Generative AI (GenAI) is revolutionary. For financial services firms, transforming the business means both understanding and acting, while carefully managing the risks. Value creation from GenAI will come not only from cutting-edge technology but from a data culture that invests in foundational capabilities and develops a framework for risk management. Successful initiatives will manifest from a combination of industry domain expertise and a culture of innovation that envisions new ways of doing business through the convergence of GenAI and other next-generation technologies.
Generative AI might just be the transformative moment that changes everything
While AI has been widely used in financial services firms, GenAI stands poised to redefine the future of financial services, enabling businesses to:
- Make a difference to their customers
- Make a difference in how they work
- Make a difference in society
Financial services firms must look beyond the hype to understand how GenAI can transform operations and enhance existing product and service offerings. This requires a trusted advisor to help create a holistic and pragmatic approach.
EY teams help enable the world’s leading financial services firms to ask the big questions, align GenAI programs with company values and execute strategies to capture opportunity. Our multidisciplinary teams can look across the business, technology, risk and privacy disciplines to help build comprehensive strategies and operating models. Whether you are looking to improve customer engagement or enhance knowledge management for the workforce, we can help you transform your business through pragmatic and holistic approaches from strategy through to execution, balancing risk and reward.
EY generative AI services
Generative AI in financial services is a step change to enable organizations to reimagine their business processes.
Generative AI: What C-suites need to know
Generative AI will potentially change how we do business in the future
Organizations that do not pivot from a linear to an exponential mindset by embracing innovation and continuously transforming themselves are at risk of quickly becoming irrelevant to customers.
Just like how the internet changed all our lives, this technology has the potential to have a step change in how we fundamentally operate.