Technology Record - Issue 28: Spring 2023

118 FEATURE The uprising of ChatGPT and other predictive analytics solutions has caused a stir across the world. Microsoft’s Roni Karassik and Philippe Brissaud discuss the power behind artificial intelligence and the opportunities that it offers for financial service providers BY ALICE CHAMBERS How will artificial intelligence help to shape the future of banking? That’s the multibillion-dollar question, as demonstrated by Microsoft’s recent investment to extend its Azure capabilities and progress its partnership with OpenAI. But to answer that question, it’s important to understand the current challenges that the financial industry is facing. Industry-wide issues Microsoft’s 2023 Future of Finance Trends report found that financial teams and leaders are struggling to strike the right balance between strategic innovation and protecting the financial health of their organisations, with 88 per cent feeling overwhelmed by the amount of data they are handling. The report concludes that AI and automation are vital for growth, with 82 per cent of finance leaders believing that technology is necessary to support business goals by freeing up valuable time for finance teams. However, according to KPMG’s 2021 The Future of Finance report, 89 per cent of organisations do not have integrated automation, analytics or AI, meaning that they are losing out on valuable benefits in terms of time and money. “The key to advancing business and staying on top of the problems we’re currently facing is to be data-driven by building predictive and analytical capabilities that will deliver the right insights to make well-informed decisions,” says Roni Karassik, director of product for Microsoft Cloud for Financial Services and industry AI. Unleashing the potential AI of