Generative artificial intelligence (Gen AI) holds the promise of revolutionizing the financial sector by boosting staff productivity and streamlining operations. However, while pilot projects have shown success, expanding Gen AI’s use across entire institutions remains a significant hurdle.
Violet Chung, a senior partner at McKinsey & Company, highlighted the complexities of integrating Gen AI during her interview at the SWIFT International Banker’s Operation Seminar 2024 in Beijing. She noted that although traditional AI tools are widely adopted in finance, Gen AI presents a different set of challenges.
One major obstacle is employee resistance. Chung emphasized that without top-down support from senior management, efforts to implement Gen AI often falter. \"Twenty different departments doing 40 different Gen AI missions is very expensive … very, very expensive,\" she explained. This fragmentation not only drives up costs but also hinders cohesive progress.
To overcome these barriers, Chung advocates for the establishment of role models within organizations. By showcasing successful Gen AI applications, management can demonstrate the tangible benefits and encourage wider adoption among employees. \"People have to see why doing this is good,\" she added.
The journey to fully scaling Gen AI in finance is ongoing, but with strategic leadership and clear examples of success, the potential for transformative impact remains within reach.
Reference(s):
cgtn.com
