Generative AI’s impact on Gross Value Added in financial services is more significant than other sectors and could contribute an addition of another $66 to $80 billion by 2030, according to a survey by EY.
The BFSI sector has recognized the potential of Generative AI with most of them using it for at least one use case or planning a pilot within the year.
Some key areas where Gen AI could be most useful are customer service, cost reduction and driving innovation, but most companies acknowledge that they need to be better prepared to navigate this digital transformation.
Gen AI has inherent risks due to its complexity in deploying a model, and the skill gap is widening as companies grapple with a shortage of individuals possessing AI skills.
“After prioritising the use cases, organisations must make a careful decision regarding the implementation strategy,” said Abizer Diwanji, head of financial services at EY India.
Governments around the world are looking to promote and regulate AI but haven’t reached a consensus on regulating AI. To promote the development of Gen AI, policy actions will have to ensure access to data.
