What is Generative AI?
Generative AI refers to Artificial Intelligence (AI) capable of creating new content inspired by, but not identical to, human-generated content. Generative AI models are trained on large datasets to learn the patterns and features of certain types of content like images, text, audio or video. They use this learning to produce completely new, original outputs that resemble content created by humans.
Some examples of generative AI include AI art generators, AI-assisted music composition, and natural language generators. Generative models aim to be creative tools that can augment human creativity in various domains like the arts, media, and entertainment. However, the authenticity of generative content and potential misuse remain ethical concerns. When thoughtfully developed and applied, generative AI holds promise to expand human creative potential.
Generative AI in financial services
In financial services, generative AI is used to draft content such as meeting summaries, client letters and suitability reports for a professional to review. Its value depends on accuracy and control: outputs must be checked, grounded in the right information, and consistent with regulatory and firm standards.