We break down how financial institutions can leverage generative AI across banking, fraud prevention, wealth management, and more — and identify the tech vendors making it possible.
Generative AI — which comprises artificial intelligence technologies and applications that generate entirely new content including text, audio, images, video, code, and data — is already seeping into the financial services industry.
While big banks like Bank of America, Citigroup, and Goldman Sachs were quick to place restrictions on employee use of OpenAI’s ChatGPT in February 2023, other financial firms have jumped at the opportunity to leverage the tech.
For example, Morgan Stanley is using OpenAI-powered chatbots to assist financial advisors as a knowledge resource that leverages the firm’s internal repository of research and data. Hedge fund Citadel is reportedly in talks for an enterprise-wide ChatGPT license that will be used for software development and information analysis.
Meanwhile, expense management platform Brex partnered with OpenAI to launch chat-powered spend insights and benchmarks for customers. And Bloomberg is developing BloombergGPT, a finance-specific large language model built for sentiment analysis, news classification, and other financial tasks.
In financial services, generative AI could automate tasks and revolutionize how organizations use data. Here are 3 applications already in use today:
- Conversational finance
- Financial analysis
- Synthetic data generation
CB Insights clients can dive deeper into each area below the infographic to learn the subsectors impacted and the vendors building relevant tech solutions.
Conversational finance
Chatbots for customer support in financial services are fairly common. Many of these use conversational AI: software that mimics human speech and text through AI and natural language processing (NLP) techniques to effectively communicate with a customer.
