AI innovation in financial services

Shaping up to be the most revolutionary technology since the internet, the full implications of generative AI are still untold. This latest innovation in AI will drive an explosive growth and value creation in the technology sector over the next couple of years and vast potential implications for the financial services sector.

The AFC conference sessions focused on the limitless potential of AI as a source of both huge excitement and apprehension within the industry, with generative AI model ChatGPT at the forefront of this revolution.

The key points raised in the AFC conference sessions focused on:

• AI can transform the productivity and GDP potential of the global economy
• AI provides the power to enhance quality, personalisation and consistency, while saving time
• Adoption of AI technologies will result in the loss of jobs, with new roles created by the shifts in productivity and consumer demand

In the financial services industry, AI provides the potential to enhance quality, personalisation and consistency, with the biggest potential economic uplift coming from improved productivity, including automation of routine tasks, augmenting employees’ capabilities and freeing them up to focus on more stimulating and higher value-adding work.

While the adoption of AI technologies will mean that some posts will inevitably become redundant, other new roles will be created by the shifts in productivity and consumer demand emanating from AI, and through the value chain of AI itself.

Following on from the conference discussion, we asked Evolution AI’s CEO Dr Martin Goodson to provide an analysis of the conference sessions, and his thoughts along with the summary of proceedings in full can be found here.