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Gen AI: Turbocharging AI in Capital Markets and Wealth Management

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16 September 2024
Ashley Longabaugh

Exploring Use Cases, Risks and Implementation of Generative AI in Capital Markets and Wealth Management

Abstract

This report adds a Wealth Management lens to Celent's report, "Gen AI: Turbocharging AI in Capital Markets" which was previously published by the Celent Capital Markets team.

  • AI has long been employed in investment management, particularly in algorithmic trading, due to its capacity to extract insights from vast data sets.
  • The advent of electronic trading, automation, and the exponential growth of data have expanded the range of applications for AI in the industry. The introduction of large language models (LLMs) and Generative AI (Gen AI) has further broadened the scope of AI in investment management. These models, trained on extensive data sets, possess the ability to comprehend more contextual information from data, opening up new possibilities for AI integration.
  • Use cases like summarization, headline and sentiment analysis, and compliance supervision have witnessed enhancements with Gen AI. However, fine-tuning and prompt engineering are often necessary for each model and use case, and Gen AI models are part of a larger AI ecosystem rather than standalone systems.
  • Despite the risks associated with bias, hallucinations, and regulatory concerns, companies must embrace Gen AI to maintain competitiveness and security. Engaging with this technology can yield potential advantages and productivity gains, although the costs involved can be substantial.
  • To embark on a Gen AI journey in capital markets and wealth management, participants should establish business and governance frameworks, encourage workforce ideation of use cases, and invest in infrastructure and talent. Ignoring this new technology could result in missed opportunities and increased vulnerability to cyber-attacks.
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