Title

AWS re:Invent 2023 - How to deliver business value in financial services with generative AI (FSI201)

Summary

John Kane introduces the session on leveraging generative AI in financial services.
Generative AI is transforming financial services, from customer onboarding to credit checks.
The industry is early in adopting generative AI, with AWS investing in compute power for larger models.
Customers are experimenting with generative AI in areas like operational efficiency and customer experience.
Janet Weldon from Sun Life shares their journey with generative AI, focusing on employee productivity and risk management.
Sun Life adopted an "experience-based accelerator" for rapid prototyping and is now scaling successful experiments.
Jeremy Butt from Verifin discusses using generative AI to fight financial crime, focusing on improving investigation efficiency.
Verifin's architecture leverages AWS services and has optimized token usage, reducing product costs.
Zach Anderson from NatWest speaks about using generative AI for personalization to improve customer experience.
NatWest's journey includes building foundational capabilities, shifting to SageMaker, and creating personalized content.
The session concludes with a Q&A and a request for feedback on the event.

Financial services are increasingly integrating AI into their value chain, and generative AI is the latest advancement capturing attention.
AWS is providing the necessary infrastructure and tools, such as Bedrock and Foundation Model Hub, to support the adoption of generative AI.
Organizations like Sun Life are creating communities and frameworks to safely experiment with generative AI while managing risks.
Verifin's use of generative AI demonstrates significant efficiency gains in financial crime investigations, highlighting the potential for cost savings and better resource allocation.
NatWest's approach to personalization through generative AI indicates a shift towards more customer-centric services and the potential for increased engagement.
The industry is still in the early stages of adopting generative AI, suggesting that there is much more potential to be unlocked in the future.
The importance of prompt engineering and managing hallucinations in generative AI models is emphasized, indicating a need for careful model training and validation.
The session showcases a trend towards collaboration between business leaders, AI professionals, and control partners to innovate while managing risks in regulated industries.