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AI is Eating Fintech
- Generative AI is expected to add $200 to $340 billion in annual value to the banking sector, according to McKinsey Global Institute.
- Visa has released over 500 AI applications, investing $3.3 billion in AI and data infrastructure over the past decade, and channelling $100 million into generative AI start-ups.
- Visa’s vision for AI integration is less about workforce reduction and more about enhancing human oversight.
- GenAI comes with plenty of risks such as misinformation, IP issues, transparency gaps, bias, and security concerns limiting customer facing use cases.
- JP Morgan launched Quest IndexGPT,using GPT-4 to enhance thematic index construction for institutional investors, and introduced LLM Suite, an AI assistant for 60,000 Chase employees.
- Morgan Stanley launched AI@Morgan Stanley Debrief to boost advisor productivity and released AI@Morgan Stanley Assistant adopted by 98% of advisor teams.
- Mastercard brought in an AI technology that improves payment security by detecting compromised cards twice as fast.
- HDFC Bank in India adopted an AI-driven approach to fraud detection and launched its AI-driven banking chatbot, Eva, handling millions of queries instantly.
- ICICI Bank had introduced iPal, enabling transactions via voice commands through Alexa and Google Assistant.
- SBI announced an AI initiative in 2023 to boost decision-making and operational efficiency.
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