Affiliation:
1. Commonwealth Bank of Australia, Australia
Abstract
Fintech players have always adopted the latest technology that evolve in the market to stay ahead in this competitive industry. In that adoption curve, we are now standing in the place where we are going to witness the adoption of the Generative AI as the next technological phenomenon that will shape the future of Fintech industry. In this chapter, the authors explore the following areas to getter a deeper insight into how Generative AI tends to play in Fintech industry: 1) Generative AI technologies involved in Fintech, 2) application of Generative AI in Fintech, 3) benefits of adopting Generative AI in Fintech, 4) case studies where Generative AI is adopted, 5) challenges and risks in adopting Generative AI, 6) mitigation strategies for the above said challenges and risks, and 7) future trends and developments.