The Rise of Generative AI in the Financial Services Industry – Fagen wasanni
The three major cloud computing vendors, Amazon Web Services (AWS), Google, and Microsoft, have made significant investments in generative artificial intelligence (AI). Microsoft has invested $13 billion in OpenAI, the creator of the popular ChatGPT AI search engine. AWS has recently announced a $100 million investment in a generative AI innovation center. Google has also invested around $300 million in AI startups. All three vendors offer a wide range of proprietary technologies for developers and data scientists to create and utilize generative AI and large language models.
While generative AI has been around for several years, it has now reached a tipping point, according to Swami Sivasubramanian, AWS’s vice president of database, analytics, and machine learning. This technology has the ability to transform every application, industry, and business. However, in the financial services industry, banks have been cautious in adopting generative AI due to the risks of errors and…
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source: https://news.oneseocompany.com/2023/07/30/the-rise-of-generative-ai-in-the-financial-services-industry-fagen-wasanni_2023073048306.html
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