| |SEPTEMBER 20258AI SAFEGUARDING DATA AND PRIVACY IN DIGITAL ECOSYSTEMSSEPARATOR Tapesh Bhatnagar, Head Digital Solutions, Giesecke+Devrient (G+D)he swift increase in the speed of AI advancements in recent years heightened interest in AI innovation within finance, partly because of the ease of use and intuitive design of GenAI tools. The application of AI in financial markets with complete end-to-end automation and no human involvement is still primarily in the development stage; however, broader implementation could heighten existing risks in financial markets and introduce new challenges. In an interview with CIO Insider, Tapesh Bhatnagar, Head of Digital Solutions, Giesecke+Devrient (G+D) shares his insights on application of AI and Generative AI in the current environment and potential risks and unintended consequences of using AI.How can generative AI be used to provide customized financial advice and product suggestions based on individual customer data and financial goals?Generative AI is fundamentally transforming how financial institutions deliver personalized advice to their customers. When implemented through chatbots powered by large language models, these systems enable natural, context-rich conversations that leverage comprehensive customer data including spending patterns, savings objectives, and transaction history.The true strength lies in the system's ability to analyse this data and provide relevant recommendations at precisely the right moment. For instance, if AI identifies that a customer frequently travels and uses their credit card for travel-related expenses, it can intelligently suggest a low-interest travel credit card that aligns with their lifestyle and spending habits.TTapesh Bhatnagar, Head of Digital Solutions at Giesecke+Devrient (G+D), is a sales professional skilled in software and services focused on Digital Payments, Customer Experience, Technology updates, and Operational efficiency.Expert Talk
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