20 hours Ago By Lauren Hinton
October 21 2024 Deutsche Bank has collaborated with Kodex AI , a Berlin based start-up company that focuses on developing Artificial Intelligence (AI) solutions, to launch the whitepaper ‘Adopting Generative AI in Banking’. The paper aims to help the financial services industry better understand how Gen AI can be leveraged for efficiency and innovation. It proposes key recommendations for industry adoption and integration, including the need for industry-level accepted test data sets, air usage policies, AI sandboxes and streamlined regulations.
It also offers a view of a strategic “composable Gen AI” roadmap for companies beginning their AI journey. The paper takes a business-technical approach to highlight the deep potential of Gen AI systems, the key quality determinants of such systems including its infrastructure to contribute to the financial industry awareness and advancement. It highlights key considerations for implementing Gen AI systems, which includes the need for high quality data, fit-for-purpose technology and the ability to distinguish between Gen AI models.
The paper also provides an overview of how to construct Gen AI use case portfolios and identify optimal use cases based on requirements. It also discusses key risks and mitigants related to data, systems, cyber security, dependency and sustainability, which are familiar to the industry. “Gen AI represents a sophisticated human-computer interface that democratises technology for daily users.
Such technology-driven growth can flourish when there is room for practical application – with balanced oversight – to enable the industry to advance without stifling the needed breakthroughs. With more progress on the horizon, financial services firms need to be able to implement technological advancements cost effectively, to benefit from scale and innovation. Firms are learning how to best utilise Gen AI to transform potential into impactful reality, and we hope this paper can contribute to such efforts.
” said Boon Hiong Chan, Deutsche Bank’s Asia Pacific Head of Securities & Technology Advocacy and Industry Applied Innovation Lead. “Our product leverages proprietary Generative AI models to empower financial professionals by streamlining the analysis of millions of regulatory documents with just a click. Our mission is to help the financial services industry unlock the full potential of this transformative technology.
We are committed to addressing the complexities and challenges associated with adopting Gen AI by providing strategic frameworks and practical insights that can guide the industry forward.,” said Thomas Kaiser, Co-Founder of Kodex AI. Produced by Kodex AI’s Thomas Kaiser, Co-Founder of Kodex AI and Delane Zahoruiko, Marketing Lead at Kodex AI, the paper was co-authored in partnership with Boon Hiong Chan, Deutsche Bank’s Asia Pacific Head of Securities & Technology Advocacy and Industry Applied Innovation Lead.
Deutsche Bank invested in Kodex AI in 2023, through its Corporate Venture Capital Group. The paper is available for download here: https://corporates.db.
com/publications/White-papers-guides/adopting-generative-ai-in banking Boon-Hiong Chan Deutsche Bank Thomas Kaiser Kodex AI Deutsche Bank Kodex AI Fintech Fintech Crypto News Fintech.
