Generative AI in financial services transforms industry

The rapid evolution of technology, especially in cloud computing and generative artificial intelligence in financial services, has fundamentally reshaped the landscape for the industry.

Industry giants are increasingly adopting a collaborative approach to leverage these advancements, aiming for more integrated and efficient solutions. This synergy among technology providers and financial institutions drives innovation while navigating stringent regulatory landscapes, according to Baskaran Subramaniam (pictured, left), senior vice president of financial services, Americas, at HCL Technologies Ltd.

HCL’s Baskaran Subramaniam and Anubhav Mehrotra talk to theCUBE about the role of generative AI in financial services.

“Coming in together makes it a lot more powerful message for the customers,” he said. “With the way we look at it, it is not only HCL Tech and AWS coming together, but the customer also coming along with us as a triparty is making a whole lot of difference in the marketplace. That enables a faster leverage of new things like gen AI and implementation of them, be it proof-of-concept pilot and rolling it to production. That is the way we look at it.”

Subramaniam and Anubhav Mehrotra (right), senior vice president and insurance head, Americas, at HCL, spoke with theCUBE’s Savannah Peterson at the AWS Financial Services Symposium, during an exclusive broadcast on theCUBE, SiliconANGLE Media’s livestreaming studio. They discussed the integration of cloud computing and generative AI in the financial services industry, focusing on the collaborative efforts of HCL Tech and AWS. (* Disclosure below.)

The role of generative AI in financial services

Unlike retail or other industries, financial institutions are heavily regulated, which influences the pace of technology adoption, Mehrotra explained.

“I think that there are some real risks that need to be worked through, but it’s inevitable that a happy balance will get struck,” he said. “It’s true that financial services are the most heavily regulated or one of the most regulated industries in the world, but it is also true, that the way we see it, they will be one of the biggest beneficiary industries from generative AI.”

Looking ahead, the focus is on moving from proof-of-concept stages to full-scale production and realizing the substantial benefits promised by generative AI, Mehrotra added.

“Where we’d like to be a year from now, and we come back and have this conversation, is to be able to talk about some use cases that went into production at scale and delivered scale benefits to our customers,” he said. “I think that’s something that we’d like to talk about a year from now, because that’s the goal that all of us, like he said, customers, AWS, HCLTech put together. That’s the goal that we all have.”

Here’s the complete video interview, part of SiliconANGLE’s and theCUBE Research’s coverage of the AWS Financial Services Symposium:

(* Disclosure: Amazon Web Services Inc. and HCL Technologies Ltd. sponsored this segment of theCUBE. Neither AWS and HCL Technologies Ltd. nor other sponsors have editorial control over content on theCUBE or SiliconANGLE.)

Photo: SiliconANGLE