Released
The New Skills in Finance Report 2022
In a digital-transforming era, there is a widening skills gap for those who cannot adapt to the new digital world in finance.
CFTE and Elevandi published the report with the discussion with leading experts to help governments, organisations and individuals address the current skills gap in finance and build a digital-resilient workforce in the industry.
Key Insights
Key takeaways from "How can generative AI shape the banking industry?" report published by PAC
CFTE summarised “How can generative AI shape the banking industry?” report by PAC. This report looks at the technological journey the banking industry has been experiencing for the past decade and how best to understand the role and value of GenAI in its current form.
Key Aspects
- The paper discusses the role of generative AI in transforming various aspects of the banking industry, including front, middle, and back-office functions.
- It highlights the technological evolution, particularly after the release of ChatGPT 3.0, marking a significant point in AI development.
Table of Contents
- How Generative AI Can Be Used in:
- Front Office of Banks
- Middle Office of Banks
- Back Office of Banks
- Requirements for Successful Adoption of Generative AI in Banks
- PAC Recommendations
Key Findings and Insights
This report will give you an insight into:
- Generative AI as a Transformative Force in Banking
- Innovative Leap: The advent of large language models like ChatGPT 3.0 marks a significant technological inflection point, particularly in AI development. The report views this as a critical moment for the banking industry, where generative AI is not just an incremental improvement but a transformative force.
- Comprehensive Impact: GenAI is expected to impact every aspect of banking operations - from customer interactions in the front office to complex decision-making processes in the middle and back offices.
- GenAI in Operational Efficiency and Customer Experience
- Operational Efficiency: GenAI can streamline various banking operations, making them more efficient. This includes automating routine tasks, enhancing data analysis capabilities, and improving decision-making processes.
- Enhanced Customer Experience: By integrating GenAI into front-office operations, banks can offer more personalized and efficient customer services. This could include advanced chatbots for customer queries, personalized financial advice, and more intuitive digital banking experiences.
- Societal and Ethical Implications
- Ethical Considerations: The report underscores the importance of addressing the societal and ethical implications of GenAI. As these technologies can fundamentally alter human roles and behaviors, there's a need for careful consideration and regulation.
- Proactive Governance: The banking sector, along with governments and industry bodies, is expected to react and adapt faster to the challenges posed by GenAI compared to previous technological shifts like data protection.
- Strategic Partnerships for Effective Integration
- Role of Professional Services: Banks are advised to consider partnering with professional service providers, like PwC, for effective GenAI strategy development and implementation. These partnerships are crucial for navigating the complexities of GenAI integration.
- Co-Innovation and Co-Creation: The report suggests that collaboration with such firms can lead to co-innovation and co-creation, ensuring that the integration of GenAI is aligned with the bank's specific needs and industry standards.
- Long-Term Impact and Industry Preparedness
- Future Outlook: While the full impact of GenAI on society and human behavior remains uncertain, its potential in reshaping banking services is evident.
- Preparedness for Change: The report highlights the need for banks to be prepared for the rapid changes brought about by GenAI, emphasizing continuous adaptation and ethical consideration.
Key infographics
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