?
Enterprise-wide embrace of the technology will take time but early movers will have the most to gain. Financial services providers need to lean into the opportunity; to understand the technology’s constraints and capabilities and to identify high priority use cases and start to experiment and test them
What kinds of innovation frameworks are financial institutions taking to approach leveraging GenAI and other emerging technologies?