Generative AI for finance
Generative AI is a powerful innovation and one which is being rapidly adopted by the financial industry to improve productivity and enhance workflows. Machine learning and AI have been used over the last decade within the financial services industry to automate and enhance previously manual processes such as fraud detection and compliance. However, the usage of generative AI for finance can add even more value and be used across a number of key areas, providing a clear competitive advantage
What is Generative AI?
Generative AI is a type of AI which can generate content. It can combine data from large language models (LLMs) and algorithms to generate content based on patterns it observes in other content.
It’s ability to generate content takes it beyond traditional machine learning. Machine learning focuses on recognising patterns and making predictions and decisions based on this data. Generative AI is able to generate new content based on the data is was trained on, so creating new content which follows the underlying data patterns.
What are the use cases for Generative AI for finance?
There are several use cases for Generative AI for finance.
Generative AI can be used to spot patterns and identify anomalies, such as transactions which do not follow typical patterns, which can then be flagged for further investigation. This helps to improve the productivity and efficiency of the fraud team who can focus on a specific subset of transactions.
Improve Client Satisfaction
Generative AI can be used to in chat bots to provide human like interactions, to help answer customer queries and questions, for example responding to queries relating to balances and transactions. The customer experience can also be personalised with the analysis of client data to provide recommendations for specific products.
Data Analysis and Extraction
As many financial institutions have to deal with large volumes of data which is time consuming and laborious, Generative AI can be used to rapidly summarise large documents, extracting the key information and providing summarises for further review.
Lingua Custodia’s document analyser was created to meet the demands of its clients for a technology able to rapidly summarise and extract key data from large documents. It can also be used in conjunction with its specialised machine translation engines, to extract the data in different languages. This allows its clients to query large documents in a different language to one the document is written in, which is invaluable for international financial institutions.