Towards Real-time credit
Towards Real-time credit: Where automation and alternative data align with regulation
February 6TH, 2025
La Place Fintech, Palais Brongniart, Paris
During the event we discovered how technological advancements like automation and alternative data are transforming real-time credit, while addressing the challenges posed by modern regulatory frameworks.
During the event Gaia Cioci, Corporate Business Development Senior Director at CRIF, discussed the latest market trends in automation, open banking, and AI, while addressing the primary challenges companies face in the transition to real-time credit.
Generative AI: A Revolution for the Banking Industry
Insights from Gaia Cioci at CRIF's "Towards Real-Time Credit" event in Paris
The future of banking is being shaped by rapid technological advancements, and Generative AI stands at the forefront of this transformation. During CRIF's recent event, "Towards Real-Time Credit," held at the prestigious Palais Brongniart in Paris, industry experts and thought leaders gathered to explore the latest trends and opportunities in the financial sector. Among the distinguished speakers was Gaia Cioci, whose insights on the transformative potential of Generative AI in banking provided a compelling vision for the industry's future.
In her captivating speech, Gaia Cioci highlighted the immense value that Generative AI can bring to various banking functions, ranging from capital markets and investment banking to retail banking and risk management. She emphasized that while initial applications of Generative AI have focused on boosting productivity, the technology's true potential lies in fundamentally reshaping how banking operates.
Beyond Productivity: Transforming Banking Operations
Generative AI is not just about automating processes and optimizing efficiency. It has the potential to transform customer experience, business models, and the nature of banking work. It can automate repetitive tasks, allowing employees to focus on higher-value activities like advising clients and developing new products. AI assistants can provide a more personalized and engaging customer experience, and banks can develop new products and services, such as personalized loans and data-driven financial advice.
Challenges and Opportunities
Gaia Cioci also highlighted the challenges and opportunities in the banking sector related to Generative AI. Efficient and accurate risk assessment processes are needed to manage the growth of bank loans. Reducing operating costs and accurately assessing risks require innovative solutions, and real-time processing without compromising accuracy is critical. Opportunities include automated loan origination systems, the use of categorized transactional data from Open Banking to improve estimates and decisions, and the potential of AI to transform financial functions.
Capturing the Full Value of Generative AI
To fully realize the potential of Generative AI, banks need to take a strategic and holistic approach.
- Develop a clear strategy: Banks need to identify the specific use cases where Generative AI can deliver the most value and define a clear roadmap for implementation.
- Invest in capabilities: Banks need to invest in the people, technologies, and data infrastructure necessary to support Generative AI.
- Foster a culture of innovation: Banks need to encourage experimentation and continuous learning to keep pace with the rapid developments in the field of Generative AI.
The Time to Act Is Now!
Generative AI is a disruptive technology that is already having a significant impact on the banking industry. Contact CRIF's experts to learn more about it!