Use of Gen AI in finance is hard to scale, analyst says [Video]

Generative artificial intelligence (Gen AI) can enhance staff productivity in financial institutions, but current success in pilot projects can be hard to scale, an analyst told CGTN.

The use of AI is common in the world of finance, but Gen AI is a different story, said Violet Chung, senior partner of McKinsey & Company, during an interview with CGTN at the SWIFT International Banker’s Operation Seminar 2024 held in Beijing.

One problem that prevents the broader use of Gen AI in finance is that some employees refuse to use it. Chung said senior managers need top-down alignment as the bottom-up model failed to work at a scale in many places.

“Twenty different departments doing 40 different Gen AI missions is very expensive … very, very expensive,” she said.

What’s more, the management needs to set up role models for employees to see the success of Gen AI. “People have to …