• New regulations, stricter oversight and compliance requirements, combined with new data security, privacy, risk management policies require flexible platforms to serve new demands from all lines of business within a financial institution. Generative AI Impact on Banking Generative AI impacts every function in a bank as follows: • Enterprise Search - Optimizes information retrieval by evaluating multiple sources, and summarizing results. • Anti-Money Laundering and Transaction Fraud - Improves accuracy and generates reports, reducing investigations and compliance risk. • HPC Pricing and Risk - Summarizes news feeds, improving risk management and optimizing reserves. • Algorithmic Trading - Synthesizes audio and test, accelerating time to insight, improving market returns. • Document Management - Summarization and report generation will optimize middle/back office workflows. • Customer Service - Expands knowledge base beyond scripted answers increasing customer satisfaction. • Marketing - Creates personalized copy, and email increasing click to conversion. • Financial Advice - Utilizing various data inputs, generative AI will build wealth management plans to drive assets under management (AUM) Key Takeaways The key takeaways for the future of using Gen AI in financial services are: • Generative AI is transforming the finance industry by streamlining processes and freeing up time for strategic decision-making. • AI tools can effortlessly create financial plans, check spreadsheets for errors, and analyze vast amounts of financial data. • Businesses should choose tools specifically designed for the finance industry, let AI handle repetitive tasks, and use AI to make informed decisions. Additional Resources • State of AI in Financial Services - 2023 Trends • Natural Language Processing for Fraud Prevention • Generative AI for Finance - Lore.com Gen AI: Revolutionizing the Way Enterprises Work 22