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Produced in partnership with
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Financial services firms have
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started to adopt generative
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AI, but hurdles lie in their path
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toward generating income from
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the new technology.
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Finding value in
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generative AI for
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financial services
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2
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MIT Technology Review Insights
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Preface
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Finding value in generative AI for financial services is an MIT Technology Review Insights
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report developed in partnership with UBS Group. This report is based on six in-depth
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interviews with senior executives and experts conducted in June to September 2023.
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The report looks at the early impact of generative AI within the financial sector, where it
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is starting to be applied, and the barriers that need to be overcome in the long run for its
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successful deployment. Paul Kielstra was the author of the report, KweeChuan Yeo was the
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editor, and Nicola Crepaldi was the publisher. The research is editorially independent and
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the views expressed are those of MIT Technology Review Insights.
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We would like to thank the following individuals for their time and insights:
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Michael Briest, Head of European Technology Research, UBS
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Jason Napier, Head of European Banks Research, UBS
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John Mileham, Chief Technology Officer, Betterment
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Chia Hock Lai, Co-Founder, Global Fintech Institute
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Rama Cont, Chair of Mathematical Finance and Head of the Oxford Mathematical and
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Computational Finance Group, Oxford University
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Lito Villanueva, Chief Innovations Officer/Executive Vice President, Rizal Commercial
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Banking Corporation (RCBC)
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3
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MIT Technology Review Insights
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CONTENTS
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01
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Executive summary.........................................................................4
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02 The promise of generative AI...................................................6
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Time for a more measured assessment.
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..............................7
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Its not magic.
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.........................................................................................7
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The road ahead.....................................................................................9
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03 Reality check: Recent deployments of.
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..........................10
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generative AI
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Cost cuts for now; income generation.
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................................10
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will have to wait
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Eyeing higher-value work.
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..............................................................11
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Uses of generative AI in the finance sector.
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.....................12
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04 Only half-speed ahead: Wariness about more.
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.........15
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extensive innovation
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Great expectations...........................................................................15
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05 Two general challenges for new..........................................16
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technology adoption
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Legacy technology.
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...........................................................................16
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A tight talent market.........................................................................17
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06 Tech-specific challenges and the.......................................19
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regulatory hurdle
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Importance of customization.....................................................19
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Reliance, bias, and accountability.
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...........................................19
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Intellectual property rights and hallucinations..............20
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Regulatory risks of a new technology..
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...............................20
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07
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Conclusion: Valuable tool, but yet to.
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................................21
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be fully disruptive
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4
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MIT Technology Review Insights
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01
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01
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Executive
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summary
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W
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ith tools such as ChatGPT, DALLE-2, and
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CodeStarter, generative AI has captured
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the public imagination in 2023. Unlike
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