Unlocking the power of GenAI: Transforming risk and finance tech

At Rabobank's Generative AI Inspiration Day, Cognizant took center stage to unveil the future of artificial intelligence. Our exclusive presentation delved into the secrets behind successful Generative AI (GenAI) applications, revealing the cognitive layers and framework that drive innovation. During our hands-on workshop, we demystified the process of identifying impactful use cases, which can be used by Rabobank as input for their strategical roadmap to enhance speed and efficiency within the risk and finance tech domain.

David Fearne, Global Director of Generative AI at Cognizant, also shared his insights during this event. He emphasized, ‘"You don’t test GenAI; you evaluate it!’" Anyone who has heard David speak over the last 19 months will recognize these words. Why? "Because Generative AI is nondeterministic, meaning its responses are not standardized and cannot be tested quantitatively (e.g., 1/0, yes/no, black/white). Instead, we must apply qualitative strategies to evaluate the outputs and compare them to expert descriptions.”

Fearne further explains, "This necessity becomes even more pronounced as we develop and deploy increasingly sophisticated models. It is crucial to adopt robust evaluation strategies to maintain and enhance the quality of our outputs. In this context, we explore several key approaches to evaluating these models, each with its own strengths and limitations." You can check out his latest blog on the different approaches to scalable LLM evaluations.

Some key takeaways included: 

1. Positive impact of GenAI: Participants learned about the positive results of Generative AI in banking. GenAI has the potential to fundamentally change how banks operate, leading to increased productivity and new business models.
   
   
2. Value potential: The economic impact of GenAI could be substantial. Across various use cases, it may add $200 billion to $340 billion annually in value for the banking industry. Increased productivity is a major driver of this potential value.
   
   
3. Applications and use cases: Attendees find great value in exploring specific applications of GenAI for risk and finance. Some of these applications range risk assessments, fraud detection, credit scoring, customer engagement and more.
   
   
4. Change management: Scaling up GenAI requires change management skills. Leaders should discuss alignment, sponsorship, embed clear targets, and strategic adaptation. GenAI introduces new terminology and pathways, necessitating strategic positioning.

The breakout sessions hosted by Cognizant received glowing reviews from Rabobank participants. They found the sessions relevant, inspiring, and sparked their search for use-cases across different roles.

As a fan favourite, we also had the opportunity to introduce our GenAI photobooth: a cutting-edge fusion of generative AI and personalized creativity, designed to make AI explainable and accessible. Utilizing advanced AI models from OpenAI, it delivers a unique and engaging experience by leveraging image to text conversion, prompt creation, image generation and face swapping. Users could print and keep their unique creation as a souvenir.

The GenAI photobooth not only produces personalized artwork but also serves as an educational tool. By witnessing each step of the process, users gain insights into the capabilities and intricacies of generative AI. This often sparks engaging conversations about technology, art, and the future possibilities of AI.

"The engagement and curiosity I've seen from people using the GenAI photobooth has been incredible. It's exciting to watch them discover the potential of generative AI and spark meaningful conversations about technology and creativity." Tim Vathorst, Creative Technologist at Cognizant.

At Cognizant, we leverage conversational large language model capabilities to help clients better explore their data, predict outcomes, and unlock actionable insights. We’re exploring, shaping, and pursuing together to help our customers lead with AI in a responsible way. Visit our GenAI hub to watch our latest GenAI use case videos presented by our industry, digital experience and artificial intelligence experts to learn more.

In order from left to right: Subash Wali, David Fearne, Stijn Bot, Tim Vathorst, Ferdi Doelwijt, Paula Martinez, Pablo Ferreras, Utsab Barman

In order from left to right: Sharad Nambiar, Ferdi Doelwijt, Stijn Bot, Tim Vathorst