Top generative AI use cases in Financial Services

What are the top GenAI use cases for Financial Services?

The arrival of publicly accessible Generative AI (GenAI) represents a groundbreaking leap in technology. Some analysts suggest the impact could be as significant as previous world-changing breakthroughs, such as electricity and the internet. Although this may seem unlikely, one thing is certain – GenAI holds enormous potential.

Within the world of credit risk assessment and fraud prevention, there is a wide range of possible GenAI applications. But to fully take advantage of this potential requires careful consideration and selection of which use cases can provide the highest ROI.

At Experian, game-changing technology is our lifeblood and our large teams of data scientists have been working with GenAI since its inception. This guide offers a window into our data labs to see which GenAI use cases our specialists are excited about and how they can help optimise our client’s core business processes.

Our intention is to highlight the most valuable GenAI use cases that your business can implement to enhance the accuracy of your credit risk and fraud decision-making.

What’s included in our GenAI use case guide?

To give you a comprehensive look at how this exciting technology can be used, we’ve broken our report into the following sections:

1. GenAI vs traditional AI

Differentiating between the capabilities and limitations of traditional AI versus GenAI is an important starting point to get the most value from GenAI. When used in conjunction, these technologies can provide significant improvements in the time required to develop and monitor models, along with enhancing their predictive accuracy.

2. Where can GenAI provide the most value?

With so many different use cases, it is vital to have a thorough understanding of where GenAI and Large Language Models (LLMs) outperform previous algorithms. This knowledge is key to selecting where GenAI fits within an existing technology stack.

3. Business Information (BI) data extraction

Find out how Experian is using GenAI to accelerate and automate the process of analysing and preparing unstructured BI data. This section explores the capability of LLMs to extract, summarise and categorise data points from large BI documents to achieve material gains in the accuracy of business credit assessment models.

4. Model monitoring

Diagnosing and rectifying model drift with a GenAI assistant can greatly reduce the resources required to keep models operating at peak efficiency. Discover how Experian has integrated GenAI into our Model Monitoring Toolbox (MMT) to simplify this process and make model diagnostics accessible to a wider audience within your business.

5. Synthetic data

According to Experian’s recent AI research, a lack of data to assess the creditworthiness of consumer and business customers is the biggest data-related challenge for many organisations. Learn how Experian is combining our comprehensive global datasets with GenAI to produce the highest-quality synthetic data – providing as much as a 20-point improvement in the Gini coefficient of decisioning models.

6. Future Applications of Gen AI

Take a look into what lies ahead on the GenAI use case trajectory. Our data scientists suggest three exciting possibilities of how GenAI can revolutionise credit risk assessment in the months and years to come.

Contact Experian to fast-track your GenAI adoption

As a global leader in data, analytics and technology, Experian is actively exploring over 40 different use cases for GenAI. Our large multinational teams of data scientists have decades of experience working with AI/ML and have successfully developed and implemented thousands of models for businesses across the globe.

This solid foundation of expertise is a critical factor when exploring the potential that GenAI offers. It gives us an in-depth understanding of the benefits, as well as the challenges, involved with implementing this new technology.

At the core of our purpose is the use of technology to drive automation, efficiency and profitability in a safe and responsible way. Our approach to AI ensures compliance with regulatory requirements for accounting, auditing and model explainability.

We encourage you to reach out to us, to discuss how your business can take advantage of this exciting technology. The GenAI use cases we have highlighted in our guide are only the beginning, and in the coming months, we will continue to update you on the ongoing evolution of this critical technology.

Our team of specialised consultants is ready to help you through each stage of identifying and developing the right GenAI applications for your business. Contact us today to speak to a local representative and fast-track your automation and efficiency with GenAI.