This white paper looks at how Generative AI (GenAI) can transform the financial services industry. It shows how GenAI can improve compliance, engage clients better, and manage risks more effectively while helping companies share expertise and bring new solutions to market faster. However, to fully benefit from GenAI, highquality systems are needed, and it can be tough to tell different AI models apart. The paper explains what makes an AI system good, including the quality of data, the complexity of the system, and cybersecurity measures. It also covers important tools like Retrieval-Augmented Generation (RAG) and Parameter Efficient Fine Tuning (PEFT), which help reduce mistakes. A step-by-step approach for adopting GenAI is recommended, starting with simple tasks and gradually expanding to more complex uses to ensure a smooth transition. Key suggestions for the industry include using standard test data, setting up fair usage policies, creating AI testing environments (sandboxes), and simplifying regulations to make AI integration more effective.
Co-Authors
Thomas Kaiser, CEO & Co-Founder, Kodex AI
Boon-Hiong Chan, Industry Applied Innovation Lead, Head of Securities & Technology Advocacy APAC, Deutsche Bank
Delane Zahoruiko, Founders Associate, Kodex AI
