Neylson Crepalde, CTO, A3Data, discusses how Generative AI has been revolutionizing the financial market by offering differentiated services that enhance the customer experience based on real-time needs.
The significant impact of Generative Artificial Intelligence (AI) on the financial sector is not a new topic, but we find ourselves in a unique scenario where this technology is moving beyond the initial hype phase and starting to provide tangible solutions to real market problems.
In recent weeks, we have seen exciting news about major investments by financial industry giants utilizing AI to enhance their products, customer experience, efficiency and asset profitability. For instance, JP Morgan, the world’s third-largest financial organization, recently patented indexGPT. This tool is essentially a Generative AI designed to function as an advisor, providing industry-related information and investment advice. According to the company’s CEO, Jamie Dimon, the technology and data supporting it are fundamental to the organization’s success and future.
Not long before that, Bloomberg news agency also introduced BloombergGPT, a proprietary Generative AI developed in-house over 40 years of extensive data collection, creation and organization. This new tool aims to assist with tasks such as sentiment analysis, named entity recognition and automatic news classification. Shawn Edwards, Bloomberg’s CTO, expects this tool to expand the company’s technological horizons, reduce time-to-market and enhance application performance.
Generative AI is not limited to the financial sector; it’s making strides in various fields, including automotive, education, logistics and more. This is an exciting time as companies are demonstrating growing maturity in deploying this technology to solve real business problems and deliver tangible value.
However, despite these significant advances, there is still a long way to go. In the Brazilian market, for example, two common issues persist. Firstly, there is a lack of concrete and consolidated information regarding the security of these tools. Secondly, there is often a misuse of the technology when it comes to facts and individuals.
The issue of information security remains unclear concerning Generative AIs, as there is no market-wide transparency regarding which information is retained for service improvement and how this information is used or made available to other users. Furthermore, a substantial portion of users are still utilizing the tool for fact-finding and people searches, which is not its intended purpose.
An example of this is ChatGPT, which has exhibited concerning shortcomings by inventing facts and information about individuals and providing citations from non-existent scientific papers. This occurs because its primary purpose is text generation, not online information retrieval.
In this regard, it’s crucial for companies to educate their teams for a better understanding and utilization of Generative AIs. Undoubtedly, these tools will be a significant part of a company’s success in service delivery. However, this can only be achieved through proper use and an awareness of how to leverage them to create tangible value.
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