In this edition of the FF News Virtual Arena, Doug Mackenzie sat down with EJ Achtner from HSBC, Wei You Pan at MongoDB, and Daniel Pears, who leads data insights at Capgemini, to discuss what impact generative AI could have on financial institutions. Achtner emphasizes the need for a measured approach due to significant benefits on one hand but also the risks of misusing this powerful technology. The speakers also noted generative AI's current status as a buzzword, but say that we could have widespread adoption within 3-5 years.

They address challenges such as risk management, governance, and the need for a gradual transition from innovation to production. MongoDB's Pan highlights their work with generative AI, developing enhanced features like vector indexing and search. The conversation underscores the challenges of ensuring data quality and objectivity and also the importance of human involvement in validating and interpreting generative AI results.