Google just launched the most powerful large language model (LLM) the world has ever seen – Gemini. Gemini now powers Google’s publicly accessible genAI service: Bard.

Last week the UK government published a report claiming that the finance, public, legal and education sectors would be the sectors most severely impacted by genAI.

So we asked Bard (Gemini) how those sectors will be impacted by AI, and we then asked our sector experts and our AI director, Luke Budka, for their opinions.

How will the finance sector be impacted by AI?

Bard says:

GenAI can significantly enhance efficiency and improve customer experience in the finance industry.

It can be used to:

  • Analyse vast amounts of financial data: genAI can process and analyse massive datasets to identify patterns, trends, and insights that would be impractical for humans to extract manually. This can help financial institutions make better investment decisions, manage risk more effectively, and provide personalised financial advice to customers.
  • Automate and streamline tasks: genAI can automate repetitive tasks such as data entry, financial modelling, and compliance reporting, freeing up employees to focus on more strategic and value-added activities. This can lead to cost savings, improved productivity, and reduced errors.
  • Personalise customer experiences: genAI can analyse customer data to create personalised financial products and services. For instance, it can recommend investment portfolios based on individual risk tolerance and financial goals.

Katy Bloomfield our MD of PR – and one of our fintech experts – adds:

“Regulatory compliance is also worth mentioning. AI can monitor real-time transactions and catch regulation breaches – as well as generating the reports and documentation needed to meet regulatory requirements.”

“On top of personalised customer investment experiences, customer service interactions are being shaken up by AI-powered chatbots – particularly in fintech – enabling customers to receive immediate, round-the-clock assistance. As well as the potential cost savings, there’s huge potential to improve customer experience and advocacy for fintech brands.”

Rachel Griffin our FD adds:

“At Definition, we’re actively enhancing our processes with solutions that automate tasks, guarantee data accuracy, and ensure security. We’ll be able to use AI to interpret customer and supplier contracts, interrogate and analyse historical financial data, and help with forecasting – all in the knowledge that our own private environment is keeping our data secure.

“It’s great for business but I’m not sure what it means for finance teams of the future. Most of my training involved tasks that can now be outsourced to AI, which raises questions about how accountants of the future will be trained.

“AI won’t replace accountants, but it will redefine their roles. Everyone in the finance sector needs to stay up to date with AI and incorporate it into their work, rather than resist it.”

What should the finance sector do about it?

Luke Budka, our AI director says:

“Not all genAI models are built equal. Finance companies should identify which ones are best suited to the challenges they are looking to solve. For example, models like TORA significantly outperform open-source models on mathematical reasoning demonstrating between 13% to 19% improvement on average. TORACODE-34B is also the first open-source model that achieves an accuracy exceeding 50% on MATH, which significantly outperforms GPT-4’s chain-of-thought results.

“Likewise, when looking to augment large language models (LLMs) with finance data, companies should be aware not all setups are born equal, with some performing significantly better than others when dealing with multiple files containing structured and unstructured data.

“For example, OpenAI’s Retrieval function in its Assistant API can only handle up to 20 files and struggles to accurately extract table data, therefore potentially making it unsuitable for finance companies as an augmentation option.”  

 

Drop us a line if you’re interested in having chat about our genAI services, from tone of voice tuning to private environments.