Defining the Future of Generative AI with Women in Finance
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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.
Bridging the Gap
Riding this wave of digital evolution, the unprecedented pace of change no doubt demands fundamental structural reform in the financial landscape. Companies need to provide mental coaching, data and organisational support to empower women in finance. Rewarded with the extra time and resources, businesses will be able to uncover brand-new growth potential and create more personalised experiences for customers.
Women at AWS, a global initiative operated across 20 countries, is a prime example of how companies can support the movement. With the aim to nurture young talent and groom the next generation of female leaders, the employee-led community offers mentorship programmes, events for education and women empowerment. In particular, by inviting senior executives and role models from other companies in the industry, such thought leadership events serve to share knowledge and inspire other women to open new doors with GenAI.
Furthermore, support from local governments plays a crucial role in enabling wide-spread free access to technical knowledge, thereby constructing a more gender equal environment in the technology industry. For instance, South Asia Women in Tech announced the SAWiT.AI initiative, sponsoring GenAI training for half a million Indian women in partnership with the Government of Uttar Pradesh. By equipping participants with hands-on GenAI experience, the campaign is expected to add USD $550 billion to India's GDP, proving the effect of welcoming more female experts in a traditionally male-dominant environment.
Mind the Ethics
With ongoing scrutiny surrounding the ethics of artificial intelligence, it is important to not only make room for more female leaders in organisations, but also include women’s perspective in the design process of GenAI models. With the invaluable work of organisations such as Women in AI Ethics™, a more inclusive and ethical tech future awaits as bias in AI systems is gradually mitigated.
Foreseeing the Future
As GenAI continues to mature, businesses are faced with the choice to either adopt the technology proactively or react defensively. Companies that embrace the trend can take advantage of data, including spending habits and financial backgrounds, to curate more personalised products and services. Moreover, by monitoring trends in customer feedback, they can address issues effectively to improve operational efficiency, risk management and compliance altogether.
Nevertheless, as with other emerging trends, the technology is still very much in its developing stages, and organisations should remain vigilant about safety and compliance. The challenge lies within balancing innovation with ethics: the abundant benefits of GenAI come with the responsibility of prioritising fairness and inclusivity.
“Policymakers and regulators are taking note of the excitement around riding this fast train. The finance industry being highly regulated, is adopting a measured approach and mindful of protecting their clients and the community, while embracing the speed and potential of GenAI,” remarked Christina Ellerker, Director of Government Affairs at Citi.
There is no better time than now to bridge the gender gap in technology. By empowering women to take active roles in GenAI, we can create a more balanced and diverse landscape that brings positive economical and social impact. Embracing this change and fostering diversity in technology will ensure that the advantages of GenAI are equitably shared, driving the industry toward unprecedented growth potential.
All in all, the future of technology is shaped by forerunners who dare to try and experiment. Women are not just onlookers in this digital evolution, but pioneers that have a chance to make a difference in the industry and wider society. By embracing a tech-first mindset and championing the integration of GenAI at work and at home, capture the opportunity to steer the industry toward a brighter and more gender-equal future.