Gen AI to enhance software development, Mastercard exec says

Financial institutions are looking to generative AI for software development, chatbots and operational efficiencies, and more AI applications are expected to surface in 2024. Gen AI for software development, for one, is expected to be “transformational” in the financial services industry, according to Mastercard ’s “Generative AI: The transformation of banking” report, released Dec. 4. The report combines findings from Deloitte ’s 2023 CEO Survey, Goldman Sachs , IBM , McKinsey , Finicity , Morgan Stanley , Statista and more. [caption id="attachment_57363742" align="alignright" width="300"]<img class="wp-image-57363742 size-medium" src="https://finainews.com/wp-content/uploads/2022/08/377136239-300x200.jpg" alt="A logo at the Mastercard office in the Flatiron District of New York, U.S., on Thursday, Aug. 5, 2021. Mastercard Inc. has remade a 19th-century building in Manhattans Flatiron District for the hybrid era of office work brought on by the global pandemic." width="300" height="200" /> Photographer: Amir Hamja/Bloomberg [/caption] Some financial institutions are ahead of the curve on developing software using gen AI: $1 billion Scotiabank and $190 billion KeyBank , for example, are exploring gen AI for coding assistance. “Most companies in financial services rely heavily on extensive and complicated technology systems and are investing large amounts of money into them to respond to an ever-increasing set of challenges and opportunities,” Ken Moore , chief innovation officer and head of Mastercard Foundry, told Bank Automations, adding that “gen AI has the potential to significantly enhance many phases of the software development process.” Software developers can use Gen AI: Draft project specifications; Troubleshoot software integration challenges; and Provide step-by-step guidance for tasks. Gen AI for legacy systems Generative AI can improve new processes as well as update legacy systems, Moore said. With older systems, the technology can: Expedite the error-intensive work of rewriting old code; Explain outdated code; and Write, review and debug code. Forward look In 2024, financial institutions will continue to experiment with generative AI with proof of concepts and innovation testing, Moore said. And operational efficiencies, knowledge bots and gen AI for software development are “laying the groundwork for what’s to come,” he added. Get ready for the Bank Automation Summit U.S. 2024 in Nashville on March 18-19! Discover the latest advancements in AI and automation in banking. Register now.

Gen AI to enhance software development, Mastercard exec says

Mastercard report: Gen AI in 2024

Nearly 100% of FIs plan to use gen AI

Transactions: Citi TTS taps Icon Solutions for payments platform

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Gen AI to enhance software development, Mastercard exec says

Mastercard report: Gen AI in 2024

Nearly 100% of FIs plan to use gen AI

Transactions: Citi TTS taps Icon Solutions for payments platform

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