GenAI On The Verge: The Tipping Point is Now
Banks should remember that with GenAI: "complacency courts disruption."
AWS with a great read on generative AI (GenAI) with seven fabulous predictions built around the assertion that the GenAI “the tipping point is now.” It is!
If you’re on the fence about AI or still dwelling on the immense levels of hype, which I frequently criticize in my writing, it’s time to wake up and smell the GenAI coffee.
Yes, I agree: AI is flawed; there is too much hype; banking and finance are special use cases, and it won’t magically solve all your problems.
Still, if you haven’t personally experimented with GenAI or discussed how it might change your workflows with your team, friends, or innovation lab, it's past due!
AWS has seven predictions that, I think, ring true, but the best quote in the entire paper is: “Complacency courts disruption.”
👉TAKEAWAYS
🔹Prediction 01: Generative AI will shift from novelty to necessity
Generative AI will become indispensable for maintaining a competitive edge. Matthias Patzak, fellow AWS Enterprise Strategist, states, “The most successful organizations will use AI not just as a tool but also as a way of reimagining products, services, and business models.”
🔹Prediction 02: Employees will amplify their potential through AI augmentation
Successful workforce transformation calls for a dual focus, coupling generative AI’s ease of use with comprehensive upskilling and reskilling initiatives.
🔹Prediction 03: Robust governance models will address generative AI risks
To responsibly accelerate with generative AI, organizations must implement holistic governance models including data practices, model risk management, and human oversight.
🔹Prediction 04: AI-powered attacks and deepfakes will keep CISOs busy
An increase in the use of generative AI will call for a doubling down on risk management and security efforts. Adversaries will become more sophisticated in social engineering, with deepfakes capable of nearly perfectly impersonating executives and other trusted individuals.
See my coverage of CISOs thankless job:
🔹Prediction 05: Continuous self-optimization will become the norm
Generative AI will fundamentally transform infrastructure operations from reactive to proactive and autonomous self-optimization.
🔹Prediction 06: Generative AI will amplify human creativity and innovation
The real value of generative AI isn’t just to write more emails or create PowerPoint presentations faster but to find new, better ways of working. Companies will use AI for truly innovative products and services, not just optimizing old processes.
🔹Prediction 07: Winning organizations become AI change champions
Generative AI’s potential can only be realized only by organizations adept at rapidly responding to its insights. Complacency courts disruption.
Where are you, your team, and your company among these life cycle groups?
👊STRAIGHT TALK👊
AWS nails it with these predictions, and banks are, with a few exceptions, either “laggards” or in the “late majority” in technology adoption lifecycle groups.
Banks and financial services are correct in believing that they have a higher responsibility to clients than many other industries.
This is undeniable but cannot continue to be used as an excuse for delaying GenAI's progress!
World-leading banks and asset managers have deep pockets and large tech departments, allowing them to be GenAI leaders. Their advantage is obvious.
That said, mid-tier and smaller banks cannot be excused for not investigating the possibility of deploying GenAI in their businesses, and the sad reality is that most haven’t.
AWS is correct that “GenAI is no longer a novelty but a necessity” and that “complacency courts disruption.”
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