How generative AI is shaping the future of finance

Miquido is a Business Reporter client. It is predicted that in the banking, financial services and insurance sectors, generative AI has the potential to increase labour productivity by 0.1 to 0.6 per cent per year until 2040. Finally, AI chatbots can generate accessible answers to complex documents such as mortgage loan terms, helping users gain confidence in fintech solutions. Internal processes and decision-making Adopting Generative AI in the BFSI sector presents a tremendous opportunity for faster, data-backed decision-making. AI affects the efficiency of the entire organisation Generative AI has the crucial advantage of facilitating the digital growth of an organisation by streamlining internal processes such as IT support or human resources management.