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Generative AI: the real revolution in financial solutions

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In a world where technology constantly redefines business paradigms, Novacomp remains committed to exploring emerging trends and innovations that keep us at the forefront of the tech industry and its transformative impact.

This time, Novacomp is revolutionizing the financial sector by adopting Generative Artificial Intelligence (AI) to transform the solutions we deliver. This groundbreaking technology offers a competitive edge for companies seeking to optimize operations and provide exceptional customer experiences.

What is Generative AI and How Is It Transforming Finance?

Generative AI, a subset of machine learning, goes beyond traditional models by generating content such as text, images, music, and conversations. By eliminating the need for manual intervention in many processes, it allows businesses to deliver more efficient and personalized solutions.

Unlike traditional AI models that require labeled data and individual training for specific tasks, fundamental models are characterized by their versatility and ability to adapt to multiple tasks, saving valuable time and resources.

Considering the capabilities of Generative AI and its ability to adapt to multiple tasks to personalize and automate specific business functions, we share 7 trends driven in the financial sector by this type of intelligence:

  1. Improved customer experience: Banks are using AI to differentiate their services and gain a competitive advantage, with a particular focus on personalizing the customer experience.
  2. Evolving banking system: Financial institutions are exploring cross-industry ecosystems based on collaborative models to offer more contextual and enhanced services. By 2025, 30% of financial services revenue will be generated through cross-industry ecosystems.
  3. Fight against financial fraud: AI and big data are essential to adapt to sophisticated threats and protect both customers and institutions in the face of rising financial crime.
  4. Advances in ESG (Environmental, Social, Governance) financing: banks have a unique role in financing sustainable initiatives, and Generative AI can play a key role in assessing risks and opportunities.
  5. Implementing Composable Banking: Composable Banking architecture and the cloud are enabling banks to outpace the competition in speed of implementation and platform modernization, while achieving agility, scalability and cost efficiency.
  6. Finance modernization: financial transformation can achieve up to 30% in cost reduction by improving information management and reporting through automation and data-driven decision making.
  7. Compliance and internal audit transformation: the digitization of these functions is undoubtedly a competitive advantage in handling complex regulations and risk management. Not to mention, the possibility of being able to dispense with complex and costly systems, and instead, efficient and effective compliance.

Considering all this, it is important to conclude that Generative AI, as an emerging technology, is not only responsible for automating processes, but also for enabling capabilities that reinvent the customer experience, improve operational efficiency and raise financial security to new standards. This definitely makes it the cornerstone of an evolving and resilient banking ecosystem.

Let us join you in facing the challenges of the future, creating financial services as dynamic and changing as your customers' needs; at Novacomp we are specialists in the digital transformation of the financial sector.

Contact us to explore how we can work together towards a more robust cybersecurity and successful digital transformation.