A Study On Generative Ai And Its Impact On Banking And Financial Services Sector: Data Privacy & Sustainable Perspective
R Shalini, Chaya Bagrecha · 2023
Generative AI is a subset of AI that can create something new. It leverages machine learning techniques to autonomously generate content based on patterns in data. Implementation of Generative AI in banking sector has significant benefits especially in the areas of fraud detection, risk management and real time decision making. This study attempts to understand how Generative AI is going to impact the financial services industry. For this purpose, secondary data was collected from various sources like Insider Intelligence, Deloitte, Goldman Sachs etc. to get insights on this emerging technology. Along with secondary data, a survey was conducted to understand the individual preferences toward Generative AI applications on their banking platforms. The other key areas of study are ‘data privacy’ and ‘sustainability’ in banking and financial sector with the perspective of generative AI implementation. The findings of the study reveal that Generative AI as an emerging technology can massively disrupt banking and financial sector. There are some concerns with respect to regulations such as General Data Protection Regulation (GDPR).