Balanced approach to GenAI & mature AI tech needed

In the coming years, artificial intelligence (AI) foundation models are expected to profoundly impact global businesses, with 98% of senior executives predicting their operations will involve these models over the next three to five years. However, Bartek Roszak, Head of Artificial Intelligence at STX Next, warns against focusing entirely on generative AI (GenAI) solutions, highlighting the significance of mature AI services in immediately enhancing business efficiency and cost effectiveness.

Despite the great potential and growing prevalence of GenAI solutions such as ChatGPT, following the excitement around these could sidetrack businesses from reaping the swift returns offered by well-established AI services. Roszak cautioned: "There's no denying that GenAI is an exciting prospect with the potential to overhaul the way we live and work, but the reality is most organisations are far from ready to deploy this technology. GenAI remains in its experimental phase and the bulk of companies lack the data infrastructure and safety controls to deploy GenAI solutions at scale."

Roszak emphasises the importance of recognising and utilising proven AI services for practical and immediate benefits, whilst continuing research into GenAI's potential. Particularly in the fintech space, there's a substantial range of established solutions with the potential for instant integration and speedy return on investment.

"Risk management, fraud detection and customer categorisation can all be enhanced through the use of AI," Roszak pointed out. "AI algorithms can also provide trading insights that can increase returns. Further, interactions with customers can be significantly improved without turning to GenAI solutions. Simple AI models are able to create and send out messages or emails that respond to a specific group of customer queries, relying purely on internal company data. This improves customer satisfaction, increases security and saves time, as employees no longer have to deal with each inbound request manually."

Despite the revolutionary potential attributed to GenAI, businesses must operate practically, ensuring they aren't swept up in the excitement surrounding ambitious AI applications. Roszak advises companies to consider immediate business growth opportunities provided by AI, whilst closely monitoring GenAI developments: "Businesses must be pragmatic when evaluating AI's potential and avoid getting swept up in the furore surrounding the most advanced use cases of this technology. Focusing on how AI can help grow a business in the immediate term, while keeping an eye on how GenAI development is progressing, is the most effective strategy for maximising the impact of the technology."

Consequently, even as AI promises transformative potential for future businesses, mindful, pragmatic and balanced application of mature and emerging AI services is essential to maximise immediate benefits, whilst optimising potential long-term advancements.