Generative AI is quickly transforming the BFSI sector, offering various use cases and proofs of concept. A recent roundtable organized by Financialexpress.com and IBM highlighted this shift, featuring insights from senior executives.
According to IBM’s CEO Guide to Generative AI, 90% of CEOs expect their teams to plan for Gen AI adoption, and 85% of executives believe it will interact directly with customers soon.
The conference focused on three key areas:
- Reimagining Customer Experience: Marketing professionals discussed using Gen AI for personalized customer interactions. AI helps analyze large datasets, create content, and generate multilingual outputs. However, concerns about AI’s accuracy and the need for responsible usage were raised.
- Employee Experience and Productivity: HR leaders spoke about AI’s role in talent acquisition, productivity, and career development. AI can help visualize career paths, enhance chatbots, and provide sentiment analysis for better employee management.
- Responsible Scaling: CIOs and tech leaders emphasized the importance of aligning AI strategies with business objectives. Examples included using AI in motor insurance claim assessments and ATM security.
Overall, Gen AI is set to become a crucial tool in the BFSI sector, enhancing efficiency, personalization, and productivity. While challenges remain, companies that adopt Gen AI responsibly will gain a competitive edge.
