How Generative AI Will Reshape the Financial Services Sector

Generative AI can improve operational efficiencies, enhance risk and compliance and elevate the customer experience for financial services organizations, says Wipro Americas 2 CEO Suzanne Dann.

See Also: Live Webinar | Generative AI: Myths, Realities and Practical Use Cases

In the year since ChatGPT debuted, Dann said, Wipro has embraced generative AI to reduce fraud by identifying anomalous behavior and turned to synthetic data to test deep learning models. At the same time, she said, generative AI will enable threat actors to execute more sophisticated scams and engage in additional fraudulent content creation, requiring further investment in traditional security functions (see: Wipro’s New CISO on ‘Frictionless’ Security).

“As these large language models grow and enhance, we need to make sure that there isn’t bias,” Dann said. “The type of data that they are being trained and prompted on is influencing what we feel comfortable and confident is not only a trusted source but also sustainable, and something that we really feel we can invest in.”

In this video interview with Information Security Media Group, Dann also discussed:

• The potential of generative AI to improve the customer experience;
• The role of people and technology in detecting fraudulent content;
• Wipro’s investments in platforms and accelerators for generative AI.

Dann leads Wipro’s financial services, manufacturing, energy and utilities and hi-tech sectors in the United States, as well as Wipro in Canada. She joined Wipro in April 2021 as the senior vice president of capital markets and insurance and moved into her current role 13 months ago. Prior to joining Wipro, Dann spent three years overseeing Avanade in the Northeastern United States and nearly 16 years at IBM, culminating in a two-year stint spearheading sales and delivery for Big Blue’s financial services organization.