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Generative AI in Finance: What Is It and How Can It Be Applied?

Publisher IDC
Published Jun 14, 2024
Length 7 Pages
SKU # IDC18893949

Description

Generative AI in Finance: What Is It and How Can It Be Applied?


This IDC Perspective explores the application of generative AI in the office of the CFO, emphasizing the importance of understanding the various types of AI, their risks, and limitations. It highlights the potential of generative AI to enhance financial processes but advises a cautious approach due to the highly regulated nature of finance. The document stresses the need for internal preparation and skepticism when evaluating and implementing AI technologies to ensure compliance and effective decision-making."Generative AI can be very useful to the office of the CFO, but there are limitations, risks, and work that need to be done internally to get prepared for usage. Finance is a highly regulated industry, so usage of generative AI and other AI types should be examined, understood, and implemented with a heavy dose of skepticism." — Heather Herbst, research director, Worldwide Office of the CFO, IDC

Please Note: Extended description available upon request.

Table of Contents

7 Pages
Executive Snapshot
Situation Overview
What Are GANs and How Can They Be Used in Finance Technology
What Are VAEs and How They Can Be Used in Financial Technology
What Are the Differences Between GANs and VAEs in Corporate Finance
Data Generation
Anomaly Detection
Risk Management
Data Compression
Interpretability and Stability
Large Language Models
Advice for the Technology Buyer
Learn More
Related Research
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