In the evolving landscape of financial services, a noticeable gap exists in the adoption of generative AI between traditional banks and fintech firms. Traditional institutions prioritize internal AI applications focusing on efficiency, while fintechs are more customer-centric. Insights from industry experts reveal that banks are implementing AI slowly, with a cautious approach emphasizing human oversight. This method, described as 'human in the loop,' reflects regulatory concerns and a culture of risk management, allowing for controlled testing before wider deployments. Moving into 2025, banks are expected to enhance their AI strategies and capabilities.
2023 was all about education and doing proofs of concept, while 2024 was about leveraging those learnings to build enterprise AI platforms and beginning to move GenAI use cases into production.
Citizens implements 'data-driven Gen AI' with careful attention to 'risk and governance' frameworks.
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