Embracing the Future

GenAI’s Developing Role in Finance

A recent J.P. Morgan webinar – The Paradigm shift in financial services caused by Generative AI – lined up some key witnesses to explore how Generative AI, and large language model-based algorithms, could shape the future of European finance. TMI listened attentively.

There’s no doubt that Generative AI (GenAI) has the potential to make massive changes to the way the financial sector operates. Whether it does, or is allowed to, is still a moot point – after all, the technology is new, and the rules of engagement are yet to be codified in any meaningful way.

Its nascent capability is evident though. In the payments space in particular, GenAI can automate fraud detection, assess transaction risk, and optimise sanctions screening and other processes, for example. GenAI-driven chatbots and virtual assistants are arguably improving the customer service experience for many consumers and businesses. And predictive analytics is now capable of enhancing cash flow management, even ensuring regulatory compliance, as instant payment adoption increases in many regions.

It seems like a gift to the industry and its retail and commercial clients. Is it?

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