The impact of artificial intelligence on the principles of banking and business is profound, reshaping the landscape at a rapid pace. The evolution of AI technology, occurring on what seems like a quarterly basis, necessitates a dynamic approach to the rules governing its development and implementation in businesses. To assist banks and financial service companies in navigating this transformative technology in 2024, it is essential to adhere to key guidelines.
Initially, AI-based commercial products aimed to enhance internal business operations’ efficiency. As early adopters gain familiarity with these solutions, the focus is shifting towards developing consumer-facing AI products in the upcoming months. This shift heralds an exciting period in 2024, where businesses will introduce a wave of innovative AI features to the market, placing pressure on financial institutions to stay competitive and inclusive.
Directive from Elvis
In 2024, AI will embody Elvis Presley’s ethos of “A little more action, choose,” emphasizing action over mere words. The upcoming year will witness the emergence of advanced AI products, such as GenAI chatbots, designed to execute tasks beyond verbal communication. Businesses will leverage large language models to initiate API calls, enabling seamless connectivity across applications and streamlining complex workflow processes. For instance, at Broadridge, we are leveraging these techniques through our new OpsGPT system to enhance the operational efficiency of our clients’ post-trade teams.
The implications of the Elvis Rule for companies and employees are significant. AI systems will increasingly undertake tasks like composing and responding to emails, scheduling appointments, and negotiating on behalf of individuals. Personal AI assistants and corporate AI interfaces will collaborate to address customer queries and negotiate deals autonomously. Despite the potential challenges, the financial services sector stands to benefit significantly from increased productivity.
The Production Maxim
The release of tools like Copilot in Microsoft Office and ChatGPT’s business model empowers office workers to streamline tasks efficiently. Professionals can swiftly compile meeting summaries, generate action plans, and receive insights for issue resolution. These resources are poised to elevate employee performance and set higher standards for productivity in 2024.
The blurring lines between business professionals, technical experts, and creatives are facilitated by AI, enabling individuals to engage with technology and coding more seamlessly. The democratization of AI tools allows users to create content like narratives, images, and videos with ease. Facilitating widespread access to technology and fostering creativity among team members are crucial for businesses. At Broadridge, we have established a digital platform to enable all employees to experiment safely with AI applications.
Foundational Principles
In the midst of rapid AI advancements, maintaining focus will be a key challenge for businesses in 2024. While new AI designs may debut frequently, companies should resist the temptation to chase every innovation and instead concentrate on enhancing existing robust solutions. Selecting a reliable AI framework and prioritizing the establishment of a strong foundation focused on customer value, data integrity, security, and fundamental AI principles will be paramount.
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Data: Data will drive all forthcoming AI advancements, underscoring the importance of ensuring data security, reliability, and accessibility. Businesses should invest in robust data management practices to leverage custom data effectively in an AI-driven market.
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Security: Safeguarding personal data, mitigating model bias, and complying with industry regulations are critical considerations as AI becomes pervasive across business functions. Establishing robust safeguards and adhering to evolving regulatory frameworks will be imperative in 2024.
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AI Hygiene: As AI applications proliferate, maintaining these systems will become a core challenge. Preventing model drift, updating models with new technology and data sources, and implementing robust maintenance procedures will be essential administrative functions in an AI-centric environment.
The Multimedia Evolution
In 2024, AI is poised to expand beyond text-based interactions to encompass multimedia formats. Innovations like advanced voice transcription and synthesis models, along with visual AI developments, will revolutionize how individuals engage with technology. The integration of sound, images, and videos into AI applications will redefine human-computer interactions in the upcoming year.
