ChatGPT and Generative AI in Financial Services: How to Prepare

ChatGPT and Generative AI in Financial Services: Reality, Hype, What's Next, and How to Prepare

ChatGPT, a conversational AI model built by OpenAI, has dominated tech conversation in 2023. Payments, banking, and insurance players are eager to understand generative AI's potential and put it to work.Generative AI has the potential to revolutionize financial services specifically in the payments, banking, and insurance sectors.

Generative AI's rise seems sudden, but an industrywide embrace of the technology's disruptive potential will take time. Early movers have the most to gain, so preparing for implementation now—or at least getting started—is paramount. In the full report, we delve into how generative AI could affect the financial services space, identify the most and least promising use cases, and define steps providers can take to prepare for its rise.

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