There's a lot of talk about AI's potential in financial services, but how are things actually playing out? John Lin and Zoey Tang found that predictive AI is already in wide use throughout the industry, but generative AI will become more popular over the next five years. As AI cuts the cost of financial services and wealth management by automating repetitive tasks, new entrants will need to differentiate themselves with unique offerings like access to alternative assets, lower prices and better customer service. At the same time, these new lower costs will allow new users with lower balances and spending potential to access new kinds of financial services for the first time. Read the full piece, including a bunch of examples, in the The Financial Revolutionist here:
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Are we witnessing innovation or potential risks? Join the conversation and share your thoughts on the disruptive power of AI in shaping the financial landscape. Top 19 Game-Changing Use Cases of Generative AI in Fintech! 💸✨ #Fintech #AI #VaraniumNexGen
🚀 Dive into the future of finance! Our latest article, 'From Algorithms to Advancements: GenAI’s Impact on Fintech Evolution,' unveils the top 19 use cases of Generative AI revolutionizing the fintech landscape. 💡 Stay ahead in the game. Read the groundbreaking insights now! #FintechInnovation #GenerativeAI #FinanceRevolution https://lnkd.in/dm5mj2xU
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The biggest challenge for Generative AI is that its highest value propositions require conceptual thinking rather than direct factual results. This works well in specific coding environments, especially with experienced backend developers proficient in using and converting multiple languages and formats. But a lot of people still struggle to understand the “whys” and “hows” of their job and just want to know what to do. And that’s not what Gen AI is well designed to do out of the box. Gen AI accidentally figured out grammar and commonly defined semantics associated with language. And unless you know the semantics and sentiments of your field, Gen AI will provide limited value.
Following Sequoia and Barclays, Goldman Sachs now also calling out the hype of generative AI "Goldman Sachs on Generative AI: It's too expensive, it doesn't solve the complex problems that would justify its costs, killer app "yet to emerge," "limited economic upside" in next decade. " https://lnkd.in/gTNHdk-E
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