Planning Your 2024 GenAI Strategy held by Blankfactor and Stratevolve in New York City on January 24th was a dynamic and engaging event that brought together clients and partners to explore the state of generative AI (GenAI) strategy in financial services. The conversation covered the landscape of GenAI in 2024, use cases and challenges for finserv, and actionable strategies for successful real-world applications.
This expert panel and knowledge share included insights from Blankfactor’s Thomas Barton (VP of Artificial Intelligence) and Heather Jordan (VP of Banking & Financial Services) alongside Stratevolve’s Dr. Paul Raspin (Founder & Managing Director, Strategy) and Pallavi Gupta (Managing Director, Banking & Financial Services).
If you missed it, don’t worry. Here’s what we covered, including video highlights from the conversation.
1. The current state of GenAI in 2024
The event kicked off with a comprehensive overview of the current state of Generative AI, highlighting its momentum in awareness and experimentation, especially in the financial services sector. The introduction of AI models like ChatGPT, Claude, and others was noted as a significant factor in increasing public and professional awareness of generative AI capabilities.
2. Challenges with generative AI in financial services
Speakers and participants delved into the challenges associated with generative AI, including technical hurdles, data security concerns, and the need for robust AI strategies. The importance of unique and proprietary data for creating competitive advantages with generative AI was emphasized.
3. Use cases and development
Strategic discussions centered on how businesses can leverage generative AI to innovate and stay competitive.
The conversation touched on the need for a clear AI strategy that aligns with business goals, the importance of collaboration between business experts and technologists, and the potential commercial value of generative AI in enhancing operations and customer experiences.
Numerous AI use cases relevant for financial institutions were covered, including content production, customer service augmentation, investment research enhancement, and idea generation. The importance of integrating AI workflows and developing proprietary models tailored to institutional needs was an emphasis, as opposed to retail chatbots.
4. Questions and conversation
The event featured a lively exchange of questions and insights from the attendees, covering topics such as the adoption and integration of generative AI solutions, the development of specialized models, and the impact of generative AI on various business functions.
Top questions included:
- How much value can pre-built third-party AI models provide if not trained on a company’s own data — especially for accurate decision-making in financial services?
- How is generative AI different from previous advanced analytics techniques in terms of accuracy, transparency, and responsible usage concerns?
- What are some examples of successful or unsuccessful real-world applications?
The event atmosphere was positive and collaborative, with participants keen to continue discussions. There was a clear acknowledgment of AI’s transformative potential to enhance services, operations, and decision-making. The discussions underscored the importance of strategic planning, data management, and collaboration in harnessing the power of generative AI for business innovation and growth in financial services.
However, practical challenges must be addressed thoughtfully, drawing on diverse expertise spanning both business and technology. Financial institutions do recognize the need to skilfully leverage AI to remain competitive while upholding stability and trust.
The dialogue reinforced that responsible and ethical implementation remains top-of-mind, as financial services operate in a heavily regulated industry with zero tolerance for errors. Models that are not explainable or auditable raise concerns.
Roadmap your GenAI strategy in 2024
At Blankfactor, we help industry giants transform and change with the latest technologies. From the latest in GenAI solutions to the most ambitious legacy modernization challenges, our experts in data engineering, AI, and financial technology know how to drive impact in your business.
Let’s discuss how your organization can unleash the potential of GenAI and next-generation artificial intelligence in financial services. Whether you’re looking to optimize development efficiencies, enhance customer experience in call center operations, or optimize QA/QC through automation, we can help.
Reach out to us today to talk more about planning your GenAI strategy in 2024, or sign up for a 60-minute strategy session with our experts. Look out for future webinars and local events on generative AI and other leading technologies.