Potential benefits of AI for financial services
Helen Lu writes how Large Language Models (LLMs) are already having an impact on the finance world, whether through offering rapid access to proprietary knowledge bases or pre-screening investments through to automating claims.
Lu writes how instead of negating the need for financial advisers, AI can help finance professionals with decision making, automation, improving productivity, reducing the cost of providing services and sharing organisational ‘know-how’. Morgan Stanley, a large investment bank, is using Open-AI to power a Chatbot to help its advisers.
Lu sets out some steps organisations should consider when working to cultivate AI literacy.
1.Encourage entry-level professionals to use models like ChatGPT, providing training to help them understand the technology's strengths and limitations.
2. Develop a strategy to turn institutional “know-how” and culture into easily accessible information with the assistance of LLMs.
3. Anticipate initial impacts on work efficiency and quality, addressing any discontent among "superstars" who might not benefit as much from the technology.
4. Rethink team organisation, taking advantage of decreased specialisation requirements to create more versatile and adaptive structures.
5. Alleviate apprehension about AI by highlighting its potential to improve overall productivity and job satisfaction.
Like Helen Lu, we share some enthusiasm for the use of AI, and also have spent some time exploring its weaknesses. In our recent Quarterly Life and Health Sector Report, we have conducted a number of tests of AI, explored the background to LLMs and contrasted these with tools such as machine learning. This report includes the risks associated with the use of LLMs and limitations. To ask us about either subscription to the quarterly report, or access to special reports on a one-off basis, please contact Kelly@Quotemonster.co.nz
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