Wendy Redshaw of NatWest Retail Bank emphasizes the importance of timing in adopting generative AI. She leads a digital team focused on enhancing customer experiences with a £3.5bn investment from 2023-2025, largely directed toward data and technology. While enthusiasm for AI is high, particularly with the release of generative AI technology, Redshaw warns about the risks involved in its deployment in a heavily regulated industry like finance, recognizing the need for a cautious, safety-first approach in implementation.
When Gen AI came out, everybody got excited about it. It was being discussed in our personal lives. It was a very federated piece of technology.
When you're in a regulated environment, and you have to keep your customers safe, then obviously just going out and using Gen AI isn't safe.
We let our colleagues explore this technology within a safe space. That initial exploration suggested some are.
A planned investment of £3.5bn from 2023 to 2025 targets data and technology, highlighting the role of AI in their strategic plans.
#generative-ai #financial-services #digital-transformation #regulated-industries #technology-investment
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