Navigating GenAI: Balancing excitement and risks in transformative industry disruption
The rapid advancement of generative artificial intelligence (GenAI) has stirred excitement and concern across industries.
Banks in the US, Europe, and growth markets are already embracing GenAI in various sectors, from customer service to risk management. Simultaneously, awareness of GenAI's risks, such as algorithmic bias and data opacity, is growing, leading to calls for responsible development and usage.
This report, produced by Accenture, in association with Elevandi, is the result of a roundtable discussion, 'Responsible AI in Finance: Navigating the Ethics of Generative AI that took place at Point Zero Forum in Zurich in June 2023, convening banks, regulators, and industry leaders to addresses key insights. These include the need for cautious adoption, recognising that GenAI isn't a one-size-fits-all solution, and adopting a risk-based approach. Harmonising AI governance and creating an inclusive environment are additional challenges for responsible GenAI deployment.
