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Is Financial Services ready for an industry utility powered by GenAI?

Summary report by Accenture following a roundtable discussion which took place at Elevandi Insights during the Singapore FinTech Festival 2023

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Generative Artificial Intelligence (GenAI) applications such as ChatGPT built upon Large Language Models (LLMs) have woken up the world to the potential and possibilities of AI.

Globally, banks are already exploring or have embarked on the GenAI journey to enhance and augment their respective internal processes or external processes such as customer services. Against this backdrop, MAS organised a roundtable that was hosted by Accenture under Chatham House Rules for leading banks, regulators, and industry leaders convened at the Singapore FinTech Festival 2023 to discuss whether financial services is ready for an industry utility powered by GenAI.

This paper is the outcome of the roundtable and based on the discussions that ensued. It touches on the collaborative opportunities of GenAI technology like LLMs, how FIs can begin their GenAI journey responsibly, and complexities around data availability and sharing. As the meeting did not include a formal mechanism to establish consensus on any specific issue, takeaways and findings presented in the paper are a consolidation of individual opinions and not representative of the group’s collective stance.