Generative AI is revolutionising the financial services industry by offering personalised customer experiences, enhanced decision-making capabilities, and efficient automation of processes. By analysing vast volumes of data, generative AI enables financial institutions to adapt to the changing conditions, and detect and prevent fraud, says GlobalData, publishers of RBI.

Manish Dixit, Practice Head at GlobalData, said: “Generative AI in financial services can be used to develop intelligent chatbots and virtual assistants that provide personalised customer support. These AI-powered assistants can answer customer queries and assist with basic transactions. Leveraging large language models, they analyse financial data to offer valuable insights, personalised recommendations aligned with customer financial goals and preferences, and insightful performance comparisons.”

Mukesh Singh, Senior Disruptive Tech Analyst at GlobalData, added: “Generative AI can aid in identifying anomalies in financial data, which could be indicative of fraud, market manipulation, or unusual behaviour. By learning the patterns from historical data, generative AI models can recognise deviations from the norm and flag potentially fraudulent or suspicious activities for further investigation. This can enhance the efficiency and accuracy of anomaly detection systems, reducing financial losses, improving security measures, and safeguarding customer assets”

According to GlobalData’s Disruptor Intelligence Center News database, Generative AI in financial services has gained significant traction due to its potential to transform the industry.

Cowbell delivers real-time conversational experience to policyholders and brokers

American cyber insurance solution provider Cowbell introduced MooGPT, a solution built leveraging generative AI and its proprietary data, in April 2023. It offers brokers and policyholders a real-time conversation experience throughout the policy. It assists policyholders and brokers to get on-demand guidance on risk assessment and provides information on the claims process.

Ramp launches GPT-4-powered tools for financial process automation

American fintech startup Ramp launched Ramp Intelligence, a suite of OpenAI’s GPT-4 powered tools that provide vendor price intelligence, expense reports and audits, and an accounting copilot to assist companies in improving their productivity, in May 2023. Ramp Intelligence leverages GPT-4 to uncover the value of unstructured financial data siloed in receipts, text messages, and documents by scanning them.

How well do you really know your competitors?

Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.

Company Profile – free sample

Thank you!

Your download email will arrive shortly

Not ready to buy yet? Download a free sample

We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form

By GlobalData
Visit our Privacy Policy for more information about our services, how we may use, process and share your personal data, including information of your rights in respect of your personal data and how you can unsubscribe from future marketing communications. Our services are intended for corporate subscribers and you warrant that the email address submitted is your corporate email address.

Symphony unveils generative AI-powered solution for financial crime detection

American technology company SymphonyAI launched Sensa Copilot, a solution that leverages generative AI for financial crime detection, in May 2023. It offers financial crime investigators an AI assistant that collects, assesses, and summarises financial and third-party information. According to the company, Sensa Copilot can expedite financial crime investigations by up to 70%.

Singh added: “The incorporation of generative AI into the financial services has the potential to significantly enhance the industry. However, while the possibilities are exciting, it is important to separate reality from hype. To effectively leverage generative AI, financial institutions must address challenges such as data privacy and ethics, ensure regulatory compliance, and develop robust risk management frameworks to drive innovation and deliver valuable solutions to customers.”