How generative AI is redefining finance

GENERATIVE artificial intelligence (generative AI) is progressing so fast that the ChatGPTs and Google Bards of the world feel like yesterday’s news. Beyond text-based use cases, we now have generative AI tools that produce codes, audio, video and 3D models with a few direct, well-articulated prompts. There’s no doubt that AI is quickly becoming an integral part of our workflow.

The technology represents a game-changing breakthrough in the value that enterprises can create.

According to McKinsey, generative AI could add over US$4 trillion to the global economy and US$8 trillion in productivity gains. With a myriad of models and tools readily available, some even for free, enterprises must already be generating tremendous business value even as we speak – in theory, at least.