How AI Can Change Financial ServicesRajat Sen on the Differences Between AI and ML, Use Cases and Industry Outlook
Over the past year, generative AI has been reshaping the landscape of security and operations in the financial services industry. The integration of advanced AI technologies, particularly generative models such as GPT-3, are helping executives to manage risk more effectively and increase operational efficiency.
Most experts say that while generative AI is relatively new, the technology of AI and machine learning first arose decades ago in the financial services industry. But gen AI is a major leap over machine learning, according to Rajat Sen, founder of Discerning Consulting Services.
"Machine learning has been around for a fair bit in the financial services sector in customer service centers, fraud analytics and analysis of transactions," Sen said. "But that is a rule-based definition, not a situation where the system itself is generating and creating new rule sets based on its analysis of the data - which is what AI is."
Sen said financial services firms are well on their way to widespread adoption of gen AI. The industry is "halfway there," he said, but "we're moving in that direction quite fast."
In this video interview with Information Security Media Group at the Mumbai Summit, Sen discussed:
- AI use cases in financial services;
- How banks and other financial institutions can leverage large language models for operations;
- How generative AI has turned the tide in analytics technology.
With about two decades of professional experience, Sen has built and led information security programs for organizations, including FS-ISAC and Fortune 500 companies, focusing on innovation while managing risk.