Generative AI in Financial Services: Enhancing Customer Experiences
At Money20/20 USA, representatives gathered for a panel session to explore the transformative role of generative AI in financial services. Hemanth Sundararaj, global solution sales leader at Microsoft, led the discussion, emphasizing that almost 87% of organizations believe generative AI will provide a competitive advantage.
Joining him were Priya Gore of Microsoft, Navy Federal Credit Union’s Thomas Hughes, and Databricks’ Junta Nakai. The panel focused on the implementation strategies for generative AI, with Nakai noting that organizations must consider the necessary systems to maximize AI benefits.
Hughes shared Navy Federal Credit Union’s journey to integrating generative AI, which began with transitioning to Azure cloud to leverage Databricks’ Data Intelligence Platform. The firm has utilized various technologies for data visualizations and fraud detection.
‘Our journey to the AI platform would not have been possible without foundational work within our data ecosystem,’ Hughes stated.
Priya Gore highlighted the importance of scaling AI effectively within organizations. She emphasized, ‘Once employees are comfortable with using the technology, we should introduce it to back office processes before integrating customer-facing experiences.’
Looking ahead, Gore mentioned the rise of agentic AI, which autonomously solves complex problems, indicating a shift in operational capabilities within the industry.
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