Defining the Future of Generative AI with Women in Finance

[The content of this article has been produced by our advertising partner.]

“All industries will be led by Generative AI (GenAI) soon.” This is how Shubhangi Deshpande, Professional Services APJ Leader at AWS Industries started off her keynote for the ’Pioneering Change: GenAI and Women in Finance’ event on November 27, 2024. The bold statement isn’t just a catchy tagline, as McKinsey & Company found that three quarters of companies predicted a disruptive change in their industries due to the emergence of GenAI.

Historically, women have been slower to take up on innovative technologies than male counterparts. Specifically with GenAI, female workers are almost 12% less likely to engage with the technology, according to a survey by the Oliver Wyman Forum. However, with this market poised to grow to USD$1.3 trillion over the next 10 years, Amazon Web Services (AWS) is dedicated to closing the gender gap by raising awareness and encouraging open dialogue through a series of women-focused industry events.

Female leaders in finance took center stage for the keynote and subsequent panel discussion, highlighting their perspectives on innovation and leadership, as well as ethical considerations and upcoming trends. The audience also had the chance to discover the actual capabilities of the technology through a booth tour and demonstration of AI Stylist using AWS Generative AI. Amazon Bedrock was brought in to assist in everyday scenarios, such as choosing a work outfit, while providing insights into complex financial evaluations, which involved determining the viability of a company for investment.

Addressing the Disparity

Whilst interest in GenAI among women is high with 90% expressing a desire to adopt this technology, only 22% of women in financial services institutions (FSIs) currently work in GenAI roles. Despite research and tools proving GenAI’s impact in improving efficiency and enabling strategic decision-making, the gender divergence can be attributed to the concern surrounding negative consequences of sharing data and the lack of knowledge.

However, Dr. Sarah Salvilla, Group Chief Health Officer at FWD Group, encouraged everyone to embrace the shift, stating, “The excuse of not having time or capacity no longer works. With repetitive tasks being taken over, use this time to unlock new opportunities.” Bonnie So, Board Member and Co-Chair for Women in Finance Asia, echoed this view: “Adopting GenAI is like bringing on a big team of data scientists. After we hop on this high-speed train, the market will change rapidly.”

Source link