At the esteemed MachineCon 2023, Rajesh Ganshani, SVP and Global Head of Transformation Services for Banking & Capital Markets at Genpact, delved deep into the transformative potential of generative AI within the banking and capital markets sector. The event, orchestrated by AIM Research, was a melting pot of industry luminaries discussing the latest innovations and trends in data, technology, and analytics.
Rajesh commenced by shedding light on his pivotal role at Genpact, where he collaborates with CXOs of global banks, leveraging data, technology, and AI to drive transformation and enhance business outcomes. He emphasized the significance of combining these competencies to achieve tangible results.
Generative AI, according to Rajesh, is becoming increasingly relevant in the banking and capital markets domain. He identified four primary areas where generative AI can make a significant impact:
- Customer Engagement: Any touchpoint with a customer is ripe for disruption through generative AI. Enhancing these interactions can lead to improved customer experiences and outcomes.
- Risk Management: This includes fraud detection, system control leakages, and anti-money laundering measures. AI can play a crucial role in identifying and mitigating these risks more efficiently.
- Research: Generative AI can simplify the process of extracting investment strategies from vast amounts of research, aiding financial advisors in providing more accurate and timely advice to their clients.
- Technology and Product Development: The way products and platforms are developed can be revolutionized through generative AI, making them more adaptive and responsive to market needs.
Rajesh also provided practical use-case scenarios to illustrate the impact of generative AI. For instance, in wealth management, financial advisors typically sift through numerous research reports to advise clients on investment strategies. With generative AI, this process can be streamlined, allowing concise extraction of investment strategies from these reports, leading to more informed and timely advice.
Another example he cited was the loan application process. A customer’s journey, when applying for a loan, can be significantly enhanced using AI, ensuring a smoother experience and faster loan processing.
In conclusion, Rajesh Ganshani’s insights at MachineCon 2023 offer a comprehensive perspective on the evolving landscape of banking and capital markets in the age of generative AI. His expertise and forward-thinking approach underscore the importance of embracing AI-driven solutions to stay competitive and deliver superior value.