Generative AI in Banking Financial Services and Insurance: A Guide to Use Cases, Approaches, and Insights

This book explores the integration of Generative AI within the Banking, Financial Services, and Insurance (BFSI) sector, elucidating its implications, applications, and the future landscape of BFSI.

The first part delves into the origins and evolution of Generative AI, providing insights into its mechanics and applications within the BFSI context. It goes into the core technologies behind Generative AI, emphasizing their significance and practical applications. The second part explores how Generative AI intersects with core banking processes, ranging from transactional activities to customer support, credit assessment, and regulatory compliance. It focuses on the digital transformation driving investment banking into the future. It also discusses AI’s role in algorithmic trading, client interactions, and regulatory adaptations. It analyzes AI-driven techniques in portfolio management, customer-centric solutions, and the next-generation approach to financial planning and advisory matters. The third part equips you with a structured roadmap for AI adoption in BFSI, highlighting the steps and the challenges. It outlines clear steps to assist BFSI institutions in incorporating Generative AI into their operations. It also raises awareness about the moral implications associated with AI in the BFSI sector.

By the end of this book you will understand Generative AI’s present and future role in the BFSI sector.

What You Will Learn

• Know what Generative AI is and its applications in the BFSI sector
• Understand deep learning and its significance in generative models
• Analyze the AI-driven techniques in portfolio management and customer-centric solutions
• Know the future of investment banking and trading with AI
• Know the challenges of integrating AI into the BFSI sector

Who This Book Is For

Professionals in the BFSI and IT sectors, including system administrators and programmers

Dr. Anshul Saxena is an author, corporate consultant, inventor, and educator who assists clients in finding financial solutions using quantum computing and Generative AI. He has filed three Indian patents and has been granted an Australian Innovation Patent. He has been instrumental in setting up new-age specializations such as decision sciences and business analytics in multiple business schools across India. Currently, he is working as Assistant Professor and Coordinator – Center for Emerging Business Technologies at CHRIST University, Pune Lavasa Campus. Dr. Anshul has also worked with reputed companies such as IBM as a curriculum designer and trainer and has been instrumental in training 1,000+ academicians and working professionals from universities and corporate houses, including UPES, CRMIT, and NITTE Mangalore; Vishwakarma University, and Pune & Kaziranga University; and KPMG, IBM, Altran, TCS, Metro CASH & Carry, and HPCL & IOC. With five years of experience in the domain of financial risk analytics with TCS and Northern Trust, Dr. Anshul has guided master degree students in creating projects on emerging business technologies, resulting in eight Scopus-indexed papers. Dr. Anshul holds a PhD in Applied AI (Management), an MBA in Finance, and a BSc in Chemistry. He possesses multiple certificates in Generative AI and Quantum Computing from organizations such as SAS, IBM, IISC, Harvard, and BIMTECH.

Ms. Shalaka Verma, a highly accomplished global technology leader with over 22 years of experience, currently holds the position of Director, Customer Success at Microsoft. With a strong focus on value realization and innovation, she oversees the successful adoption and implementation of Microsoft's Modern Work Solutions Portfolio. Throughout her extensive career, spanning research, development, and technical sales, Shalaka has achieved remarkable milestones in various domains. She has spearheaded groundbreaking wins in AI platforms, Database Platforms, Hybrid Cloud, and Always Architectures. Her expertise also extends to Quantum Computing, where she has been recognized as the first Quantum Ambassador for IBM in the ISA region and an Azure Quantum Ambassador at Microsoft. Shalaka is renowned for her broad technical knowledge and her ability to apply it to drive measurable business outcomes directly. Her leadership in technology R&D is evidenced by her filing of three US patents in the fields of blockchain, storage virtualization, and big data. One of these patents has already been commercialized and transformed into a licensed product feature. Shalaka's exceptional track record and diverse expertise make her a valuable asset in the technology industry. Her passion for delivering value to customers and driving technological innovation continues to shape the success of the organizations she works with.

Dr. Jayant Mahajan is an Associate Professor in the Department of Management, distinguished by a diverse academic and personal profile. Holding a bachelor degree in physics and a master degree in information management from the University of Mumbai, he further solidified his academic credentials with a PhD from Symbiosis International University. His doctoral research was instrumental in creating a training model for teaching ICT to visually challenged students. Beyond his academic pursuits, Dr. Mahajan's interests extend to Strategy Management, Fintech, and the Philosophy of Technology, with a personal inclination toward triathlons and the nuances of metaphysics and cleantech.