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. The most promising use cases across the financial services space exist in personalized marketing and experience, process automation, fraud defense, risk assessment, customer success, and product development. Although there are many positive use cases, generative AI is not currently suitable for compliance, decisioning, and high-risk areas such as securing payment systems or overseeing trading. 

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. Click here to purchase this report directly from Insider Intelligence.