Generative AI allows banks to analyze unstructured data, which makes up about 80% of all data within financial institutions — a capability not possible just two years ago.
Unstructured data includes emails, audio, video, contractual information and more, Prag Sharma, global head of artificial intelligence for Citi’s center of excellence, said during FinTech Futures Oct. 23 “Gen AI in financial services: Balancing innovation and risk for transformation growth” webinar.
“We’re very keen to harness [gen AI for unstructured data analysis] and the power of it, and we want to scale it across the organization,” Sharma said.
Gen AI application
Gen AI will lead to improved productivity across financial services as more organizations integrate the technology, he said.
While the technology is not a one-size-fits-all solution for financial institutions, the application “depends on how you’re structured as an organization to get the most out of these generative AI technologies,” Sharma said.
The tech helps resolve FI issues such as:
- Developing key proprietary applications in-house;
- Finding information quickly;
- Creating content for internal and external use, and for marketing, with the support of large language models; and
- Extracting information in shorter time periods.
“Last year was the year of the ‘wow.’. We were all infatuated with [gen AI],” Sharma said. “This year is the year of the ‘how.’ You need to bring it in your own house, use it, see what value it’s giving to you and then scale.”
Register here for early-bird pricing for Bank Automation Summit U.S. 2025, taking place March 3-4 in Nashville, Tenn. View the full event agenda here.
