GenAI: Bringing endless possibilities to the fintech sector
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PA Consulting's Richard Berkley discusses the possibilities and uses of generative AI in the fintech sector in an article by Tom Chapman in FinTech Magazine.
Commenting on this, Richard says: "We have been close to Gen AI developments in recent years, so we weren’t surprised by its capabilities."
When asked about ChatGPT, he adds: "What has surprised me is the speed and scale of market activity it generated – with 100 million active users within two months and every board member and executive wanting to know what it means for their business."
When discussing combatting fraud, Richard says: "Our experts have observed several emerging economic crime risks within Gen AI. Financial institutions and fintechs need to understand that the misuse of Gen AI to perpetrate fraud is becoming an increasing risk to both them and their customers."
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