Executive Director of MA Financial Group and Non-Executive Director of The RegTech Association. Read Will Liang's full executive profile here.
2023 was dominated by many headlines on the topic of generative AI, with the premise that it will fundamentally transform the landscape of financial services—if not the world. Is this overhyped? As we step into 2024, the time is ripe for senior executives and boards to embrace a contrarian yet pragmatic approach toward AI. Here are three offensive moves you should make.
One illustration of this is language translation. Google Translate has historically been deemed inadequate for business purposes. In response, numerous SaaS-based translation services have surfaced as alternatives. Thanks to OpenAI technology, it's now possible to develop and deploy in-house translation tools in just a few days. I have seen these tools offer far greater accuracy and can be tailored to specific contexts.
By taking over mundane and repetitive tasks, AI allows staff to dedicate their time and energy to more creative, strategic and intrinsically rewarding work. This positive impact on job satisfaction is often clouded by the headlines of the loss of jobs. Traditional team and function boundaries like finance, tax, products, operations and HR will dissolve. This will cause roles to merge. With general and specialized AI tools, could a single team do the work of five?The most audacious challenge for financial services leaders in 2024 is to turn their business models upside down using AI. This isn't just about adapting; it's about replacing traditional models with innovative ones that are AI-powered.
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