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GenAI applications in FS (2), Example impacts, Example use cases, Uses of…
GenAI applications in FS (2)
Growth and retention
Marketing
Customer service
Sales
Client attrition management
Risk management
Fraud detection
Risk modelling
KYC and verifications
Credit underwriting
Audit and compliance
Liquidity forecasting
Reduce cost of compliance by automating report preparation. E.g. AML reports
Improved accuracy of models through synthetic data creation
Improved fraud detection by contextualising trxns and developing fraud tests and red-flag markers which can save up to 5% of these costs
Reduction of legal negotiation periods by 20-30% through summarization of legal documents
Productivity and operations
Process automation
Human resources
Improving uptime for systems and cost of resolving issues
Speed up code writing by 25-50% through code generation
Reduce the time to resolve system downtime incidents by up to 50%
Reduce costs in loan underwriting accuracy and document preparation by 5-10%
Up to 30% productivity gains across analyst roles by processing information at speed and scale
Remove repetitive tasks
Data and MIS
Improved knowledge management through document search and retrieval
Greater efficiency for summarization and insights generation
Error detection
Example impacts
Example use cases
Uses of GenAI
Uses of GenAI
Example use cases
Example impacts
Source:
UK Finance - AI in financial Services