ChatGPT, a conversational AI model built by OpenAI, has dominated tech conversation in 2023. Payments, banking, and insurance players are eager to understand generative AI's potential and put it to work.
Insider Intelligence
Generative AI has the potential to revolutionize financial services specifically in the payments, banking, and insurance sectors. The most promising use cases across the financial services space exist in personalized marketing and experience, process automation, fraud defense, risk assessment, customer success, and product development. Although there are many positive use cases, generative AI is not currently suitable for compliance, decisioning, and high-risk areas such as securing payment systems or overseeing trading.