Fintech Forward Newsletter - Issue 15

With AI adoption growing across the financial services industry, assessing the practical use cases and the tools that will help deliver valuable AI-powered solutions and real transformation is crucial. With so many Gen AI solutions and large language models (LLMs) to choose from today, IT decision-makers must seek to understand the subtle and stark differences between what’s on offer and determine the use cases that can benefit from each offering.  

A use case highlighted by IBM is customer risk assessment for banks when it comes to recommending financial products. Using generative AI to analyze market trends, financial indicators and credit histories, banks can deliver saliant information to analysts and accelerate decision making. Again, however, choosing the right LLM for the use case will be essential. 

We also take the opportunity to flag an extensive report from The Alan Turing Institute, authored by finance industry experts, including representatives from banks, the FCA, Accenture and analysts, about how to ensure the trustworthy adoption of LLMs.  

We also consider why one LLM may not be enough to achieve the objectives of AI projects and AI-led transformation. With different LLMs excelling at different tasks, and some having multimodal capabilities, AI strategies are growing in complexity. With this week’s newsletter, we hope to unravel some of that complexity.