Five generative AI use cases for the financial services industry

Generative AI has the potential to revolutionize the way we live, work, bank, and invest. Its impact could be as significant as the advent of the internet or the mobile device. Indeed, 82% of organizations considering or currently using gen AI believe it will either significantly change or transform their industry (source: Google Cloud Gen AI Benchmarking Study, July 2023). First and foremost, gen AI represents a massive productivity and operational efficiency boost. Especially in financial services, where every service or product starts with a contract, terms of service, or other agreement.

Gen AI is particularly good at discovering and summarizing complex information, such as mortgage-backed securities contracts or customer holdings across various asset classes. But it doesn’t end there. Foundational models, such as Large Language Models (LLMs), are trained on text or language and have a contextual understanding of human language and conversations. These capabilities can be particularly helpful in speeding up, automating, scaling, and improving the customer service, marketing, sales, and compliance domains.

Gen AI can act as an assistant or a coach to employees by helping them do their job more efficiently and ultimately enabling them to focus on strategic, high-impact activities. For example, coding assistance and generation, such as Codey, which is a family of code models built on PaLM 2, can dramatically increase programming speed, quality, and comprehension. Using gen AI can help address some of the most acute talent issues in the industry, such as software developers, risk and compliance experts, and front-line branch and call center employees.

5 practical use cases for the financial services industry Gen AI provides three main capabilities that can help businesses and institutions: Making online interactions conversational (e. g. , conversational journeys, customer service automation, knowledge access, and others) Making complex data intuitively accessible (e.