Fintech Insider Podcast by 11:FS 944. Insights: The future of generative AI in financial services
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Mar 13, 2025 Aditi Subbarao, a leader in applying generative AI at Instabase, joins Colin Payne from the FCA, who specializes in AI innovation, and Fernanda Dobal from Cleo, developing AI financial assistants. They dive into generative AI's transformative power in financial services, discussing its potential for enhancing customer experience while navigating regulatory challenges. The guests also explore the need for upskilling in the workforce, the balance between innovation and privacy, and innovative applications that could reshape how consumers interact with finance.
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AI's Cyclical Evolution in Finance
- AI in financial services evolved from structured data processing to handling unstructured data and conversational interactions.
- The journey has been cyclical between data-focused and customer experience applications, with rapid recent advancements.
GenAI Crossing to Core Banking
- Generative AI is moving from peripheral uses like marketing to core banking processes such as underwriting and onboarding.
- Adoption hinges on overcoming data privacy and security barriers to enable impactful use.
AI Agents Like Growing Children
- AI agents are evolving like growing children: from needing explicit instructions to more autonomy yet lacking inherent morality.
- These agents will form complex inter-agent ecosystems needing new regulatory guardrails.