WHAT A GEN AI ROADMAP FOR NBFCS CAN LOOK LIKE

Generative AI or Gen AI has been a game changer for businesses all over the world. From all that I have read and seen, it appears that quite a few financial services companies have either already implemented the technology or plan to introduce it in the coming year. It’s clear that Gen AI, unlike a lot of new technologies, has the potential to touch every aspect of a financial company’s work life. It can range from customer support, using AI bots and an intelligent contact centre, or marketing and sales using content creation tools, or even productivity measurement and improvement.

?A lot of this is already known and talked about. But, like all technologies, implementation needs to be thought through, or else we run into risks of ineffective usage, poor return on investment or worse case, it just doesn’t get used. Here are some of my thoughts on this point.

?Gen AI Strategy:?Think about why. What are the key problems we are trying to solve (this can be different for different lenders). Bring teams together to collaborate on the strategy. Define success criteria and build policies around them. You can start slow by identifying one or two main problems and select a particular system to address them.

?Business Use case:?Make sure the use cases make sense for your business. Researching use cases and prioritizing high-value use cases could form the base of any business/goal setting. Create smaller business objectives and meet those targets every quarter. E.g., if your business goal is to launch a new product, a well-curated and defined strategy can be implemented to meet the objective in a shorter span.

?Data & Tech Architecture:?Building?the right AI architecture is of utmost importance when implementing Gen AI to your existing systems. A Large Language Model could assist in producing fresh and innovative content using text, images, music and code. Customer Relationship Management (CRM) can analyze and respond to lead inquires taking into consideration the current business requirements and get solutions to bottlenecks.

?Risk & Governance:?As with any new technology, understand the risks with AI implementation clearly and build guard rails around them. Keep a sharp eye on risks associated with the AI models you use.

?People, training and adoption:?It is essential to have the right talent when introducing these systems to your business. With defined roles and responsibilities, a core team could solely work on the introduction and implementation of AI architecture for your business. Further one should drive the training programmes in the organisation, which will benefit other employees to upskill to the latest technology.

?There’s no denying that AI is the future and an essential part of technology in the finance industry, and is changing the way products and services are offered and a well implemented AI system can reap rich dividends for the company and its employees.

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