Data Radicals Gen AI at Work: Inside the Digital Bank Revolution with Dr. Geraldine Wong, CDO at GXS Bank
Legacy systems in the financial services industry are notorious for being slower to adapt to big data. But for good reason. Because banks are complicated and intersect across networks, it’s difficult to implement new processes without disturbing the rest of the system. Yet, GXS Bank is proving it doesn’t have to be this way. The digital bank is leveraging data to drive financial inclusion and innovation. Their strategic use of data from parent companies and partnerships, helps create financial products for underserved communities in Singapore.
Not only is GXS Bank driving inclusion, but they’re also exploring the impact of generative AI on customer service, fraud detection, and operational efficiency. The technology is transforming the financial sector by offering valuable insights for improving data quality, governance, and stakeholder engagement. Satyen and Geraldine discuss the importance of creating better products and credit risk profiles, the intricacies of data sharing agreements and operational challenges, and strategies for leveraging AI to enhance customer service and fraud detection.
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“If you think about AI being part of a product manager, product creation, so you go to different segments of your consumers, see what their pain points are, do the summarization, and then say, ‘Hey, AI, can you create a new product that would match the needs of 50% of my segments in the consumer business?’ The AI quickly generates some AI product, a banking product for you with such features and you iterate and iterate and iterate. These are some of the tools that a product manager could really leverage on to create a new product from scratch.” – Gerladine Wong
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Time Stamps
*(01:24): About GXS Bank
*(10:04): Gen AI at GXS
*(15:35): Supporting financial inclusion with alternative data sources
*(31:34): Playing data offense vs defense at GXS
*(40:51): Takeaways
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This podcast is presented by Alation.
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