Generative artificial intelligence (Gen AI) holds the promise of revolutionizing the finance industry by boosting staff productivity and streamlining operations. However, scaling these innovative solutions from successful pilot projects to widespread use remains a significant challenge, according to industry experts.
Violet Chung, a senior partner at McKinsey & Company, shared her insights during an interview at the SWIFT International Banker's Operation Seminar 2024 in Beijing. She highlighted that while AI technologies are increasingly common in finance, Gen AI presents a different set of challenges.
One major obstacle is employee resistance. Some staff members are hesitant to adopt Gen AI tools, which can hinder broader implementation. Chung emphasized the need for top-down alignment within organizations, noting that a bottom-up approach often fails to achieve the necessary scale.
\"Twenty different departments doing 40 different Gen AI missions is very expensive … very, very expensive,\" Chung explained. She also pointed out the importance of leadership in setting examples. \"People have to see why doing this is good,\" she added, suggesting that role models within the organization can help demonstrate the value of Gen AI initiatives.
For Gen AI to successfully scale in the finance sector, businesses must address these internal challenges and foster a culture that embraces technological advancements. By doing so, they can unlock the full potential of Gen AI and drive meaningful productivity gains.
