Generative AI : Focus the journey on people and process, not just on tech
The adoption of generative AI has the potential to drive significant growth for financial institutions. However, simply focusing on #technology alone will not be enough to harness its full potential. According to a recent report by BCG, financial institutions need to broaden their perspective and prioritize people and processes in their AI journey.
The report emphasizes the importance of having a forward-looking AI vision that is supported by the right culture and people strategy. This means that organizations should not only focus on acquiring the necessary technological capabilities but also invest in developing the skills and expertise of their workforce.
While integrating generative AI into existing frameworks is essential, the report highlights the need for a complete AI transformation. This involves reimagining traditional operations and processes to fully leverage the benefits of generative AI.
The report also cautions against taking a tentative approach to AI implementation. Instead, financial institutions should be willing to embrace true change and commit to long-term transformation to gain a competitive edge.
For more detailed insights and guidance on implementing generative AI in the financial sector, you can refer to the full report by BCG: https://www.bcg.com/publications/2023/a-genai-roadmap-for-fis
