Priya PatelIn this Forbes article, author Grant Easterbrook discusses the emergence of generative AI assistants in the financial services industry. The article provides an overview of the three main build options for creating a client-facing generative AI assistant: using an off-the-shelf turnkey solution, an open source large language model (LLM), or developing a proprietary LLM. Easterbrook highlights the importance of strong conversational capabilities, low latency, and proper guardrails in building these AI assistants. The author also explores various considerations, such as data privacy and compliance, and suggests looking for opportunities to use generative AI assistants to provide a unique value proposition and enhance the client experience.
Key Points:
- Generative AI assistants are coming to financial services and will revolutionize how consumers manage their money
- There are three main build options for creating a generative AI assistant: off-the-shelf turnkey solutions, open source LLMs, and proprietary LLMs
- Financial services firms need to ensure their AI assistants have strong conversational capabilities, low latency, and proper guardrails in place
- Data privacy and compliance are major considerations for developing generative AI assistants
- Firms should look for opportunities to use generative AI assistants to create a unique value proposition and enhance the client experience
Overall, this article provides an accessible introduction to generative AI assistants in the financial services industry and offers valuable insights into the build options and considerations for organizations looking to implement these AI-powered tools.
