While artificial intelligence (AI) has been deployed in various functions across different industries over the past few decades, the world became truly in awe of the capabilities of the mechanical brain when generative AI burst onto the scene with ChatGPT in late 2022. Its uncanny ability to churn out full-length essays, passing examinations from the Wharton Business School (though inexplicably showing a dismal result at the Singapore Primary School Leaving Examinations) and seemingly able to hold a proper conversation with humans, ended up driving the fastest viral rate of adoption of any technology—taking just 60 days to reach 100 million users.
Generative AI’s relevance for use cases like customer service, marketing, and content generation is easy to see. But what potential lies in store for those in banking and financial services?
Corporate and investment banks (CIB) have been using AI and Machine Learning (ML) for decades, well before other industries caught on. Stock market traders have used ML models to derive and predict trading patterns, and natural language processing (NLP) has been deployed to trawl through tens of thousands of pages of unstructured data in securities filings and corporate actions to predict where a company might be headed.
For the full article, click here
